Transportation Payment Solutions Global Market Report 2024

The global transportation payment solutions market has grown rapidly in recent years. It will grow from $18.11 billion in 2023 to $20.31 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The historical expansion can be attributed to economic advancements, the worldwide integration of trade, initiatives promoting smart urban development, the ongoing trend of urbanization, and the integration within transit systems.

The global transportation payment solutions market is expected to see rapid growth in the next few years. It will grow to $32.00 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The anticipated growth can be linked to the expanding use of contactless and mobile wallets, the increasing adoption of autonomous vehicles, the need for real-time transactions, advancements in cybersecurity, and the shift towards subscription-based models. Significant trends expected in this period encompass mobile ticketing and applications, integration with Mobility-as-a-Service (MaaS), open-loop payment systems, biometric authentication, blockchain for enhanced security, and collaborations with financial institutions.

The transportation payment solutions market is poised for growth, primarily fueled by the widespread adoption of contactless payments. Contactless payments represent an innovative shift in point-of-sale transactions, eliminating the need for traditional cash or card transactions. Transportation payment solutions leverage this contactless payment technology, allowing users to make digital payments for parking, tolls, and public transit services. A notable example is the trend observed in July 2022, as reported by UK Finance, where the number of contactless card transactions reached 1.5 billion, marking a substantial 25.5% increase from the 1.2 billion transactions recorded in July 2021. This surge in contactless payments is a key driver propelling the transportation payment solutions market.

The continued growth of smartphone penetration is anticipated to further propel the expansion of the transportation payment solutions market. Smartphones, multifunctional electronic devices combining mobile phone and computer capabilities, play a pivotal role in transportation payment solutions by facilitating contactless payments. Offering users convenience, speed, and flexibility, smartphones are integral to managing transportation-related transactions. According to a report by Cybercrew in March 2023, smartphone usage in UK households reached 91.43% in 2021 and is projected to increase to 93.8% by 2026. The increased ubiquity of smartphones is a driving force behind the growth of the transportation payment solutions market.

Technological advancements are a prominent trend shaping the transportation payment solutions market. Major companies in the market are embracing digital technology to enhance their offerings. An illustrative case is the March 2022 launch of Verify and Pay by Univasa, a Nigeria-based company specializing in cutting-edge digital technology apps. Verify and Pay is an innovative payment platform that digitizes the transport payment system, enabling passengers to scan the barcode on a taxi for driver and vehicle details, input destination information, check and negotiate fares, and choose preferred payment methods, including card payments or USSDs. Verify and Pay represents a transformative initiative aimed at reshaping Nigeria's transportation system, exemplifying the role of technological advancements in driving innovation in the transportation payment solutions market.

Leading companies in the transportation payment solutions market are directing their focus towards innovative payment solutions, with a notable emphasis on real-time payment solutions tailored for the transportation sector. Real-time payment (RTP) solutions represent a significant advancement in modernizing payment processes, offering electronic payment systems that facilitate instantaneous fund transfers between bank accounts. Operational 24/7, 365 days a year, these solutions contribute to the acceleration and efficiency of financial transactions. An illustrative case is the introduction of first-of-its-kind digital payment solutions for tolling and other transportation purposes by Conduent Inc., a US-based business services provider, in April 2023. These solutions leverage the RTP network, a novel payment infrastructure designed to enhance the speed, security, and transparency of payments. The implementation of RTP-based solutions not only reduces violation rates and late fees but also improves overall convenience, flexibility, and control over payments, accounts, and funds. Additionally, it contributes to increased revenue predictability and faster collections.

In a strategic move from April 2022, VINCI Group, a France-based concessions, and construction company, acquired TollPlus for an undisclosed amount. This acquisition served to enhance VINCI Group's toll back-office systems portfolio, aligning with its strategy to develop free-flow highways. TollPlus, a US-based company, specializes in providing software product solutions for the transportation sector, contributing valuable expertise and technology to VINCI Group's capabilities. This strategic acquisition underscores VINCI Group's commitment to staying at the forefront of innovative solutions in the transportation payment sector and aligning its offerings with evolving industry trends.

Major companies operating in the transportation payment solutions market report are Ingenico Group S.A., Kapsch TrafficCom AG, Longbow Solution Sdn Bhd, LTK Engineering Services, Conduent Inc., Cubic Corporation, dormakaba Holding AG, Snapper Services Ltd., Global Processing LLP, Transport Payment Solutions, Crane Payment Innovations, EFKON GmbH, TransCore Holdings Inc., Toll Collect GmbH, Xerox Corporation, Global Mass Transit, C.H. Robinson Worldwide Inc., XPO Logistics Inc., United Parcel Service Inc., Expeditors International of Washington Inc., DSV Inc., Werner Enterprises Inc., ArcBest Corporation, Omni Logistics Inc., Capstone Logistics LLC, TFI International Inc., Arrive Logistics LLC, Ascent Global Logistics, Crane Worldwide Holdings LLC, BDP International Inc.

North America was the largest region in the transportation payment solutions market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the transportation payment solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the transportation payment solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

These solutions comprise two primary components such as hardware and software. Hardware constitutes the physical elements of a computing system responsible for storing and executing software instructions. The principal systems within transportation payment solutions include electronic toll collection, electronic transit ticketing, and multimodal electronic payment systems. These systems incorporate diverse technologies like contactless payment systems, magnetic strips and barcodes, and near-field communication (NFC). Transportation payment solutions find application across various modes of transportation such as buses, car rentals, toll booths, and train services.

This report provides transportation payment solutions market statistics, including transportation payment solutions industry global market size, regional shares, competitors with a transportation payment solutions market share, detailed transportation payment solutions market segments, market trends and opportunities, and any further data you may need to thrive in the transportation payment solutions industry. This transportation payment solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The transport payment solutions market consists of sales of transportation systems including electronic toll collection systems that use wireless technologies such as radio-frequency communication or optical scanning for vehicle toll collection. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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