The global smart ticketing market size is expected to reach USD 33.7 billion by 2026, registering a CAGR of 14.9% from 2019 to 2026, according to a new report by Grand View Research, Inc. Increase in demand for smart ticketing solutions in the travel and tourism industry owing to its ease of use and convenience, and growing reliance on online transactions are expected to drive the market over the forecast period. In addition, upsurge in intelligent transportation systems across the globe is further fueling the market growth.
Smart
transit systems allow passengers affordable access to rapid transit systems,
also known as metro or subway. These systems store a ticket electronically on a
microchip, which is embedded onto a smart card. This allows passengers to
load or credit it in advance for their travel, reducing the time spent in
queues and speeding up the boarding process. Public transportation authorities
across the globe are emphasizing on implementing these systems to reduce
traffic in congested city areas and to deliver solutions that are
environment-friendly. Numerous public transportation agencies are promoting the
use of these solutions as they are easy to use, reliable, and more secure as
compared to traditional magnetic stripe cards or tickets. These solutions are
also highly durable and have a longer life span than their traditional paper
counterparts.
Continuous
innovations take place in this field with the view to improving customer
experience. For instance, the South Western Rail in U.K. launched Tap2Go, which
removes the need for customers to buy a ticket before their journey. Passengers
touch their card at the gates and validators at the start and end of their
journey. The system then calculates the best fare and the payment is deducted
from their account the day after their travel. It is also linked to PayPal to
make transactions easier.
These
solutions offer high operational efficiency and increased security against
fraud, which, in turn, is expected to contribute to the market growth over the
forecast period. Moreover, these solutions require low maintenance compared to
systems that use magnetic stripe technology. Furthermore, these smart solutions
allow quick payment transactions and offer passengers with flexible travel
options such as part-time season passes or carnets. This is subsequently
expected to drive the demand for these solutions over the forecast period.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/smart-ticketing-market
Smart Ticketing
Market Report Highlights
- The software component
segment is expected to witness significant growth over the forecast period
owing to increased demand for payment gateways and other connected systems
such as cards through servers and smartphones
- An e-ticket offers various
advantages such as flexibility, security, and convenience for both
transport agencies and travelers, which would encourage them to adopt
these solutions
- Smart card systems enable
transport service providers to reduce cash flows and implement flexible
tariffs. These systems provide the added benefit of convenience as the
fare payment can easily be made at the customer’s point of entry into the
transit system; for example, at the subway gate or before boarding a bus.
As a result, smart card systems are widely adopted by transport service
providers across the globe
- The sports and entertainment
segment is expected to register the highest growth rate over the forecast
period. Increase in adoption of verified e-tickets procured from authentic
apps on mobile devices helps lessen fraudulent activities and resale of
tickets online or outside an event venue at inflated prices
- The growth of the Europe
market is attributed to the thriving tourism industry, continuous
innovations of these systems and their adoption in urban areas, and
simplified technology ecosystem in the region. In U.K. for instance, the
National Rail has incorporated a range of technologies such as platform
and ticket validators at their train stations that enable the use of these
systems
- smart ticketing market key
players include CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.;
Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and
NXP Semiconductors.
Request a Sample Copy@ https://www.grandviewresearch.com/industry-analysis/smart-ticketing-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment