Category : ICT | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC2358
Contactless ticketing is gaining momentum as the word defines use of contactless bank cards to tap and ride on public transport systems. There is no physical contact between the consumer and device used for the payment.
Market Dynamics
Rapid technological advancements in IC’s, increasing government spending on development of smart cities, and approach towards deployment of safe and reliable payment system this are major factors expected to drive the growth of global contactless ticketing ICs market. Transportation sector is witness rapid change with the increasing tourism and logistic activities the transport authorities are focused on improve efficiency, performance and interoperability. They are deploying advanced fare-collection platform that are capable of spanning ticketing, identification, micropayment and mobile payment. Government in collaboration with private players is focused on enhancing the ticketing experience by developing a fully integrated solution. Major players are paying attention on enhancing the business through strategic merger and introduction of innovative solutions this is another factor expected to augment the growth of contactless ticketing ICs market.
In 2020, NXP Semiconductors NV a global operator in the field of semiconductor launched MIFARE DESFire EV3 IC that offers end users convenient and reliable contactless access and payment solutions. This product launch is expected to help the company to enhance the business and increase the product portfolio.
In 2017, Conduent a global provider of various services launched Conduent Seamless Transportation System and is deployed in public transit agencies in the US for secure payment. This product launch is expected to help the company to enhance the business and increase the revenue share.
In 2017, Rambus Incorporated a technology company that designs, develops and licenses chip interface technologies and architectures that are used in digital electronics products launched mobile ticketing solution for a pilot with Scotland’s national rail operator, ScotRail. This product launch is expected to help the company to enhance the customer base and increase the revenue.
Rising covid-19 pandemic effect across the globe government is imposing strict regulations in order to control the infection. People are avoiding contact with each other they are also avoiding buying tickets. As a matter of preventive measure government is upgrading the present ticketing infrastructure. These are some other factors expected to support the growth of contactless ticketing ICs market. Factors such as high cost associated to upgrading the present ticketing infrastructure and lack of advanced infrastructure in developing countries are expected to hamper the growth of global contactless ticketing ICs market. In addition, rising concern related to data security is expected to challanege the growth of contactless ticketing ICs market.
However, increasing demand for cashless transaction from consumers, increasing investment for product development activities and increasing government spending on smart cities are factors expected to create new opportunities for players operating in the contactless ticketing ICs market over the forecast period. In addition, increasing players focus on tracking the untapped market in developing countries is expected to support the revenue transaction of the target market.
Segment Analysis by Region
The market in North America is expected to account for major revenue share in the global contactless ticketing ICs market due to increasing preference of contactless payment from transportation sector. In addition, presence of large number of players operating in the country, high investment for R&D activities, and introduction of innovative solutions are factors expected to support the growth of regional market.
In addition, increasing partnerships and agreement between players in order to enhance the business presence and increase the customer base is expected to impact the growth of target market.
Competitive Landscape
The global smart wallet market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
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Market |
Global Contactless Ticketing ICs Market |
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Analysis Period |
2016 – 2027 |
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Base Year |
2019 |
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Forecast Data |
2020 – 2027 |
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Market Stratification |
Device Type, End Use Industry, and Geography |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Contactless Ticketing ICs Market Segment Analysis, 2019
The global contactless ticketing ICs market is segmented into device type and end use industry. The device type segment is bifurcated into Smart Cards, NFC Chips, Mobile Handsets, and Others. Among the device type the Smart Cards segment is expected to account for significant revenue share in the target market. The end use industry is divided into transportation, media & entertainment, and others. Among the end use the transportation segment is expected to account for major revenue share in the global market.
The players profiled in the report CPI Card Group Inc., Infineon Technologies AG, Proxama, Plc, Texas Instruments, Inc., Wirecard AG, NXP Semiconductors N.V., Atos SE, Giesecke & Devrient GmbH, American Express Company, and Oberthur Technologies S.A.
Market Segmentation
Market By Device Type
Smart Cards
NFC Chips
Mobile Handsets
Others
Market By End Use
Transportation
- Land Transport
- Air Transport
- Water Transport
Media and Entertainment
Others
Market By Region
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
