Smart ticketing is emerging as an innovation in the ticketing system in the travel and transportation industries. Smart ticketing system encompasses the electronic storage of travel tickets on microchips instead of traditional system of paper tickets. The microchips are then usually embedded in smart cards, hence smart ticketing schemes also sometimes called smart card schemes.
Considered as a significant improvement over traditional payments systems, smart tickets offer cost-effective and efficient way to passengers to manage their travels in trains, busses, and trams. Smart ticketing schemes are gaining traction among public transportation to hassle-free and enhanced experience to passengers in several cities of developed nations. The Octopus smart card in Hong Kong, the MOBIB card in Brussels, the Smart Rider card in Perth, and the Clipper smart cards in San Francisco are some of the well-known smart ticketing technologies employed in public transportation.
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Smart ticketing system are less prone to any fraudulent activity, ensure cashless payment by commuters, reduce queuing delays, and speed up their boarding times which also drive the growth of smart ticketing market. In addition, they can always load credit amount in their tickets in advance of their travel. In case of the theft or loss of the smart tickets, the balance amount can be easily recovered or can be easily transferred to some other smart card, and hence smart ticketing system offers greater security and convenience to travelers.
Apart from offering superior experience to passengers, they are also proving helpful for policy makers in several emerging and advanced countries for the development of public transportation system. In addition, numerous operators seeking to start any loyalty schemes by offer ticket types to meet customized needs of individual customers find smart ticketing a promising system.
Global Smart Ticketing Market: Overview
The global smart ticketing market is anticipated to witness healthy growth in the next few years. The easy and affordable access to smart ticketing system for consumers is encouraging its adoption across diverse applications across the globe. Some of the primary applications of smart ticketing technology are buses, airlines, railways and metros, and sports and entertainment. With the rising convenience, it offers to consumers, this market is expected to register a progressive growth rate. The research study further offers a detailed analysis of the global market and throws light on the key factors that are likely to impact the growth of the market across the forecast period.
Global Smart Ticketing Market: Drivers and Restraints
The emergence of smart ticketing in travel and tourism industry and the affordable access to smart transit systems are predicted to fuel the growth of the global smart ticketing market in the next few years. Additionally, the rising inclination of consumers towards smart technologies is likely to boost the demand for smart ticketing in the near future. The rising adoption of smart ticketing and other smart technologies in developing economies in order to promote smart living is expected to encourage the growth of the overall smart ticketing market.
On the flip side, the need for a large amount of funds and the centralized framework of the smart ticketing systems are projected to restrict the growth smart ticketing market in the forecast period. Moreover, the designing of an open architecture for smart ticketing technology is estimated to act as a major challenge for the leading players operating in the global smart ticketing market in the coming years. Nevertheless, the emphasis of governments around the world to promote cashless transactions and the user-friendly platform of smart ticketing are predicted to offer promising opportunities in the next few years.
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Global Smart Ticketing Market: Region-wise Outlook
The global smart ticketing market across the globe has been categorized on the basis of geography into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. According to the research study, Europe is anticipated to witness progressive growth throughout the forecast period. The rising focus of key players on the expansion of application base is considered as one of the key factors projected to encourage the growth of the smart ticketing market throughout the forecast period.
On the other hand, the Asia Pacific smart ticketing market is projected to register a robust growth in the next few years. A substantial contribution from India, China, Japan, and Singapore is expected to accelerate the growth of the smart ticketing market in the coming years. In addition, the favorable regulations and the rising funds by governments are some of the other factors likely to propel the smart ticketing in Asia Pacific. The emergence of exclusive smart ticketing solutions in order to encourage the use of public transportation among public is estimated to offer promising opportunities for growth in the near future.
Key Players Mentioned in the Research Report are:
Some of the leading players operating in the global smart ticketing market are Xerox Corporation, ASK, NXP Semiconductors, CPI Card Group Inc., Gemalto NV, Cubic Corporation, Oberthur Technologies, Confidex Ltd., HID Global Corporation/Assa Abloy AB., Giesecke & Devrient GmbH, and Infineon Technologies AG. The rising inclination of consumers towards smart technologies and convenience is predicted to generate promising and lucrative opportunities for market players.
The research study has covered the company profiles of the leading players, emphasizing on their inception detailed, contact information, financial overview, SWOT analysis, and recent development. In addition, the marketing tactics and business strategies that are being used by these players in order to maintain a dominant position in the overall market have been highlighted. This is expected to help the new players entering the global smart ticketing market and guide them in making effective business throughout the forecast period.
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