Smart Ticketing Solutions Market Segmentation By Type Contact Cards, Contactless Cards, Hybrid Cards, Dual- interface Cards; By end-use Government, Healthcare, Transportation, Telecommunication, Financial Services, Retail, and Loyalty, Entertainment
With the evolution of technology impacting every industry, several countries have been taking initiatives to manage cities and incorporate smart cities through the introduction of smart ticketing solutions. Smart ticketing solutions are being adopted in many developing as well as developed regions such as North America, SEA and APAC as they save time, offer convenience and eliminate the queue system while collecting tickets.
Smart ticketing solution cards provide several benefits to commuters – they reduce the travel time and improve service efficiency. They also help governments and transport services collect the travel data of commuters. Attributing to the convenience offered by smart ticketing solutions, their usage can be extended to other areas of the transport market such as car parking and fuelling.
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Smart ticketing solutions help in managing existing infrastructure and assist in the development of new infrastructure through time savings. They offer efficient services to the citizens of different countries by providing a systematic workflow. Smart ticketing solutions enable private and public sectors to develop new and innovative businesses. Attributing to safety and security issues, smart ticketing solutions are being adopted in specific industries, such as healthcare, transportation and retail, to enable complete identification. Smart ticketing solutions can also be used by healthcare professionals to identify individuals brought in by ambulances. The chip embedded in a smart ticketing solutions card can provide a large amount of data for the identification of a person.
Smart Ticketing Solutions Market: Drivers and Challenges
Expansion of the global smart ticketing solutions market is anticipated to be driven by the rising demand for profitability improvement in multiple sectors. The smart ticketing solutions market, at the moment, is experiencing noteworthy developments, driven by the various developers of smart ticketing solutions catering to different industries. Attributing to the increasing adoption of e-commerce services and cashless payments, online payments have witnessed exponential growth globally. Along with the increase in online payments, the security risks associated with them have also significantly increased. These are the primary factors driving the smart ticketing solutions market.
Challenges in the smart ticketing solutions market have been increasing with the boom in smart city projects across several countries. Smart ticketing solutions offer several features, including fast and contactless payments. With the increasing availability of technologically-advanced smart ticketing solutions, identity & security challenges have been increasing for governments, enterprises, financial institutions and healthcare markets. The primary issue associated with embedded chips is the fact that data and passwords are stored in them, which helps remove their security lock. In this manner, any person can steal the data of a cardholder, which is a significant concern for companies that manufacture smart ticketing solutions cards.
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Global Smart Ticketing Solutions Market: Competition Landscape
Examples of some of the key participants in the global smart ticketing solutions market include Xerox Corporation, Cubic Corporation, Gemalto NV, Rambus, Confidex Ltd., NXP Semiconductors, CPI Card Group, Infineon Technologies AG, HID Global Corporation and Giesecke & Devrient GmbH.
Global Smart Ticketing Solutions Market: Regional Overview
On the basis of geography, North America is expected to capture the largest share in the smart ticketing solutions market, owing to the presence of well-established smart ticketing solutions vendors. Europe and Japan are also expected to gain substantial shares in the smart ticketing solutions market due to the introduction of new technologies and applications. The APAC region is expected to be the fast-growing smart ticketing solutions market, owing to the government initiatives being taken towards the improvement of technologies in emerging economies such as India and China.
The smart ticketing solutions markets in Latin America and MEA are expected to witness high growth rates in the coming years, due to the increasing number of smart city projects in these regions.
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