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The global smart ticketing industry is being aided by the increasing growth of smart cards used for contactless transactions and bookings through smartphones, smart devices, and latest technology wearables. The enhancement in technology such as the introduction of RFID, NFC, QR code, and barcode by various market players is projected to create growth opportunities for the industry over the forecast period. Based on product, the smart card segment dominates the market owing to the rising use of online payments. Region-wise, the Asia Pacific is expected to witness a robust growth in the forecast period owing to the growing initiatives by the government to promote digitalised payments and transactions in countries such as India and China. Within the Asia Pacific, India is expected to be a significant market for the product owing to the launch of Digital India programme to promote digitalisation across the country.
The growing innovations and investments by major market players to attract more consumers are expected to significantly contribute to the market growth. In December 2020, Cubic Corporation (NYSE: CUB), one of the key players in the industry, announced to unveil its smart ticketing technology of its Cubic Transportation System in the Gold Coast Light Rail network in Queensland and Australia. This strategy is expected to attract more consumers to adopt their smart ticketing technology, and, thus, boost its demand in the forecast period.
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The major players in the global smart ticketing market are Cubic Corporation, Confidex Oy, Rambus Group, Infineon Technologies AG, and HID Global Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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