The global Smart Ticketing Market size is projected to grow from USD 7.2 billion in 2020 to USD 16.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The smart ticketing market is gaining traction due to affordable access to rapid transit with the help of smart transit systems, huge demand for smart ticketing from sports, entertainment, and tourism industries, advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies.
Hardware segment to account for largest market share during the forecast period
Hardware segment accounts for the largest market share during the forecast period. Major hardware components of the smart ticketing system include ticketing mobile terminals/ticket machines, readers, and validators. Many transit projects are implemented to expand and improve public transportation services. Smart card programs for transportation ticketing are deployed in many countries. As transit operators are deploying new contactless ticketing systems, there is an increasing demand for contactless payment readers and validators. The popularity of using wearable devices to pay fares for sports and other entertainment events is also rising.
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Sports and Entertainment segment is expected to grow at the highest CAGR during the forecast period
Sports and Entertainment is expected to exhibit a higher CAGR during the forecast period. Event providers are exploring their unique ideas to improve the ticketing experience of attendees by using software such as SAP solution that engages fans and customers in real time. The giant player—Amazon (US)—is setting its footstep in the ticketing business by announcing its global expansion of ticketing services in Europe, APAC, and the US. The trend of adopting mobile ticketing in arenas such as American Football stadiums facilitate mobile access provisions to fans while entering into the arena and accepts NFC-enabled smartphones as a contactless smart card. Further, smart ticketing options can also reduce fraudulent activities and reselling of tickets outside the stadium at extortionate prices by verified e-tickets purchased from authentic team app on exclusive mobile devices.
The major vendors covered in the smart ticketing market include ACT (England), Atsuke (France), Cammax (England), Conduent (US), Confidex (Finland), Corethree (England), Cubic (US), Flowbird Group (France), Giesecke+Devrient (Germany), HID Global (US), Hitachi Rail (Italy), IDEMIA (France), Indra (Spain), Infineon Technologies (Germany), INIT (Germany), LIT Transit (Slovenia), Masabi (England), NXP Semiconductors (Netherland), PayiQ (Finland), Scheidt & Bachmann (Germany), SecuTix (Switzerland), Siemens (Germany), Thales (France), Ticketer (England), and Xerox (US). These players have adopted growth strategies, such as partnerships, contracts, acquisitions, and new product launches to expand their presence in the smart ticketing market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
Thales (France) is one of the leading vendors of the smart ticketing market. Thales has adopted an inorganic growth strategy to enhance its position in the smart ticketing market. In February 2019, the company acquired Gemalto, an international digital identification and data protection company, enabling them to incorporate the expertise of Gemalto to develop secure solutions for data and network security, and financial transaction security. The company offers a multi-modal and multi-operator transport ticketing solution called TRANSCITY, support services, maintenance services, consultancy services, and cybersecurity services for high system availability and to minimize service disruptions in daily operations.
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Indra (Spain) is another top player in the smart ticketing market. The company offers a suite of smart ticketing and multi-model back-office solutions, called Mova Collect, which has schemes, such as account-based ticketing, pay-as-you-go, and be-in-be-out. The company’s business model emphasizes on innovating new applications using technologies to meet challenges. Its clients include airports, ports, railways, and transit agencies around the world.
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