Startups seeing remarkable growth with customized solutions in smart ticketing market
The smart ticketing market is projected to reach USD 20.4 billion by 2023 from USD 10.1 billion by 2018, at a CAGR of 14.99%. Affordable access to rapid transit with the help of smart transit systems; huge demand for smart ticketing from sports, entertainment, and tourism industries; and upsurge in intelligent transportation market are the major drivers for the market growth. Further, the increasing number of cashless transactions is the underlying opportunity in the smart ticketing market. Major restraints for the market growth include high set-up costs and centralized framework. Moreover, data safety and security issues and designing an open architecture are the major challenges faced by the market players.
Rapid advancements in technology and use of blockchain in smart ticketing applications are the key trends in the global business sector. Various regions across the world are upgrading the existing transportation network. This transformation would give rise to various challenges ranging from technical factors such as maintaining real-time data, securing confidential details of end users including financial and personal information, to commercial arrangements such as funds for upgrading infrastructure and affordability of deploying smart technologies. Also, a smart ticketing framework is composed of a network of heterogeneous devices such as gating systems, automatic fare collection (AFC) systems, POS terminals, and smart card readers, among others, sustaining dissimilar technologies. The integration of these devices faces technical challenges because multiple manufacturers use different protocols while developing individual devices. Therefore, it can be concluded that assembling an open architecture would require the availability of feasible integration cost for multiple technologies and keeping standard protocol for designing and developing electronic devices.
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The smart ticketing market has been segmented on the basis of offering into hardware and software & services. The market for software & services is expected to grow at a higher CAGR during the forecast period. Although hardware and software components together form a smart transit system, software interface is needed to be updated frequently to maintain compatibility with all the traditional and advanced technologies. Also, the software interface of a smart ticketing system is comparatively expensive, and it works with payment gateways and other connected systems such as smartphones and cards through servers. Therefore, a larger market share of software component is attributed to frequent alternation in the software interface, along with its high expenses and growing adoption of digital framework for public transportation.
Additionally, the smart ticketing market, by application, is segmented into transportation, and sports & entertainment. Further, the market has been segmented into 4 main regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Europe is expected to hold the largest share of the market throughout the forecast period.
Europe has hosted many international sporting events, such as IIHF World Hockey Championship, France (2017); Confederations Cup, Russia (2017); FIFA World Cup, Russia (2018); and European Sports Championships, Germany (2018), and is set to host ICC Cricket World Cup, UK (2019); FIFA Women’s World Cup, France (2019); and Youth Winter Olympic Games, Switzerland (2020). To comply with the standard ticketing requirements for hosting these events, the countries and respective sports associations are deploying various advanced smart ticketing technologies. For example, Russia appointed HID Global (US) to deliver more than 3 million secure RFID tickets for 64 matches of the 2018 FIFA World Cup, which were held in 11 host cities of the Russian Federation from June 14 to July 15, 2018. According to the International Association of Public Transport (Belgium), Europe had 10.7 billion passengers travelling via metros across its 2,950 stations as of December 2017. Smart ticketing services are largely availed by users at metro stations in this region.
Infineon Technologies, one of the biggest players in the smart ticketing players, is headquartered in Germany. The company has launched various products in the smart ticketing market across this region. For instance, in March 2016, Infineon launched a series of NFC security modules to support mobile payments. In January 2016, it launched contactless transport and ticketing applications. Another big player from the smart ticketing market, Giesecke+Devrient is also headquartered in Germany.
The company in collaboration with CaixaBank launched wrist bands in February 2017, which can be used as a public transport card because of NFC contactless technology and various mobile applications. In June 2016, Gemalto (Netherlands) along with Keolis Lille (France) launched Celego contactless wrist bands based on Calypso international contactless standard for transport ticketing in Lille and stated that the newly launched smart ticket would deliver smoother journey across the French city of Lille. In June 2017, Masabi (UK) deployed its JustRide platform, a mobile ticketing Software Development Kit (SDK), for the transport industry in Montargis and Orleans cities in France.
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USA : 1-888-600-6441
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