NEW YORK, Jan. 24, 2017 /PRNewswire/ -- "Affordable access to smart transit systems and emerging applications in travel and tourism industry are expected to drive the smart ticketing market"
The smart ticketing market is expected to be worth USD 10.22 billion by 2022, growing at a CAGR of 7.93% between 2016 and 2022. Seamless implementation of smart ticketing systems across the public transportation network require an open architecture which can depict a perceptible amount of compatibility with the various hardware and software components of smart ticketing system. However, requirement of centralized framework of smart ticketing system and large amount of funds can be the factors hindering growth of the market.
"The market for e-kiosk is likely to grow at the highest rate during the forecast period"
E-kiosk is an embedded system equipped with the technologies assisting self-services at numerous transit points of airlines and railways and metros. On account of this feature, it can reduce the pressure on manual operations during peak hours. The implementation of e-kiosks is expected to empower the digital framework. Therefore, the adoption of e-kiosks is expected to increase during the forecast period owing to its seamless self-assistance feature.
"Smart ticketing market in APAC to grow at the highest CAGR"
Various APAC countries such as China, India, Singapore, and Japan are circulating favorable regulations and providing funds to strengthen the deployment of smart transit systems across the region. For instance, Mumbai Metropolitan Region Development Authority (MMRDA) (India) launched "Go Mumbai" smartcard, while Singapore selected Gemalto (Netherlands) to implement mobile NFC ticketing solution in its entire public transport network. Thus, the governments of APAC countries are supporting the implementation of smart transit system consistently, and the adoption is expected to increase during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments obtained through secondary research, extensive primary interviews have been conducted with officials from the key players. The breakup of the profile of primaries has been given below:
- By Company Type: Tier 1 = 25 %, Tier 2 = 35%, and Tier 3 = 40%
- By Designation: C-Level Executives = 35%, Directors = 25%, and Others = 40%
- By Region: Europe = 43%, APAC = 29%, North America = 14%, and RoW = 14%
The key players in the smart ticketing market profiled in the report are as follows:
1. HID (U.S.)
2. Gemalto NV (Netherlands)
3. NXP Semiconductors (U.S.)
4. Giesecke & Devrient GmbH (Germany)
5. Infineon Technologies AG (Germany)
6. CPI Card Group Inc. (U.S.)
7. Inside Secure (France)
8. Xerox Corporation (U.S.)
9. Confidex Ltd. (Finland)
10. Cubic Corporation (U.S.)
11. ASK (France)
12. Oberthur Technologies (France)
The report studies the smart ticketing market segmented on the basis of product, component, system, and application. It also includes the forecast of the market size, in terms of value, with respect to four main geographical regions, namely, North America, Europe, APAC, and RoW. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the market. It also profiles the key players operating in smart ticketing market as well as describes the overall value chain of the market and Porter's five forces.
Reasons to Buy the Report:
1. The report would help the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
2. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem and the recent development startegies adopted by the key players in the market, which include new product launches and developments, partnerships, and mergers and acquisitions.
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