Dublin, Jan. 20, 2017 (GLOBE NEWSWIRE) -- Research and Markets has announced the addition of the "Smart Ticketing Market by Product (Ticket Machine, E-Ticket, E-Kiosk), Component (Software and Hardware), System (Smart Card, Open Payment System, and Near-Field Communication), Application, and Geography - Global Forecast to 2022" report to their offering.
The smart ticketing market is expected be worth USD 10.22 Billion by 2022, growing at a CAGR of 7.93% between 2016 and 2022
The major drivers for the market include affordable access to smart transit system, emerging application travel and tourism industry, flourishing adoption of smart technology, and user-friendly platform.
The report covers the smart ticketing market segmented on the basis of product, component, system, application, and geography. 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 the smart ticketing market.
The software component held a larger share of the smart ticketing market in 2015. 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 card readers through servers. Therefore, the larger market share held by software component is attributed to necessity of the frequent upgradation in software interface along with their high expenses and growing adoption of digital framework for public transportation.
In terms of application, the railways and metros segment held the largest share in 2015 while airlines is expected to grow at the highest rate during the forecast period. The deployment of smart ticketing technology in the airlines with efficient features such as self-boarding and self-luggage handling helps the airport authority to handle the critical operations at peak hours. Therefore, the convenience associated with the smart ticketing solution is expected to influence the airlines industry during the forecast period.
The market is majorly dominated by the European region; however, APAC is expected to grow the highest rate during the forecast period. Various countries in APAC 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. Also, the market players of smart ticketing system are launching exclusive smart ticketing solutions to empower the public transportation network in the region.
The key players in the smart ticketing market profiled in the report are as follows:
- HID (U.S.)
- Gemalto NV (Netherlands)
- NXP Semiconductors (U.S.)
- Giesecke & Devrient GmbH (Germany)
- Infineon Technologies AG (Germany)
- CPI Card Group Inc. (U.S.)
- Inside Secure (France)
- Xerox Corporation (U.S.)
- Confidex Ltd. (Finland)
- Cubic Corporation (U.S.)
- ASK (France)
- Oberthur Technologies (France)
Market Dynamics
Drivers
- Affordable Access to Smart Transit Systems
- Emerging Application in Travel And Tourism Industry
- Flourishing Adoption of Smart Technologies
- User-Friendly Platform
Restraints
- Requirement of Large Amount of Funds
- Centralized Framework of Smart Ticketing Systems
Opportunities
- Acquiring Complete Cashless Transactions
Challenges
- Designing An Open Architecture
For more information about this report visit http://www.researchandmarkets.com/research/lt3j2q/smart_ticketing