San Francisco, California, September 25, 2017: Considered as a significant improvement over conventional payment systems, smart ticketing is an efficient and cost effective way for passengers to travel via trains, buses or trams. The enhanced passenger experience it offers has led several developed nations to adopt smart ticketing, boosting its market, states TMR Research in its latest report. The report is titled, “Smart Ticketing Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.” According to the report, the demand for this form of payment system is increasing as it is hassle free and reduces the risk of frauds. Smart ticketing also eliminates the need of standing in long queues, thereby saving valuable time. Moreover, passengers are always notified if their balance is low and can credit amount for further travel. All these benefits are soon to be realized in developing nations too, and will boost the growth of the smart ticketing market.
Some of the popular smart ticketing technologies employed for public transportation include the MOBIB card in Brussels, EZ-link in Singapore, Octopus smart card in Hong Kong, the Smart Rider card in Perth, and the Clipper smart cards in San Francisco. Smart ticketing system is anticipated to penetrate in other countries as it has an added advantage of transferring the balance amount to any other smart card in case of loss or theft. Some of the key applications of smart ticketing technology include airlines, metros, railways, buses, trams, and sports and entertainment. On account of its affordability coupled with convenience, an increasing number of passengers are encouraged to use smart tickets, and in the years to come it is estimated that the count will increase substantially as many other nations adopt this form of ticketing system.
On the down side however, the market will face a few challenges in the form of the need for high capital to run this system across all forms of transportation service and the need for centralized framework, which is complicated. The designing of an open architecture for smart ticketing technology is also complex, hampering the growth of the market. However, the initiatives taken by governments across the globe to promote cashless transactions and user-friendly platforms will drive the growth prospects of this market in the coming years.
On the basis of geography, the market is segmented into Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. Of these, Europe is predicted to witness a healthy growth throughout the forecast period from 2017 to 2025. The growing efforts by market players to expand the application base of smart ticketing will fuel the growth of this market in Europe. Asia Pacific will emerge as the region witnessing fast paced growth in the forecast period. Substantial penetration in Singapore, India, China, and Japan are anticipated to be behind the growth of the market in Asia Pacific. Growing funds and favorable regulations by governments are likely to propel the smart ticketing market in Asia Pacific
Some of the key players within the global smart ticketing market are: Xerox Corporation, NXP Semiconductors, ASK, CPI Card Group Inc., Oberthur Technologies, Giesecke & Devrient GmbH, Gemalto NV, Confidex Ltd., Cubic Corporation, HID Global Corporation/Assa Abloy AB., and Infineon Technologies AG.
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