The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020 ): USD 14.3 billion
- Forecast CAGR (2021-2026 ): 13%
- Forecast Market Size (2026 ): USD 29.8 billion
The market for smart ticketing has seen substantial growth due to factors such as rising demand for smart ticketing solutions in the travel and tourism industry. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the smart ticketing market. In addition, the sector is also revolutionised by technical developments and quick access to mass transit through smart grids. The adoption by various public transport companies of successful ticketing systems is triggering the development of the industry. In contrast to paper based or printed tickets, these ticketing solutions are very efficient and minimize costs. In addition, these technologies allow customers to save time from long queues and automatically secure tickets, pay, and download from the internet easily. Moreover, demand growth has also been driven by the proliferating number of cashless transactions. Other factors include rapid urbanization and the rise of smartphones. Growing demand for mobile apps and contactless digital transactions through bank cards is further expected to drive the global market over the forecast period.
Industry Definition and Major Segments
Smart ticketing refers to booking tickets through a digital platform. It serves as a replacement for the conventional ticketing scheme based on paper that has been practiced for centuries. It is a device that stores tickets electronically on a microchip and provides customers with seamless transportation and different payment options. It is easier, more efficient, and saves a lot of time. These solutions also save a passenger’s time by eliminating the need for a ticket to be bought by waiting in a queue.
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Based on the component, the industry is divided into:
- Hardware
- Software and Services
Based on the product, the industry is divided into:
- Smart card
- Reader
- Wearable
- Smart Parking System
- Ticket Machine
- Ticket Validators
Based on the connectivity, the industry is divided into:
- NFC
- Barcode
- Wifi
- Cellular Network
- RFID
Based on the application, the industry is divided into:
- Transportation
- Sports and Entertainment
- Parking
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Market Trends
Geographically, Europe accounts for a major share of the industry due to the growing tourism industry and the advancement of technologically advanced ticketing systems across the country. Furthermore, by implementing integrated payment options through alliances and collaborations with smart ticket operators, leading industry players, such as Infineon Technologies and Gemalto, are growing their market presence. This has substantially contributed to the development of the industry. Furthermore, the rapid developments in technology have led smart ticketing firms to opt for technologies such as QR code, bar code, and NFC, which, in turn, promote the growth of the industry. Meanwhile, due to growing government initiatives to promote the adoption of digital payments and increasing smartphone and internet penetration in emerging nations such as China and India, the Asia Pacific region is expected to see robust growth over the forecast period. Smart wearable manufacturers have allowed payment through their smartwatches, including Samsung. Most smartphone manufacturers use their payment-enabled mobile wallet services, such as Apple Pay, Samsung Pay, Garmin Pay, Fitbit Pay, and GooglePay, to make the payments work. Although the smartwatch payments are still in their early stages, they demonstrate a lot of possibilities. It is expected that such developments would allow travelers to buy tickets via their wearable devices.
Key Market Players
The major players in the market are Cubic Corporation, Confidex Oy, Rambus Group, Infineon Technologies AG, HID Global Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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