Smart Ticketing Market is Gaining Popularity due to its Effectiveness and Ease of Use

Smart ticketing has emerged as a popular alternative for conventional ticketing system for both travelers and public transport companies alike. This brand new innovative way of ticketing cost efficient, effective, and extremely convenient, it is a way forward for the public transport industry. The global smart ticketing market is driven by ease of use and growing popularity of this ticketing system.

Smart ticketing refers to ticketing systems in which an entitlement to ticket or travel is assigned to one person or more and then it is stored on a microchip electronically instead on paper ticket. The microchip on which the electronic ticket is stored is generally integrated onto a smartcard, which is why they are often called smartcard schemes. However, smartcard schemes have much more in offering than just smartcards.

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Smart Ticketing Rides on the Back of Hassles of Traditional Ticketing System

Government supported Integrated Transport Smartcard Organization (ITSO) specifications are utilized by smart ticketing. It enables seamless travelling within and between regions and cities. Passengers using smart tickets can easily change their mode of transport, hop on and off from trains, trams or buses. It eliminates the need for use of traditional system of payment.

Traditional ticketing systems are quite rigid as compared to the smart ticketing ones. As such, smart ticketing systems are more widely accepted in the transportation industry. Global smart ticketing system is becoming increasingly popular in the travel and tourism industry. Easy use and access among people of all age groups are giving ample growth opportunities to the global smart ticketing market during the assessment period. In addition, this system of ticketing offers personalization such as choice of seats or meals, if any.

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The global smart ticketing system is led by Europe, where many leading players are operating. Besides, there is high rate of adoption among the people. Some smart schemes allow seamless travel between both tubes and busses without having to use traditional system.

Rapid Inclination of Consumers toward Smart Technologies Fillip Smart Ticketing Market

Smart ticketing is mainly the ticketing system where tickets are stored electronically on a microchip instead of being issued on a paper. Most of the microchips, where the tickets are stored are mostly embedded in a smartcard. Thus, smart ticketing schemes are also called smartcard schemes. Smart ticketing is more efficient, fast, and also saves a lot of paperwork. Such ticketing system utilizes the governments’ ITSO specification for allowing seamless travel in various regions. Furthermore, smart ticketing also supports different modes of transportation.

Apart from the transport industry, smart ticketing is also highly adopted in entertainment, sports, BFSI, and healthcare. Rapid emergence of the technologies such as NFC, QR code, barcode, RFID, local wireless ticketing enables many smart ticketing companies in offering smart solutions to various industries.

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Going forward, the global smart ticketing market is expected to grow at a solid pace owing to the convenience it provides to the travelers.

Growing Tourism and Travel Industry Fuels Smart Ticketing Market Growth

Smart ticketing system is advantageous in the area of safety from fraud, reducing long queue, and providing passengers with pre-loaded ride travels. Such ticketing system provides flexibility in customizing tickets. Such USPs are driving the global smart ticketing market. Along with these, growing adoption of smart technologies, increasing travel industry, and rising user-friendly applications which are easily accessible are also fueling the growth in the global smart ticketing market.

Furthermore, governments are taking several approaches to encourage cashless transactions and adopt demonetization policies, which is further anticipated to propel the global smart ticketing market. Manufacturers in the smart ticketing market are integrating various smart technologies for increasing their customer base. However, increasing use of point-of-sale systems in shopping malls, and growing demand for e-tickets, e-kiosks, and e-tolls are also boosting the global smart ticketing market.

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Hassle-free and Cashless Transactions to Encourage Adoption of Smart Ticketing

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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