Smart Ticketing Market – Global Drivers, Opportunities, Trends, and Forecasts to 2023
Smart Ticketing Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023
Brief: Smart ticketing refers to a system in which a travel ticket is stored digitally on a microchip rather than a print out, and is generally embedded on a smart card. Smart ticketing is mainly used in public transport supported by various governments and a sustainable transport policy, which improves the overall transportation services with increased usage of NFC-enabled mobile phones. Smart ticketing has also brought innovation to sports, entertainment, BFSI, and healthcare industries and are being widely implemented in many industries. Globally, increasing demand for cashless payments has enabled smart ticketing companies to innovate on mobile payment options.
According to Infoholic Research, it is estimated that the “Smart Ticketing” market will witness a CAGR of 19.7% during the forecast period 2017–2023. The market is analyzed based on products, verticals, and regions. The products segment is further divided into ticket machine, ticket system, smart parking, smart bills, and others.
Technology and Product Analysis:
The smart ticketing technologies such as NFC, RFID, open payment system, QR code, and barcode are being implemented in transportation, sports, and entertainment industries. The increasing demand for real-time information, mobile & web applications, and smart card is the major driver for the market growth.
The major products covered in the report are ticket machine, ticket system, smart parking, smart bill, and others. Most of the smart ticketing players are offering security-based solutions, which have a huge demand in the smart ticketing market due to increase in fraud activities and the need to provide secure services to the customers. Further, transportation and entertainment industry players are investing in the smart ticketing products such as ticket vending machine, ticket system, smart parking, and smart bill.
The major verticals covered in the report are transportation, sports, entertainment, and others. Recently, BFSI and healthcare industries have started implementing smart ticketing by issuing smart cards, which reduces the customers queueing, paperwork, and moreover, it is cost-effective. Many sports authorities, entertainment agencies, and public & private transport operators are investing in smart ticketing to increase customer security, improve their operations, and improve customer satisfaction. Additionally, public & private transport players such as railways, roadways, and airways are now reaping the benefits from smart ticketing that allows them to offer the best prices, less operational cost, and better customer longevity with improved services & solutions.
The transportation industry is expected to hold the major market share, growing at a CAGR of 19.0% during the forecast period 2017–2023. In the transportation industry, land transport mode segment is expected to contribute the major market revenue followed by airways and water transport. Increasing demand for smart technologies by public transportation authorities and operators to automate their ticketing process is expected to drive the market growth.
Regional Analysis: The regions covered include the Americas, Asia Pacific, Europe, and MEA. Europe is set to be the leading region followed by the Americas. Asia Pacific is set to be an attractive emerging market for key stakeholders in the next 5–6 years. Globally, rising investment activities from companies and governments to provide complete automation ticketing systems services is expected to boost the market growth. Some of the key players included in the report are NXP Semiconductors, Xerox Corporation, Rambus, Cubic Corporation, Gemalto NV, and Others.
Competitive Analysis and Benefits: Most of the smart ticketing companies are expanding their operations by investing majorly in public transportation across all smart cities in the world.
The study covers and analyzes the “Smart Ticketing” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalists in understanding the companies better and take informed decisions.
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