Growing Adoption of Modern Technology for Railways is Propelling the Implementation Smart Ticketing

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.

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