Over the recent past, several economies across the world have accelerated the drive to robust digitalization initiatives in key public sectors such as transportation, banking, energy, and security. The penetration of smart technology in the various industries facilitates in enhancing the citizen experience, while achieving new milestones in revenue generation, transparency, data safety, and consumer trust. Moreover, sophisticated technologies such as smart ticketing systems have increased user convenience and public safety. This is expected to increase the demand for smart ticketing solutions. The strong business potential of smart ticketing solutions is expected to garner the attention of key industry players in this market, propelling them to engage in high-value partnerships and RD endeavors. In the near future, the demand for modern smart ticketing systems is expected to surge, creating headways for robust growth across the global smart ticketing market.
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Growing Adoption of NFC Technology to Create High Demand for Smart Ticketing Systems
In the transportation sector, integration of emerging technologies has significantly aided in managing road traffic, connecting national traffic grid systems, and real-time information sharing. Notably, the adoption of near field communication (NFC) has witnessed an increase – a trend that has proven extremely viable for the global smart ticketing market. NFC is useful in facilitating seamless contactless transactions as well as ensuring user safety. As a result, the use of public transportation has become relatively easier, thereby surging the demand for mobile smart ticketing. In the foreseeable future, further advancements in NFC technology and its widespread adoption by emerging and developed economies is poised to considerably augment the demand for mobile smart ticketing solutions. These favorable trends related to NFC are predicted to foster innovation and revenue generation in the smart ticketing market.
Blockchain Technology, Application in Transportation Sector to Create New Opportunities
Blockchain technology helps to establish uniformity among various entities involved in the smart ticketing system and aids in achieving transparency in the ticket booking process. In the coming years, advancements in blockchain technology are predicted to unlock fresh business outcomes in the smart ticketing market. Moreover, in the transportation sector, benefits of smart ticketing solutions including swift transfer of money into user’s account, pre-loading of credit, and money recovery are projected to encourage decision-makers in this sector to increase the adoption of smart ticketing solutions. Despite this sound business landscape, the smart ticketing market is set to face challenges pertaining to data safety, identity theft, and high setup costs, however, these restraints are set to be overcome through strategic partnerships.
Europe Foremost Market Player; APAC Emerging Region
Europe is poised to emerge as the regional leader in the global smart ticketing market. In this region, government policies in favor of contactless payments, presence of key market players, and a flourishing tourism sector are expected to drive its smart ticketing market to maturity. On the other hand, economies in the Asia Pacific such as India, China, Japan, and Singapore are poised to make the region a prosperous emerging player. This can be attributed to a rapidly developing digital payment infrastructure, strong growth in the tourism industry, and widespread adoption of frontier technologies.
Key Market Players
Some of the major players in the smart ticketing market include Cubic Corporation, Germalto Nv (Thales Group), Siemens, HID Global, Infineon Technologies AG, Conduent Inc., and NXP Semiconductors.
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