Smart ticket is a system that contains a microchip which can be used for a travel. It is usually known as a smart card mainly used for the transportation industry to offer reduced waiting time & easy to pay options for explorers. The European land transportation industry is one of the major adopters of the smart ticketing as in Europe governments are focused on the digitization of the public transit & sustainable transportation policies. Some of the key features of smart ticketing are quicker, convenient, easy to use and flexible.
According to study, “Europe Smart Ticketing Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” some of the major companies that are currently working in the Europe smart ticketing market are Cisco System, Cubic Corporation, Infineon Technologies AG, Rambus Inc., FogHorn Systems, NXP Semiconductors, Confidex Ltd., Fujitsu, Intel Corp., ADLINK Technologies, HID Global Corporation, VIMOC Technologies, General Electric Digital, ARM Holding Plc., Microsoft Corp., Paragon ID, Cubic Corporation, oshiba Corp., Oberthur Technologies, Dell Inc., Cityway, Giesecke & Devrient GmbH, Nebbiolo Technologies, Inside Secure, Xerox Corporation, Masabi Ltd., ASK, Gemalto N.V, CAEN RFID, RFID Global, and BluEpyc.
Based on product, the smart ticketing market is segmented into smart parking, request tracker, smart bill and ticketing system. The ticketing system includes e-toll, e-ticket and e-kiosk used for automated and user defined operations. Based on components, the market is segmented into hardware POS terminal equipment component, card reader, cards & microchips, and software component. Based on offerings, the market is segmented into software & services and hardware. Hardware includes wearable, smart cards, ticketing machines or ticketing mobile terminals, validators and readers. Smart cards include chip based Radio Frequency Identification (RFID) and chip less Radio Frequency Identification (RFID). Based on ticketing solution, the market is segmented into HCE ticketing wallet services, HCT Ticketing App, smart ticket checker app, processing systems or host operator system, smart cards, remote ticket download, and card management system (CMS).
Based on technology, the market is segmented into RFID, smart card, cellular network, Bar code, Near Field Communication (NFC), Wi-Fi, QR code and open payment fare systems. Based on the application, the market is segmented into smart grids, smart manufacturing, smart cities, connected vehicles and connected healthcare. Moreover, based on verticals market is segmented into sports, transportation, entertainment and others. A transportation mode includes air transport, land transport and water transport.
The Europe smart ticketing market is primarily driven by the simplified use of the technology ecosystem, growing digitization, growing European tourism industry, upsurge in the intelligent transportation market, rising application in tourism & travel industry, increase in use of blockchain technology, successful application of a wide range of smart technology and rising need for the innovation of more potential systems. In addition, some of the major hindrance factors impacting the market are the high upfront cost, increase in use of personal vehicles, lack of standards & interoperability, data safety & security and lack of investments in the data & security. Moreover, some the major opportunities associated activities includes the need of digitalization of transportation industry, growing need for automation in smart cities and increasing demand for the intelligent transportation systems.
It is expected that the Europe smart ticketing market to reach at US $5.3 billion, by 2023. In the forecast period it is further estimated that the market to grow significantly fast pace owing to the growing broadband connectivity in the region.
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Ankur Gupta, Head Marketing & Communications