Transportation payment solutions are referred as a type of payment system in which the money transactions during transportation take place through digital means. Since there will be no hard cash involved in these kinds of digital payments, it can also be referred to as electronic payment solutions during transportation. Furthermore, through digital commerce, only consumer transactions are considered. Moreover, transportation payments are being digitalized by governments all over the world, and this is expected to drive the growth of the transportation payments solution market in the upcoming years.
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The global transportation payments solution market is segmented on the basis of technology, system, component, application and region. Based on technology, the market is divided into contactless payment system, magnetic strip & bar coding and near field communication. In terms of system, the market is categorized into electronic toll collection, electronic transit ticketing and multimodal electronic payment. On the basis of component, the market is divided into hardware and software. On the basis of application the market is divided into bus, car rental, toll and train. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global transportation payments solution industry include Conduent Inc., Cubic Corporation, Dormakaba Group, Global Mass Transit, Ingenico, Kapsch Aktiengesellschaft, Longbow Technologies Sdn. Bhd, LTK Engineering Services, Payvision and Snapper Services Ltd. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global transportation payments solution market.
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COVID-19 Scenario Analysis
- In 2020, the pandemic harmed the hardware demand of transportation management systems. Manufacturing plants are being shut down or run at a reduced capacity, resulting in lower output. The supply chain and logistics have been disrupted as a result of this. The use of TMS solutions has decreased as a result of this.
- The increase in COVID-19 cases has been a major setback for the transportation industry. The transportation industry has suffered a significant decline as a result of most governments enforcing isolation practices. Governments have taken several steps to meet the challenges, by reducing the toll fee, and also by putting a no-stop & no-check sign.
Top Impacting Factors
Rise in technological integration in the transportation segment and growth in the number of autonomous vehicles are driving the growth of the market. In addition, the growing demand for electronic payment systems from developed & developing economies propel the growth of the market. However, high installation costs of electronic payment systems might hamper the market. Contrarily, the increasing adoption of cashless travel facilities is further anticipated to provide several growth opportunities for the key players in the credit management software market over the upcoming years.
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Rise in Technological Integration in the Transportation Segment
Digital transformation is driving the demand for greater agility in transportation and logistics operations, which helps businesses deliver better customer experiences. As part of the digital transformation trend, the majority of businesses are adopting a new set of digital technologies, opening up unprecedented opportunities for operational efficiencies and long-term sustainability. Furthermore, the transportation industry’s digital transformation has proven to be a competitive catalyst for increasing any company’s ROI. It will help to boost productivity by enabling innovation and lowering the costs of a variety of business processes. Therefore, the rise in technological integration in the transportation segment is expected to drive the growth of the market during the forecasted period.
Growth in the Number of Autonomous Vehicles
Over the last few years, the transportation & logistics industry has seen an increase in the use of autonomous vehicles. The growth of autonomous vehicles is being driven by increasing technological advancements in AI and increasing heavy investments in the development of sensors & vision technologies to transform the way vehicles are assembled, operated, utilized & serviced. By unlocking new levels of safety, efficiency, and quality, autonomous vehicles aim to transform logistics from trucks to last-mile robots. Many businesses are working to hasten the acceptance of fully autonomous vehicles. Therefore, the rise in the growth of autonomous vehicles is expected to drive the growth of the transportation payments solution market during the forecasted period.
Key Benefits of the Report
- This study presents an analytical depiction of the global transportation payments solution market forecst along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the transportation payments solution market share.
- The current market is quantitatively analyzed to highlight the global transportation payments solution market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed transportation payments solution market analysis depending on the present and future competitive intensity of the market.
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