Industry Background:
An electronic Payment System (EPS) is helpful for paperless monetary transactions. There are numerous modes of electronic payments like open-end credit, MasterCard, b e-wallet, smart card, newt et al. From last many years electronic payment has additionally been utilized by transportation agencies for the gathering of parking fees, main road tolls, transit fares & others. Electronic payment in transportation is finished with the assistance of cards or transponders carried by user that directly communicates with devices maintained by transportation agencies for the physical phenomenon of dealings and additionally to trace the payment records.This growth is primarily driven by Rising Demand of Electronic Payment System for Transportation for Faster processing and Hassle-Free Ticketing Service.
Globally, a noticeable market trend is evident Integration of Automation with ticketing System for Payment and Recharging the Prepaid Card. The Technology sector in the Europe region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Xerox Corporation (United States), Cubic Corporation (United States), CCV GmbH (Netherlands), Transcore, LP (United States), Siemens AG (Germany) and Thales Group (France) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In 2021, Cubic Corporation launched Cubic Transportation Systems (CTS) business division and the Metropolitan Transportation Commission launched mobile fare payments on NFC-enabled Android phones. They have launched the app for the convenience of a contactless fare payment option and account management on Android phones.
Market Drivers
- Rising Demand of Electronic Payment System for Transportation for Faster processing and Hassle-Free Ticketing Service
Market Trend
- Integration of Automation with ticketing System for Payment and Recharging the Prepaid Card
Restraints
- High Installation Cost of Electronic Payment Systems
- Vulnerability to Malware Attacks and Hacking
Opportunities
Rise in Smart Tags on Vehicles for Fast Payment through Tolls and Driveways
Challenges
Less Awareness about the Electronic Payment System and Usage of Conventional Systems for Payment mode of Transport
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Electronic Payment System For Transportation Study Sheds Light on
The Electronic Payment System For Transportation Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Electronic Payment System For Transportation industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electronic Payment System For Transportation industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.