Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Smart Ticketing Market.
As per the market research study by Market Research Future (MRFR), in the past years, the global market for smart ticketing 2020 was valued at a limited valuation in 2017. Now that the market is predicted to achieve USD 24.1 Billion value until the end of 2023, registering an exponential 14.80% CAGR between the years 2023 and 2030.
Top Impacting Factors
MRFR, in its study, reveals a surge in the adoption of smart ticketing solutions by numerous public transportation companies across the globe is likely to propel the market growth during the course of the assessment period. Smart ticketing solutions are proficient and cost-effective compared to paper-based or printed tickets. On this, the escalating number of cashless transactions in the world might further drive growth in the estimated period of years.
The study also emphasizes the fact of the rising popularity of blockchain in smart ticketing, which is anticipated to compel market growth over the assessment period. Also, the rising demand for mobile apps and contactless bank cards for smart ticketing solutions has created immense possibilities for the market to achieve high valuation in the future timeframe. These ticketing solutions are known to be compatible with existing smart systems and infrastructure, and hence could easily be integrated with the other ticketing systems.
Furthermore, the market has also witnessed a growth perspective from the rising application in the tourism and travel industry. In this industry, the usage of a smart ticketing system seems to be user friendly, which could be accessed and easily used by people from all age groups. This factor is further driving the smart ticketing market growth to a great extent. Other fruitful factors leading the market growth are smart ticketing systems that are equipped with water-resistant features, owing to which the life-span of the ticket is comparatively more extended than a typical paper ticket.
In fact, manufacturers are progressively more integrating intelligent technology in the smart ticketing systems intending to escalate their customer base. Therefore, bound to features such as fingerprint recognition algorithm and ultra-touch fingerprint sensors, the adoption of the smart ticketing system seems to continue to increase in various industries, thus doing the market more and more valuation in the future timeframe.
In contrast, some factors are also restraining the smart ticketing system market, which includes high setup cost and centralized operating unit for operating the smart ticketing system effectively.
Segmentation of Market: Smart Ticketing
The smart ticketing market has been segmented by the segments of product, component, system, and application.
The product segment has included e-ticket, e-toll, request tracker, smart parking system, e-kiosk, and others. Out of these, the e-kiosk segment might expand at the highest CAGR during the forecast period. It aids in reducing manual operations and hence proves to be very efficient during peak hours.
By the segment of component, the market has included HardwarePOS terminal equipment, software, cards & microchips, and card reader.
By the segment of the system, the market has included an open payment system, smart card, and near field communication system.
By the segment of the application, the market has included railways & metros, buses, airlines, sports & entertainment, and others.
The regional analysis of smart ticketing market is being studied for regions such as Europe, North America, Asia Pacific, and Rest of the World.
The study has observed that North America might account for the largest share of the market. The significant growth in the smart ticketing market in North America is attributed to the technical advancements and rising use of mobile devices in that region.
Asia-Pacific is proposed to expand at the fastest rate during the assessment period. The Asia Pacific might emerge as the fastest-growing regional market over the forecast period. Various market players are introducing smart ticketing solutions in the Asia Pacific region, owing to rising government initiatives to use digital payment in promising countries of China and India. In the case of point, the Indian government launched the Digital India program in the country. The crucial objective of this initiative is to promote digital payment methods entire the country. The upsurge of Smartphone adoption in the Asia Pacific has also resulted in high demand for mobile-based ticketing applications.
Europe also led the market in 2018 with market size of USD 4.1 billion. European governments are focusing on sustainable transport policies and the digitization of public transit. The growth of the European market can also be endorsed to the presence of prominent market players such as Gemalto NV, Giesecke & Devrient GmbH, and Infineon Technologies AG in the region.
Top Market Players
The well-known players in smart ticketing market are listed as Gemalto NV (Netherlands), HID (U.S.), Giesecke & Devrient GmbH (Germany), NXP Semiconductors (U.S.), Inside Secure (France), Infineon Technologies AG (Germany), Confidex Ltd. (Finland), Xerox Corporation (U.S.), ASK (France), and Cubic Corporation (U.S.).