Market Trends of Smart Fleet-on-board Devices Industry
This section covers the major market trends shaping the Smart Fleet-On-Board Devices Market according to our research experts:
Technological Advancement in the Ticketing Systems will Drive the Market Growth
Owing to smart technologies and intelligent transport systems, the fleet on-board devices market has achieved significant growth. Transit fare collection or ticketing technology has evolved tremendously from manual-based systems to automated systems with computer-aided hardware and software. The technical enhancement of smart ticketing devices leads to a shift from cash to smart payment, as well as from mono application to multi-application system. The advancements in fare collection have been possible due to the changes in design media, use of microprocessor and software in fare collection equipment, and the development of sophisticated control, and data communications systems. Emergence of the smart ticketing system has continued to benefit the transportation industry significantly. Adoption of smart ticketing systems for the public transit system, such as buses, trains, and airplanes will continue to gain momentum attributed to quick access and robust security features.
North America to account for a Major Share
North American fleet management has developed over the past few years due to the adoption of various techniques, of which the on-board devices played a pivotal role. Due to the benefits of these on-board devices, they can schedule maintenance of the fleet in time for maximum life and efficient performance of the fleet, along with better returns and cost savings from breakdowns and other maintenance related issues. Moreover, increased spending in smart transportation solutions in the region, specifically in the US, will also result in the growth of the market. Furthermore, the region is also a prominent player in smart ticketing solutions, which has led to the growth of the market in the region. This is primarily attributed to factors such as the presence of a large number of technology companies with expertise in smart ticketing solution, such as Xerox Corporation, Cubic Transportation Systems, and Gemalto N.V., and growing demand for solutions that can streamline ticketing procedures.
Europe will closely follow attributing for the second largest market share. Among the developing regions, Asia-Pacific will experience the highest growth due to the increasing penetration of smart technologies across all major developing economies. The other driving factor will be the rapid development of transportation networks in this region owing to the massive investment in infrastructure that countries in this region are undertaking.
