Smart Ticketing Market by Application and Geography - Forecast and Analysis 2020-2024
Global Smart Ticketing Market: About this market
Technavio’s smart ticketing market analysis considers sales from transportation and sports and events applications. Our study also finds the sales of smart ticketing in APAC, Europe, North America, South America, and MEA. In 2019, the transportation segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as convenience, flexibility, and security aspects of smart ticketing will play a significant role in the transportation segment to maintain its market position. Also, our global smart ticketing market report looks at factors such as the rise in global travel and tourism, partnerships between MaaS service providers and transportation companies, and successful applications of various technologies. However, high cost of setting up and implementing smart ticketing, complexity involved in implementing centralized framework for smart ticketing systems, and privacy concerns may hamper the growth of the smart ticketing industry over the forecast period.
Global Smart Ticketing Market: Overview
Rise in global travel and tourism
Factors such as the growth of budget airlines and the rise in the number of double-income households have increased consumer spending on travel and leisure activities. In addition, stability of fuel prices has made air travel affordable. The well-developed road and rail infrastructure in many developed and developing countries are encouraging travelers to prefer public transportation over their own modes of transportation. Transport owners are adopting smart ticketing to reduce waiting time and help travelers avoid long queues. These factors will lead to the expansion of the global smart ticketing market at a CAGR of almost 5% during the forecast period.
Introduction of biometric ticketing concept
Vendors in the market are focusing on the development of biometric ticketing to help secure identification, authentication, and access control. Biometric authentication reduces the possibility of fake and duplicate tickets. China is introducing smart ticketing systems in subways that allow passengers to pay their fares with a facial recognition scan. Several baseball stadiums are also adopting biometric scans to allow entry without the need for physical or digital tickets. The increasing emphasis on the development of biometric ticketing is expected to boost market growth during the forecast period.
For the detailed list of factors that will drive the global smart ticketing market during the forecast period 2020-2024, click here.
With the presence of few major players, the global smart ticketing market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading smart ticketing manufacturers, that include ASSA ABLOY AB, Cityway SAS, Conduent Inc., Confidex Ltd., Cubic Corp., Gemalto NV, Giesecke+Devrient GmbH, Masabi Ltd., Paragon Group Ltd., and Rambus Inc.
Also, the smart ticketing market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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