A new report envisions that by 2019 the value of smart, inter-connected public transport networks will be €1.5bn in Europe alone, with the technology used in buses and trams of particular value.

The report, commissioned by Berg Insight, states that smart public transportation networks in Europe were valued at being worth just more than €1bn in 2014 but, accounting for an annual growth rate of 7.2pc, will be valued at just less than €1.5bn in 2019.

The report analysed the prolificacy of internet of things (IoT) technology being used in public transport networks through sensors indicating a bus or tram’s position on its route and monitoring travel data.

The two authors of the report also analysed the adoption of NFC technology on buses for contactless payments, particularly during a time when Apple Pay and other similar payments services are becoming more common.

The total value of public transport services in Europe is believed to be worth somewhere in the region of €150bn to €200bn each year, accounting for nearly 2pc of the continent’s GDP.