Market Trends of Smart Ticketing Industry
This section covers the major market trends shaping the Smart Ticketing Market according to our research experts:
Smart wearables Occupies the Significant Share
- Smart cards' growth for smart ticketing systems, coupled with the growth prospects from multiple applications, increases the demand for other ticketing systems, such as contactless methods through smartphones, the latest devices, and smart wearables.
- Furthermore, wearables have become very popular due to consumer growth in the fitness trend. According to Cisco Systems, the number of linked wearable devices is anticipated to rise from 593 million in 2018 to 1,105 million in the current year. Due to new features, such as the brand that fits an everyday lifestyle, the smartwatch industry is growing. To retain their income, powerful companies like Apple and Fossil keep their prices in line with the price ranges of conventional watches. Many more upscale watchmakers, including TAG and Armani, have entered the market thanks to Google's WearOS.
- Smart wearable manufacturers, including Samsung, have enabled payment through their smartwatches. Most device manufacturers make payments through their mobile wallets' payment-enabled services, such as Apple Pay, Samsung Pay, Garmin Pay, Fitbit Pay, and GooglePay. Although costs through smartwatches are still in their initial stages, they show a lot of potentials. Such advancements are expected to enable travelers to purchase tickets through their wearable devices.
- Similarly, companies like Watchdata Technologies offer a wide range of products catering to the innovative ticketing system, including smart mobile terminals, smart wearable devices, contact, and contactless EMV, UICC, e-ID and transportation smartcards, online security tokens, card readers, electronic toll collection (ETC) devices. The end-to-end solutions include secure hardware, operating systems, software applications, and personalization and remote lifecycle management services.
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Europe Holds the Largest Market Share
- Europe is the home of the leading smart ticketing solution vendors, such as Infineon Technologies, Gemalto, and Giesecke+Devrient (Germany), which are also increasing their presence in this market by offering integrated payment solutions through partnerships with smart ticket developers and operators.
- The demand for smart ticketing in Germany is driven by the growing tourism industry, the simplified technology ecosystem, and the need to innovate more potential ticketing systems across urban areas. The leading payment solution vendors in the region are also increasing their presence in this market by offering integrated payment solutions through partnerships with smart ticket developers and operators.
- With more than 4 billion trips yearly, Paris Region is one of the largest transit networks worldwide, offering its travellers the benefits of contactless mobile ticketing - compatible with existing contactless readers based on Calypso's open transit standard. Firms, like Wizway solutions, as enabled contactless mobile ticketing for several key transit authorities and operators.
- Technological advancements in smart ticketing have propelled businesses to adopt technologies like RFID, NFC, QR codes, and barcode in Germany. The rise of smartphones equipped with NFC technology has introduced the necessary infrastructure for smart ticketing across the industries in the region. RFID technology is extensively used in smart cards due to its cost-effectiveness and is commonly accepted in entertainment, sports, and transport, among other industries.
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