Newark, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global smart ticketing market is expected to grow from USD 7.5 billion in 2020 and to reach USD 22.4 billion by 2028, growing at a CAGR of 14.7% during the forecast period 2021-2028.
A smart ticketing system is one in which a trip ticket is kept electronically on a smartcard or a smartphone. This method allows the user to bypass the station's ticket counter. Users can purchase tickets in advance for a certain time or add credit to their account. Users must swipe their card or phone over an NFC reader on a ticket machine or a barrier, or display a QR code to a scanner, to authorise their journey. After that, the system checks for the presence of a ticket or charges the account. Smart tickets have a higher level of security than paper tickets. They are more difficult to duplicate, and if a smartcard is lost or stolen, the linked ticket may be easily cancelled. There is also a benefit to the environment. Paper tickets are frequently used once and then discarded. Smartcards can be used by one traveller for years and then returned and used by another.
Smart ticketing is gaining appeal not just in the transportation business, but also in sports, entertainment, banking, and healthcare. The market is growing because an increase in demand for transparency solutions that allows transportation, entertainment, and sports sector participants to digitise their existing billing systems. QR codes, NFC, RFID, barcodes, local wireless ticketing, and open payment systems enables smart ticketing businesses to offer smart solutions across a variety of sectors, allowing consumers to choose from a variety of payment alternatives. Passengers benefit from smart ticketing systems since they make travel more convenient. Furthermore, through a variety of value-added services these solutions aid in improving client engagement. These ticketing systems provide an access to a variety of passenger data from the transportation network, which may utilise to improve customer service and experiences. Transport operators may safely and quickly convert ticket information from physical to virtual smart cards using passenger data. Smart cards, on the other hand, have a longer transaction time than paper tickets, and the difficulties of coordinating and maintaining the entire system limits the market's quick growth.
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Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd. are the key market players in smart ticketing market.
- For instance, Giesecke & Devrient joined forces with IDEMIA and NXP Semiconductors in March 2021. The White Label Alliance (WLA) was formed by the firms in response to the growing worldwide need for next-generation, discrete payment solutions for domestic and private-label payment brands.
Software segment dominated the market and held the largest market share of 34.7% in the year 2020
On the basis of component, the global smart ticketing market is segmented into software, hardware, and services. The software segment dominated the global smart ticketing market and held the largest market share accounting to 34.7% in the year 2020. Over the forecast period, the software segment is predicted to develop significantly, as different software are designed to manage the smart ticketing systems and provide user friendly interface to users. This software also automates consumer interactions with customer care representatives, allowing for more efficient resolution of client problems. Over the forecast period, the service segment is predicted to grow at the fastest rate, due to increasing digitization in ticketing services to offer customers with a more comfortable travel experience. Ticketing as a Service (TaaS) determines the right cost and allows travellers to seamlessly transit between several modes of transportation.
Parking and Transportation segment dominated the market and held the largest market share of 60.7% in the year 2020
On the basis of application, the global smart ticketing market is segmented into parking and transportation, sports and entertainment. The parking and transportation segment dominated the global smart ticketing market and held the largest market share accounting to 60.7% in the year 2020. Smart ticketing systems, which allow travellers to buy, save, and confirm transportation tickers using their contactless debit or credit cards, are widely used in transportation networks. Ticketing systems provide a variety of benefits, including increased customer satisfaction, cost savings, and company information. As a consequence, the use of smart ticketing systems in the transportation industry would be boosted.
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Regional Segment of Global Smart Ticketing Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global smart ticketing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. European region held the largest market share of 25.16% in the year 2020.The digitization of public transportation and the development of sustainable transportation policies are major concerns for European governments. As a result of technology advancements, smart ticketing solutions firms have incorporated technologies such as QR codes, bar codes, and NFC, resulting in increased use of these ticketing systems. APAC is expected to grow at the highest CAGR throughout the forecast period due to the presence of emerging economies such as China, India, Indonesia, Malaysia, and Thailand. These countries are focusing on building smart cities as a result of considerable economic growth, population expansion, and rising urbanisation. APAC countries are also drawing investments, nurturing new technologies, and developing innovative solutions to improve people's quality of life. These advances are helping to drive the smart ticketing sector ahead in the area. The development of advanced and compatible automated fare collection technologies, such as smart cards and NFC-enabled devices, is being emphasised in order to improve transportation system efficiency and ridership by providing passengers with a smooth travel experience. Developed countries like Japan and Singapore are investing much on technology-assisted transportation systems.
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About the report:
The global smart ticketing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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