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Smart Ticketing Market Growth Prospects and Development Opportunities

Globally, smart ticketing market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of smart ticketing solutions.

ID: 1554704
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(businesspress24) - The global smart ticketing market is expected to display higher growth rate over the next seven years. Rapid surge in smart ticketing industry is credited to the booming travel & tourism sector, and increasing adoption in public transportation sector. Recent technological advancements in public transportation sector, and deployment of smart ticketing schemes by local governments to improve existing ticketing systems in roadways, railways, and airways are further propelling the market growth of smart ticketing over the past few years. Globally, smart ticketing market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of smart ticketing solutions.

Several advantages of implementing smart ticketing solutions include safety from fraud, offering users with credit or pre-loaded ride travels, availability of booking an advance travel, and elimination of long queue. These factors are fostering the market demand for smart ticketing solutions over the past few years. Furthermore, smart ticketing system allows the operators to deploy personalized or customized tickets that suits the requirement of the company. Smart ticketing system caters to a wide range of individuals and deliver tailor-made ticketing solutions. Smart ticketing system consists of the microchip on which a ticket is stored. These microchips are embedded in a smartcard.

However, higher initial cost to set up smart ticketing system with a centralized operating unit is the key challenge for sustained market growth to a certain extent. Yet, incorporation of demonetization policies and encouraging cashless transactions by regional governments is projected to favor market growth. Smart ticketing systems are also referred as smartcard schemes, consist of multiple software as well as hardware components.

The smart ticketing industry is broadly categorized into three major segments based on the application type such as transportation industry, sports sector and entertainment industry. Transportation industry segment is growing rapidly in the smart ticketing market with substantial revenue generation in the last few years. Growing popularity of smart ticketing systems in transportation industry segment is attributed to the rising demand from public transportation services including roadways, railways, and airways.

The smart ticketing industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in transportation sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, Spain, and United Kingdom are projected to witness steady growth.

Asia-Pacific region is estimated to hold a major share in the smart ticketing market with massive growth in forecast period. Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with strong economic growth, rapid advancement in transportation sector, increasing infrastructural spending by local governments, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the smart ticketing industry are Cubic Corp., Infineon Technologies AG, Conduent, Inc., Vix Technology Co., Rambus, Inc., HID Global LLC, Gemalto Co., Giesecke+Devrient GmbH, Confidex Ltd., Inside Secure S.A., Indra Sistemas S.A., Paragon ID Co., Scheidt & Bachmann Co., CGI Group, Inc., Masabi Ltd., Cityway Group, Smart Card IT Solutions, Xiamen Innov Information Technology Co., Ltd., and Softjourn, Inc.

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smart-ticketing-market, technology, smart-ticketing, smart-ticketing-industry, technology-market, technology-industry,

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published by: unnati_gade
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Date: 12/12/2019 - 11:28
Language: English
News-ID 1554704
Character count: 3056
Firma: Million Insights
Ansprechpartner: Tom Clark Feedback to about Pressrelease-id:
Stadt: Felton
Telefon: 14086102300

Meldungsart: Financial
Versandart: send
Freigabedatum: 12.12.2019

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