According to the new research report published by The Insight Partners, titled “Fuel Card Market — Global Analysis and Forecast to 2027”, the global fuel card market is expected to reach US$ 10.39 Bn in 2027, registering a CAGR of 5.8% during the forecast period 2019-2027.
The global electricity demand has risen by 4% in 2018, which is twice the growth rate of overall energy demand. The global payments and cards industry is going through a paradigm shift owing to factors such as increasing penetration of mobile phones, changing consumer preferences, innovative solutions from fintech companies, growing population of tech savvy customers, and government initiatives to promote digitization of services. With increasing demand of efficient and transparent payment systems, markets players in the global fuel cards industry are embracing the latest trends in this industry such as omnichannel experience, host card emulation, telematics interface, enhanced security, and migration towards EMV. To meet the fast changing customer requirements, fuel cards providers are focusing on integrating various types of value added services to their offerings to maintain their market position.
The governments of North American countries are developing various policies and outlining best practices to implement digital transformation and to promote innovation in various industry sectors. The North America market is characterized by the presence of some of the renowned fuel card companies such as Exxon Mobil Corporation, Fleetcor Technologies, Inc., U.S. Bank, and WEX Inc. which are pushing for innovations in the payments industry to boost operational efficiency and productivity. The government push towards digital payments is quite high in this region, owing to which North America has become one of the first regions that executed more than 50% of its overall transactions electronically. Leading financial institutions in the region are also going through a transformational phase from traditional banking to digital. In the coming years, government initiatives and industry collaborations to bring digital transformation in the payments and cards industry are anticipated to drive the growth of fuel card market in this region.
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Some of the key players operating in the underwater connector market include BP P.L.C., Exxon Mobil Corporation, Wex Inc., U.S. Bank, and Radius Payment Solutions. The above listing of key players is based on multiple factors such as overall revenue, current underwater connector solutions and services portfolio, new product launches, market initiatives, investment in technology upgradation, mergers & acquisitions and other joint activities. Some of the other notable players in the global underwater connector market ecosystem include Fleetcor Technologies, Inc., Royal Dutch Shell PLC, DKV, World Fuel Services, Edenred among many others. Companies have taken several market initiatives to expand their footprint across the world and to fulfill the growing demand of the market. In 2019, WEX Inc. unveiled its plan to acquire the fuel card business (“Go Fuel Card”) of EG Group. The acquisition of the Go Fuel Card business is anticipated to strengthen WEX’s position in Europe by expanding its footprint in attractive markets and broadening its card acceptance through an independent, proprietary card network.
The players present in the underwater connector market mainly concentrate towards the contracts, partnerships, collaboration, acquisition, product developments. Activities for the deployment of new technological solutions across the world is permitting these companies to maintain their brand name globally.
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