Failure of Operational Network is Causing Hindrance to the Market Growth
The public transport sector is facing an issue of investing money on automatic ticket machines’ maintenance, owing to the huge number of daily travelling passengers and lack of security. Additionally, the problem of network connectivity impedes the installation of machines as they require a strong internet connection to perform multiple functions at a time. Furthermore, the sudden breakdown of automated ticket machine units challenges the infrastructure facilities across commercial stores, multi-specialty hubs, and the transport sector. Sudden breakdown refers to network connectivity failure and outage caused by improper usage.
Thus, more investment is required to improve the network connectivity for uninterrupted utilization of these machines.
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Smart Card Payment Type to Experience High Demand
The payment type segment is categorized into smart card payment, cash payment, and others (mobile payment, etc.).
Smart card payment is anticipated to witness substantial growth in the forecast period, as it offers benefits such as increased convenience, security, and reduced manual cash handling over cash payment type. Smart cards with an embedded RFID chip are gaining traction in the public transport sector. Moreover, smart cards are mostly utilized in the entertainment & gaming sector as they require zero cash handling while playing a game or watching movie.
The cash payment segment is expected to witness steady growth, it being the traditional payment option if in case the smart card does not operate properly. Mobile payment option shows potential in the future ahead, attributed to the utilization of NFC technology to generate automated tickets via mobile phones without needing cash or smart cards.
Considering all these factors, smart card payment type shows maximum growth in the forecast period.