The Global Smart Ticketing Market size is expected to reach $21. 1 billion by 2027, rising at a market growth of 15. 6% CAGR during the forecast period. The smart ticketing system refers to a system that helps in securely saving tickets in electronic format in a microchip.
New York, May 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Ticketing Market By Component, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06075914/?utm_source=GNW
A smart card refers to a pepper card in which the microchip is integrated. Protection from fraud, offering passengers credit or pre-loaded ride travels in case of an advance journey, cut down, or eliminate long queues are some of the prime benefits of smart ticketing systems. By deploying smart ticketing systems, operators and sellers can offer their customized or personalized tickets based on the needs of different people and fulfill their specific needs.
The transportation industry is highly adopting the smart ticketing system. Effective application of a broad array of smart technology is expected to boost the growth of the smart ticket market. Moreover, the growth of the market would witness bright prospects due to the factors like growing application of the technology in the tourism and travel industry and applications of systems that are easily manageable by users and can be accessed and easily utilized by people belonging to every age group. However, the growth of the market is inhibited by the high price of installation and a centralized operating unit for smooth functioning of smart ticketing systems to operate efficiently. In addition to it, various governments around the world are deploying measures like demonetization and supporting cashless transactions. This factor creates many profitable growth opportunities for the global smart ticketing market during the forecast period.
COVID 19 Impact
The global pandemic has wreaked havoc in Europe; thereby the region becomes the most vulnerable due to the pandemic. As Italy grappled with the increasing number of COVID-19 deaths in the country, other nations across Europe deployed stringent measures including stay-at-home. The transportation sector has been hit hard by the pandemic due to the imposition of various stringent restrictions, thereby putting a huge financial burden on the sector. With the relaxation of lockdown restrictions and resumption of businesses, the public transport riders began the operations for people from essential industries like the food supply chain and healthcare. In addition to it, they had to adopt stringent physical distancing, thus the occupancy in buses and rails was quite low. Even with the relaxation in a greater number of norms, restricted transport services were allowed in various countries.
Based on Component, the market is segmented into Hardware, Software and Services. The service segment would exhibit the maximum growth rate during the forecast period. Some of the drivers for the growth of this segment are growing digitalization in ticketing services to offer an improved travel experience to passengers. Ticketing as a Service (TaaS) estimates the genuine fare and enables passengers to travel across multi-modal transport systems effectively.
Based on Application, the market is segmented into Parking & Transportation and Sports & Entertainment. Parking & Transportation Type is further bifurcated across Roadways, Railways and Airways & Others. There is a broad application of smart ticketing solutions in transport networks that enable travelers to buy, store, and confirm transport tickers with the help of their contactless debit cards or credit cards. Higher customer satisfaction, cost savings, and business intelligence are some of the major advantages of ticketing solutions. This, as a result, would boost the adoption of smart ticketing solutions specifically in the transportation industry.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would show a promising growth rate during the forecast years. This is credited to the presence of countries like China, India, Malaysia, Indonesia, and Thailand. These countries aim to develop smart cities due to the robust economic development, the surge in population, and fast urbanization. APAC nations are also getting investments, supporting advanced technologies, and creating unique solutions to enhance the quality of life. These improvements are boosting the growth of the regional smart ticketing market. There is a high significance on the growth of innovative and interoperable automated free collection systems, like smart cards and NFC-enabled devices, to boost the efficiency of transport systems as well ridership by giving commuters a streamlined travel experience. Established countries like Japan and Singapore are aiming to adopt technology-enabled transport systems by initiating hefty technology funding.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunner in the Smart Ticketing Market. Companies such as Hitachi, Ltd., IDEMIA SAS, Assa Abloy AB, Confidex Ltd., and NXP Semiconductors N.V. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy AB, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd.
Recent strategies deployed in Smart Ticketing Market
Partnerships, Collaborations, and Agreements:
Mar-2021: G+D joined hands with IDEMIA and NXP Semiconductors. Together, the companies introduced the White Label Alliance (WLA) which responds to the increasing global demand for next-generation, discrete payment solutions for domestic and private-label payment brands. WLA embeds and updates an open and complete payment standard that allows ready-to-deploy dual interface payment solutions including contact and contactless payment cards, mobile devices, and payment terminal acceptance.
Jan-2021: Giesecke+Devrient (G+D) entered into an agreement with the environmental organization, Parley for the Oceans. This agreement aimed to produce and offer environment-friendly payment cards. By reusing plastic waste from the world’s oceans for the production of the cards, G+D aims to support customers in their strategies and encourage eco-innovation via payment solutions.
Dec-2020: IDEMIA formed a partnership with ZWIPE, a biometric technology company. This partnership aimed to promote biometric cards as the reference for contactless payments.
Oct-2020: IDEMIA collaborated with MasterCard and MarchMove. Together, the companies aim to develop a biometric card, which utilizes a fingerprint to authorize transactions at in-store payment terminals. The F.CODE Easy card takes the effortless and intuitive experience of biometric authentication from a mobile phone to a smart card.
Aug-2020: Infineon Technologies came into collaboration with Fingerprint Cards AB, a Swedish biometrics company. The collaboration aimed to drive the industrialization of biometric payment cards from a domain into the mass market rollout.
Jan-2020: Confidex came into partnership with Thales, the world leader in digital security. In this partnership, Thales delivers Confidex with Gemalto’s Operating System, which accumulates with the Calypso Light Application (CLAP). The CLAP is a shrunk version of Calypso that is ideal for inexpensive and high-volume contactless paper-based cards utilized in public transport.
Nov-2019: Confidex signed an agreement with the Roads and Transport Authority of Dubai. Under this agreement, Confidex supplies limited use contactless smart tickets to the metro. The Roads and Transport Authority of Dubai holds a mass transit traffic travelling with reusable, durable, contactless ticketing solution. Confidex demonstrated its capability to offer a fan-folded ticket that high-temperature resistance at 100% humidity.
May-2019: Hitachi came into an agreement with Trentino Trasporti, provider of public transportation in several municipalities in Trentino, Italy. The agreement aimed to carry out Proof of Concept (POC) of the latest digital ticketing solution for the public transportation managed by Trentino Trasporti that includes Trento-Malé-Mezzana Railway and buses in the vicinity of Trento, Italy. This latest digital ticketing solution is developed to utilize smartphones as tickets by using Hitachi group’s experience of ticketing solution and digital technology.
Mar-2019: Giesecke+Devrient (G+D) formed a partnership with MasterCard, a leading technology company in the global payments industry. In this partnership, G+D provides preferential pricing to MasterCard issuers aimed to improve their conversion to contactless cards.
Feb-2019: IDEMIA joined hands with ITSO Transit Hub Ltd. (ITHL), a non-profit distributing membership organization. Together, the companies enabled the digital ticket fulfillment process over ITSO on Mobile that brings the UK’s trusted national smartcard to mobile phones for the first time.
Acquisition and Mergers:
Feb-2021: Assa Abloy took over Technology Solutions (TSL), a global provider of radio frequency identification (RFID) handheld readers. This acquisition added the technology of TSL to Assa and reinforced its existing RFID portfolio and offers complimentary growth opportunities.
Dec-2020: IDEMIA acquired PCard, Saudi Arabia’s most prominent card personalization bureau. Under this acquisition, PCard’s capabilities would help IDEMIA to provide a range of card payment services & solutions to the kingdom’s banking and payment ecosystem and also expand its geographical footprints in Saudi Arabia.
Oct-2019: HID Global came into an agreement to acquire LUX-IDent, a leading provider of radio frequency identification (RFID) components. This acquisition strengthened HID’s market leadership in RFID technology and its presence in Central and Eastern Europe.
Sep-2019: Assa Abloy completed the acquisition of Placard, Australia’s largest secure card manufacturer. This acquisition reinforced Assa’s offering within secure cards and improved its position in the Pacific smart card market and would offer complimentary growth opportunities.
Apr-2019: Thales acquired Gemalto, an international digital security company. Through this acquisition, Thales would encompass the whole critical decision chain in a digital world, from data generation through sensors, to real-time decision support.
Product Launches and Product Expansions:
Feb-2021: Infineon Technologies introduced 40 nm SLC36/SLC37 security controller platforms. These platforms have high-performance 32-bit ARM SecurCore SC300 dual-interface security chips, which provide improved performance and flexibility for contactless ticketing, payments, and access applications.
Oct-2020: Confidex launched two latest high-temperature products focused on the automotive sector. The latest Heatwave family of UHF RFID tags provides efficient automated tracking of goods via the high-temperature phases of automotive production. It includes a flexible attachment for automotive paint shop processing and at the same time, the Heatwave Tough exhibits an exceptional performance on metallic surfaces.
Jun-2020: NXP Semiconductors unveiled its new MIFARE DESFire EV3 IC. It helps in next-generation performance, improved security, and an effortless combination of mobile services for a new era of security & connectivity in smart city services. With the integration with its advanced security features, the new IC offers quicker, safer transactions that are contactless like accessing offices or campuses, paying for parking, and utilizing other essential city services, all these are touch-free.
Oct-2019: IDEMIA introduced Smart Metal Art, a new metal payment card range fully suitable for contactless payments. This card is the outcome of the acquisition of X Core’s metal payment card business and associated patents. It is developed for the dual interface mass affluent market and is certified by MasterCard, Visa, and Amex.
Scope of the Study
Market Segments covered in the Report:
• Parking & Transportation
o Airways & Others
• Sports & Entertainment
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Siemens AG
• Thales Group S.A.
• NXP Semiconductors N.V.
• Infineon Technologies AG
• Hitachi, Ltd.
• IDEMIA SAS (Advent International, Inc.)
• Assa Abloy AB
• Giesecke & Devrient GmbH
• Confidex Ltd.
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