New York City, NY, Nov. 10, 2017 (GLOBE NEWSWIRE) -- Persistence Market Research (PMR) in its latest report reveals that the global smart ticketing market is set to exhibit a robust CAGR of 14.5% during the forecast period (2017-2022). The report finds that smart ticketing is becoming rampant in technology-driven cities. Growing pressure on transit systems is expected to boost the adoption of smart ticketing technology in the forthcoming years. Public transport systems, especially in developed countries are promoting smart ticketing to reduce paper wastage and improve the passenger experience. Smart ticketing is becoming a major force in the transportation sector while its application continues to increase in sectors such as healthcare, sports & entertainments and banking among others.
Owing to benefits of cost, greater efficiency, accuracy and security, preference for smart ticketing is increasing among both end-users and service providers. Smart tickets are effectively addressing the issues of mobility and ticketing discrepancies. Increasing urgency of streamlining ticket booking and issuing procedures is driving the demand for smart ticketing solutions. Digitization of ticket booking platforms and integration of chip-based and barcode technologies (RFID, NFC, QR, etc.) is facilitating a quick adoption of smart ticketing systems. Moreover, ongoing smart city initiatives and robust infrastructural development in emerging countries such as China, Brazil and India expected to reflect favorably on the global market for smart ticketing during the forecast period. Improvements in wireless networks and expanding user bases of smart technologies is likely to create market opportunities for players. Deployment of open payment systems in hospitals, railway stations, airports and stadiums is provisioning broader application of smart ticketing. However, downtimes issues and lack of awareness among end-user regarding smart ticketing technology is impacting the adoption rate to an extent.
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North America at the Forefront of the Global Market for Smart Ticketing
In terms of revenue, North America is expected to dominate the global market for smart ticketing during the forecast period. The market in the region is projected to surge at a double-digit CAGR from 2017 to 2022 and reach a valuation in excess of US$ 2,400 Mn. This is primarily attributed to factors such as the presence of a large number of technology companies with expertise in smart ticketing solution and growing demand for solutions that can streamline ticketing procedures. Meanwhile, Europe is estimated to account for more than one-fourth revenue share of the global market by 2017-end.
POS Terminals - a Leading Segment Over 2022
On the basis of components, the POS terminals segment is expected to post impressive year-over-year growth throughout the assessment period. In terms of revenue, the segment currently commands for nearly 28% share of the market and expected to surpass a valuation of US$ 1,500 by 2022-end, reflecting a strong CAGR. The POS terminals segment is set to grow by US$ 142 Mn annually over the course of the forecast period.
Wi-Fi Connectivity Will Remain Important For Facilitating Smart Ticketing
By connectivity, the Wi-Fi segment is expected to remain highly attractive over the next couple of years. By 2017-end, the segment is estimated to represent over one-fourth revenue share of the market. The Wi-Fi segment is anticipated to reach a market valuation of US$ 1,700 Mn toward the end of 2022, exhibiting a robust growth rate.
Transportation Sector Will continue to be the Larger End-Use of Smart Ticketing Over 2022
On the basis of end-user, the transportation segment will continue to hold the top spot during the forecast period. Smart ticketing is witnessing significant success in the transportation sector as well as helping change passengers’ outlook towards public transit system. The transportation segment is estimated to surpass a valuation of US$ 1,800 Mn by 2022 end.
Global Smart Ticketing Market: Key Players
PMR in its report has profiled some of the leading companies operating in the global market for smart ticketing which include Xerox Corporation, Cubic Corporation, Gemalto NV, Rambus, Confidex Ltd., NXP Semiconductors, CPI Card Group, Infineon Technologies AG, HID Global Corporation, and Giesecke & Devrient GmbH.
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