Smart ticketing market is expected to register a CAGR of 14.80% from 2021 to 2030
Market Research Future Insights
According to MRFR analysis, the global Smart ticketing market is expected to register a CAGR of 14.80% from 2021 to 2030 and hold a value of over USD 24.5 billion by 2030.
The transport ticketing market has added a lot of popularity recently as it is an addition to traditional paper-based ticketing. With the growing digitalization and advancement in technology, the transport ticketing market is booming. It covers both smartphone apps and smartcard apps. Owing to fewer printed tickets, it indirectly mains to a healthy environment atmosphere. The use of transport ticketing also saves time and now minion has to stand in long queues for collecting tickets. The transport ticketing system has to curlicue its roots all across the globe in no time.
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With the growing outburst of the global pandemic of COVID 19 businesses have suffered huge losses which have pushed the economies toward forced decline. The rising wave of the global pandemic has suffocated the individual to fight financial crises along with health concerns. The situation of lockdown has caused a shutdown of most of the borders which leads to a steep downfall in the sales revenue of the transport ticketing market all across the globe. Due to this sudden outbreak, mobile payments have started in almost all regions after minimal physical interaction which is a need of an hour. In the case of transportation of essential items, restrictions have been restricted by adopting the toll-free policy, no check, and no-stop policy.
However, it is anticipated that this market will recover from the global pandemic of COVID-19 by strategizing properly to meet the requirements of its customers. Also, it is projected to recover at the end of the third quarter in the coming year.
Key Players
Some of the key Smart ticketing market players are HID (US), Gemalto NV (Netherlands), NXP Semiconductors (US), Accenture PLC (Ireland), CPI Card Group Inc. (US), Cubic Corp. (US), Xerox Corp. (US), AEP Ticketing Solutions (Signa), Rambus Incorporated (US), and Infineon Technologies AG (Germany)
Market Segmentation
The global Smart ticketing market has been segmented into product type, application, and end user.
Based on components, the global smart ticketing market has been segmented into hardware, software, and service. The software segment is projected to witness significant growth over the forecast period. Smart card software is generally used for managing smart cards or smart media lifecycle and applications. This software also automates customer interactions with customer service executives, which ultimately helps effectively solve customer issues.
Based on the product, the global smart ticketing market has been segmented into e-kiosk, e-ticket, e-toll, request tracker, smart parking system, ticket machines, ticket validators, and others. The e-ticket segment dominated the market, due to the augmented use of e-tickets in sports events. E-tickets proposal high security as compared to traditional paper tickets. The growth of this segment is also driven by the growing adoption of smartphones across the globe.
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Based on the system, the global smart ticketing market has been segmented into an open payment system, smart card, and near-field communication (NFC). The smart card segment dominated the market, due to the increased use of online payment methods. These cards allow consumers to make steadfast and secure payments. Moreover, nonstop innovations for these cards help safeguard confidential information by preventing hacking or theft through card authentication and encryption. They also offer numerous additional benefits; for instance, they are user-friendly and require minimum human intervention.
Based on end-use, the global smart ticketing market has been segmented into parking, sports and entertainment, transportation, and others. Smart ticketing solutions are broadly used in transport networks that allow travelers to purchase, store, and validate transport tickets using their contactless credit cards or debit cards. These ticketing solutions offer numerous benefits, such as increased customer satisfaction, cost savings, and business intelligence. This, in turn, is anticipated to fuel the adoption of smart ticketing solutions, particularly in the transportation sector.
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Regional Analysis
The largest market share in the global market is held by the North American region due to growing advancements in technology which also results in more usage of smartphones.
The Asia-Pacific is the fastest-growing region, it holds the second-largest share in the global market. The existence of highly populated countries like India and China joined with advancements in technology drives the demand for the market in the Asia-Pacific region.
The third-largest market share in the global market is held by the European region. The rising advancement in technology and growing demand for the internet of Things drive the demand for the transport ticketing market in the European region.
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