Press release
Smart Card Contactless Ticketing Market Growth, Trends, Absolute Opportunity and Value Chain 2018-2028
A smart card is basically a credit card-sized piece of plastic with a microchip embedded in it. So, smart card contactless ticketing refers to a system where a travel ticket is stored on a microchip, digitally, rather than on a print out, and this is generally on the chip in the smart card. Smart card contactless ticketing schemes are becoming increasingly popular as a new technology for enhancing public transportation services across the world. The smart card contactless ticketing system is not only about an individual passenger’s benefits, but local transport authorities and central governments can also gain benefits from smart card contactless ticketing systems. Due to the increase in fraud activities and the need to provide secure services to customers, smart card contactless ticketing players are offering security-based solutions to fulfil this huge demand in the smart card contactless ticketing market. The introduction of reliable and safe smart card contactless ticketing systems has brought about a wide range of applications of smart cards in different sectors. Smart card contactless ticketing can also be used for fare collection via mobile ticketing and tolls.
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Global Smart Card Contactless Ticketing Market: Drivers and Challenges
The increasing demand for mobile and web applications, real-time information, and smart cards are some of the major factors driving the growth of the smart card contactless ticketing market. Due to the increase in the installation of safety and convenience systems and advanced fare payment systems, there has been an increase in the public transport smart card contactless ticketing market. Also, the greater ability to use contactless smart cards for different fare structures is one of the key factors fueling the growth of the smart card contactless ticketing market over the forecast period. Faster and easier transactions makes the boarding of passengers smoother. These are some of the factors anticipated to drive the growth of the smart card contactless ticketing market during the forecast period. Moreover, the increased adoption of NFC payments is anticipated to foster the demand of the smart card contactless ticketing market over the forecast period.
However, some of the technical challenges associated with the usage of smart cards and the high cost of migration to smart cards are some of the factors that are anticipated to hinder the growth of the smart card contactless ticketing market in the near future.
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Global Smart Card Contactless Ticketing Market: Segmentation
The smart card contactless ticketing market can be segmented on the basis of technology, vertical, and region.
The smart card contactless ticketing market segmentation by technology,
RFID (Radio Frequency Identification)
NFC (Near Field Communication)
The smart card contactless ticketing market segmentation by vertical,
Transportation
Land Transport
Air Transport
Water Transport
Media and Entertainment
Others
Global Smart Card Contactless Ticketing Market: Competition Landscape
Key Vendors
Examples of some of the market participants in the global smart card contactless ticketing market identified across the value chain include CPI Card Group Inc., Infineon Technologies AG, Texas Instruments, Inc., NXP Semiconductors N.V., Atos SE, Giesecke & Devrient GmbH, American Express Company, and Oberthur Technologies S.A.
Global Smart Card Contactless Ticketing Market: Regional Outlook
By region, the smart card contactless ticketing market can be segmented into North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and Middle East & Africa.
Europe is anticipated to lead the smart card contactless ticketing market, followed by North America, during the forecast period, due to the fast adoption of new technology in these regions. Asia Pacific is set to be an emerging region in the smart card contactless ticketing market in the coming years, due to the rising investments from governments and companies to provide complete automation in smart card contactless ticketing services and systems. Growing economies such as China and Japan are estimated to contribute to the smart card contactless ticketing market, due to the growing demand for smart card contactless ticketing and automated systems from such economies.
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