Key Players in the Smart Ticketing Market, Segmentation, Size, Shares and Revenue Analysis

The smart ticket, as a replacement for the traditional paper ticket, has gained popularity in recent years due to the emphasis on digitizing ticketing processes. In a smart ticketing system, the ticket is stored electronically on a smart card or smartphone. This system allows the user to skip the ticket counter at the station. Users can buy tickets for a certain period in advance or can debit funds from their account. To authorize a ride the user has to swipe their card or phone through an NFC reader at a ticket machine or show a QR code to a scanner. The device then checks for a ticket or debits funds from the account.

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SMART TICKETING MARKET DYNAMICS

Smart access to fast transit using intelligent transport systems and the growing popularity of blockchain in smart tickets are expected to drive market growth over the forecast period. The growing demand for mobile apps and contactless bank cards for smart ticketing solutions is expected to continue to drive the global market. These ticketing solutions are compatible with existing intelligent systems and infrastructures.

COVID 19 IMPACT ON SMART TICKETING MARKET

Covid19 drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. The COVID-19 pandemic has dramatically changed the availability and use of the global transportation system. Since March 2020, there has been a significant reduction in global transport operations due to travel and public health restrictions. The focus of governments has been on shifted to protect citizens and infrastructure, and therefore, innovation projects have taken a hit. After the pandemic outbreak, mobile payments increased. It is the preferred method of payment, as it requires minimal physical interaction, helping to prevent the spread of the virus.

SMART TICKETING MARKET SEGMENTAL OVERVIEW

The report analyses the smart ticketing market based on component, product, system, application, and geography.

SMART TICKETING MARKET BY COMPONENT

By component, the global smart ticketing market is segmented into software, hardware, and services. Smart card software is commonly used for managing smart card and applications of smart cards. This software also automates customer interactions with customer service managers, ultimately helping to effectively resolve customer problems.

SMART TICKETING MARKET BY PRODUCT

The global smart ticketing by product is classified into ticket machine, e-ticket, e-kiosk, smart parking system, e-toll, and request tracker. The e- ticket segment dominates the market due to the increased use of e-ticketing for travelling purpose. Also it offers a higher level of security compared to traditional paper tickets.

SMART TICKETING MARKET BY SYSTEM

The global smart ticketing by system is classified into smart card, open payment system, and near-field communication system. Among these, smart card segment holds the largest market share in the due to the growing use of online payment methods. These cards allow consumers to make reliable and secure payments.

SMART TICKETING BY APPLICATION

By application, the global smart ticketing market is segmented into railways and metros, sports and entertainment, airlines, buses, parking, and others.

SMART TICKETING MARKET BY GEOGRAPHY

Geographically, the smart ticketing market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. The Asia-Pacific region is projected to grow to at a highest CAGR in the forecast period due to the presence of emerging countries such as China, India, Indonesia, and Malaysia. These countries are focusing on building smart cities due to strong economic growth, population growth and rapid urbanization. Asia-Pacific countries also attract investment, promote new technologies and develop innovative solutions to improve the quality of life. These developments are driving the growth of the smart ticketing market in the region.

SMART TICKETING KEY PLAYERS

Some of the major players operating in this market include Atsuke (France), Cammax (England), Conduent (US), Confidex (Finland), Corethree (England), Cubic (US), Flowbird Group (France), Giesecke+Devrient (Germany), HID Global (US), Hitachi Rail (Italy), IDEMIA (France), Indra (Spain), Infineon Technologies (Germany), INIT (Germany), LIT Transit (Slovenia), Masabi (England), NXP Semiconductors (Netherland), and PayiQ (Finland).

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