The increasing need for smart transit systems is leading to an increase in the demand for smart ticketing solutions across the world. With the replacement of the paper tickets, smart ticketing systems are also making their way into the tourism and the transportation industries, reflecting positively on the market’s rise. In addition to these, the rising demand for quick access to the theaters, movies, and parks is anticipated to influence the growth of the global market for smart ticketing positively in the near future. As per Transparency Market Research (TMR), the expanding application base of smart ticketing solutions in the transportation sector is projected to support this market substantially in the years to come.
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Research analysts at TMR answer some of the important queries about the global smart ticketing market in this blog post:
What are the key driving factors that are influencing the global smart ticketing market?
The increasing application of smart technologies in the tourism and travel industry is influencing the adoption of smart ticketing solutions across the world, which is the main factor behind the growth of the global smart ticketing market. The augmenting usage of systems, which are consumer-friendly and can be accessed by individuals of all age group, is also supporting this market substantially.
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Moreover, several governments across the world – one particular among them is the Indian government – are implementing demonetization policies and encouraging cashless transactions, which may prove to be beneficial for this market in the near future.
Which factors can restrain the growth of the global market for smart ticketing?
The high cost of setting up smart ticketing systems and centralized operating units and their maintenance may dissuade end users from installing these systems, which in turn, will slow down the growth of the global market for smart ticketing in the near future. The low awareness among the consumers in developing economies will also act as a hindrance to this market over the next few years.
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What the leading players in this market are doing to expand their businesses?
Gemalto NV, HID, NXP Semiconductors, Infineon Technologies AG, Giesecke & Devrient GmbH, Inside Secure, and CPI Card Group Inc. are some of the leading players in the worldwide market for smart ticketing. As of now, these players are relying on technological advancements in their solutions for the growth of their businesses. However, a shift in their focus towards strategic partnerships can be observed among these participants.
Recently, NXP Semiconductors has partnered with Alphabet’s Google to incorporate NXP’s MIFARE contactless fare payment solutions in Google Pay, aiming at providing seamless mobile travel experiences to its consumers. The collaboration aims at delivering an enhanced travel experience for commuters, enabling them to buy a transport entitlement through their phone. Many other players are also looking forward to involve into collaborative agreements in order to expand their reach among consumers.