Global Smart Fleet-on-board Devices Market Growth, Trends, and Forecast 2019-2024: Technological Advancement in the Ticketing Systems will Drive the Market Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 23, 2019--
The “Smart Fleet-on-board Devices Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
Technological Advancement in the Ticketing Systems will Drive the Market Growth
An efficient transportation system needs route scheduling, timetable and data analysis of fleet systems to uplift the market growth. The use of smartphones and smart devices provides a great growth opportunity to the fleet on-board devices for the coming years. Using GPS and GSM/GPRS location technology vehicles can be tracked and managed securely in real-time through a computer, tablet, or smartphone. In terms of analysis, data collected through AVL, APC, and ticketing solution is crucial.
The growing use of modern transportation and technology advancements in ticketing devices are the major factors boosting the global smart fleet on-board devices market. At the same time, smart technology usage in logistics worldwide is helping the market to grow. However, data security is an issue, which shows up as a market difficulty.
Scope of the Report
An efficient transportation system results in the efficient dynamic movement of people and goods, which extensively contribute to the quality of life in society. Using GPS and GSM/GPRS location technology, vehicles can be tracked and managed securely in real-time through a computer, tablet, or smartphone. In terms of analysis, data collected through AVL, APC, and ticketing solution is very crucial. APC gives data about the passenger count on-board.
This also includes data about the number of passengers boarded at every station at a given time. AVL provides real-time location of the fleet, data that can help in setting the time table for fleets. Fleet optimization is also verified with the ticketing revenue generated on-board with the help of ticketing devices
Key Market Trends
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.
The major players in this industry provide various solutions like ticketing solutions, real-time fleet location data, automatic vehicle monitoring data and much more and hence this industry has some niche players who specialize in one or two technologies of the entire spectrum of fleet management software.
Some of the major players are - Televic N.V., Xerox Corporation, Trapeze Software Inc. (Constellation Software Inc.), Cubic Transportation Systems Limited, Clever Devices Ltd among others.
Some of the recent developments in this industry are:
Industry Value Chain Analysis
Industry Attractiveness - Porter’s Five Force Analysis
For more information about this report visit https://www.researchandmarkets.com/r/md2acd
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INDUSTRY KEYWORD: TECHNOLOGY HARDWARE DATA MANAGEMENT
SOURCE: Research and Markets
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PUB: 12/23/2019 09:18 AM/DISC: 12/23/2019 09:18 AM