Smart Ticketing Market Demand to Hit US $20 Bn by 2026, Says Global Market Insights, Inc.
SELBYVILLE, Del., Oct. 14, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the smart ticketing market which estimates the market valuation for smart ticketing will cross US$ 20 billion by 2026. Growing penetration of digitalization in the transport industry coupled with infrastructure development projects globally will drive the market demand.
The rise in research and development initiatives to boost the intelligent transportation industry will drive the smart ticketing industry growth. Calypso Networks Association, a non-profit organization, has developed an open-source software development kit, Eclipse Keyple, and an API for contactless ticketing. The scalable software simplifies contactless transaction between a portable object and a terminal.
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Statistically verified passenger volumes are a crucial factor for planning capacity requirements of timetables and for assigning revenue streams to mobility service providers and transport companies. An efficient smart ticketing software is crucial for passenger flow analysis. The SIGNON EPPsta software tool from Berlin-based SIGNON offers a solution to the problem of evaluating and deducing passenger numbers.
Increased adoption of ticket validators to ensure enhanced access control will drive the smart ticketing market growth. The machines read smart cards and support the fare applications contained on them. On-board validator units can be contact, contactless or both, and can be stand-alone or integrated with the on-board computer. Turnstile validators have internal memory and processor and are generally connected to a central computer system. The functionality of the validator unit usually varies depending on the location of the unit.
On-board validators or those located at turnstiles do not provide top-up services and generally have a simplified monochrome display. Station validator units, excluding turnstile units, have the same functionality as mobile units but also provide top-up functions and can display a wider range of passenger information. The growing penetration of automation across the transport industry will support the smart ticket validators market growth.
RFID-based smart ticketing enables customers to travel using RFID tags. Using these tags, passengers do not have to pay daily for travel, thereby making journeys hassle-free and convenient. RFID tags also help to save a lot of paper wasted in printing tickets daily. The tag contains all details about the customer including the discounts availed. This smart authentication system validates the identity of the user easily. Increasing popularity of wireless digital technologies will boost the smart ticketing market growth.
Browse key industry insights spread across 300 pages with 346 market data tables and 29 figures & charts from the report, "Smart Ticketing Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-ticketing-market
Growing infrastructure development projects in the Middle East & Africa will provide growth opportunities to the smart ticketing industry. Developing economic conditions in the region are supporting the implementation of advanced technologies. In February 2019, Digital Afrique Telecom (DAT) launched a smart card and ticketing system, aiming to enable Ivorian public transport users to board more than 700 buses every day through contactless cards. This smart ticketing service allows each passenger of SOTRA, the Abidjan local bus company, to buy and top up a smart card online using the platform powered by DAT.
Some major findings of the smart ticketing market report are:
-- Growing penetration of digital technologies across the transportation
industry globally will drive the smart ticketing solutions market
demand. Transport authorities are adopting advanced technologies to
streamline operations and enhance customer experience. They are
employing smart ticketing to allow passengers to load tickets in
advance, speed up boarding times, and reduce the queue times.
-- Smart ticketing software enables transport authorities to centrally
manage all data pertaining to payment transactions and travel statistics
of customers. It enables analyzing the passenger volume, traffic
periods, and available resources, thereby enabling them to better
schedule trains and buses.
-- The penetration of technologies, such as NFC and RFID, that enable
contactless digital transactions will drive the smart ticketing industry
growth. These technologies have gained more importance during the
COVID-19 pandemic due to the demand for non-contact technologies to stop
the spread of the virus.
-- Smart cards and card readers store data digitally, eliminating the need
to carry paper tickets, thus propelling the smart ticketing market
growth. The card stores the daily travel data and also enables precise
authorization of the user, thereby providing enhanced access control.
-- Developing economic conditions coupled with ongoing smart city projects
in Asia Pacific will support the smart ticketing industry growth.
Developing transport infrastructure will drive the adoption of
sophisticated smart ticketing solutions.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/smart-ticketing-market
Partial chapters of report table of contents (TOC):
Chapter 3 Smart Ticketing Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Suppliers
3.2.3.2 Manufacturers
3.2.3.3 Marketing & distribution channel
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.4 Smart ticketing architecture
3.5 Technology & innovation landscape
3.5.1 AI & machine learning
3.5.2 Cloud computing
3.5.3 Mobile ticketing
3.5.4 Contactless smart tickets
3.5.5 Big data
3.6 Regulatory landscape
3.6.1 North America
3.6.2 Europe
3.6.3 Asia Pacific
3.6.4 Latin America
3.6.5 MEA
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1. Urbanization and government investments in smart transportation industry globally
3.7.1.2. High demand for cashless transactions globally
3.7.1.3. Demand for seamless ticketing experience in entertainment and sports industry
3.7.1.4. Increasing investment in railway infrastructure in Asia Pacific
3.7.1.5. Demand for Pay-as-you-go ticketing service among commuters in Europe and North America
3.7.1.6. Expansion of intelligent transportation industry in Latin America & MEA
3.7.2 Pitfalls and challenges
3.7.2.1 High implementation costs
3.7.2.2 Data safety and security concerns
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1. Threat of new entrants
3.9.2. Threat of substitutes
3.9.3. Bargaining power of buyers
3.9.4. Bargaining power of suppliers
3.9.5. Industry rivalry
3.10 PESTEL analysis
Browse related report:
Smart Transportation Market Size By Mode of Transportation (Roadways, Railways, Airways), By Component (Software [Telematics, Parking Management, Ticket Management, Traffic Management, Security and Surveillance, Passenger Information System], Services [Training and Consulting Service, Integration Service, Support and Maintenance Service]), By Deployment Model (On-Premise, Cloud, Hybrid), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024
https://www.gminsights.com/industry-analysis/smart-transportation-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Smart Ticketing Market size worth over $20 Bn by 2026
Smart Ticketing Market size is set to be over USD 20 billion by 2026, according to a new research report by Global Market Insights, Inc.
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