Market Highlights

According to the market research study by Market Research Future (MRFR), in the previous years, the global market for smart ticketing 2020 was esteemed at a restricted valuation in 2017. Since the market is anticipated to accomplish USD 11 Billion worth until the finish of 2023, enlisting a remarkable 8%CAGR between the years 2017 and 2023.

Top Impacting Factors

MRFR, in its review, uncovers a flood in the reception of smart ticketing arrangements by various public transportation organizations across the globe is probably going to move the market development over the span of the evaluation time frame. Smart ticketing arrangements are capable and financially savvy contrasted with paper-based or printed tickets. On this, the raising number of credit only exchanges on the planet may additionally drive development in the assessed time of years.

The concentrate likewise underlines the reality of the rising ubiquity of blockchain in smart ticketing, which is expected to force market development over the appraisal time frame. Additionally, the rising interest for portable applications and contactless bank cards for smart ticketing arrangements has made monstrous opportunities for the market to accomplish high valuation in the future time span. These ticketing arrangements are known to be viable with existing smart frameworks and foundation, and consequently could undoubtedly be incorporated with the other ticketing frameworks.

Moreover, the market has additionally seen a development viewpoint from the rising application in the travel industry and travel industry. In this industry, the utilization of a smart ticketing framework is by all accounts easy to use, which could be gotten to and effortlessly utilized by individuals from all age gatherings. This component is further driving the smart ticketing market development generally. Other productive variables driving the market development are smart ticketing frameworks that are furnished with water-safe elements, attributable to which the life expectancy of the ticket is relatively more stretched out than a commonplace paper ticket.

Truth be told, producers are logically seriously incorporating insightful innovation in the smart ticketing frameworks aiming to raise their client base. In this way, bound to highlights, for example, finger impression acknowledgment calculation and ultra-contact finger impression sensors, the reception of the smart ticketing framework appears to keep on expanding in different ventures, accordingly doing the market increasingly more valuation in the future time span.

Conversely, a few variables are likewise limiting the smart ticketing framework market, which incorporates high arrangement cost and brought together working unit for working the smart ticketing framework adequately.

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Segmentation:

The smart ticketing market has been segmented by the segments of product, component, system, and application.

The product segment has included e-ticket, e-toll, request tracker, smart parking system, e-kiosk, and others. Out of these, the e-kiosk segment might expand at the highest CAGR during the forecast period. It aids in reducing manual operations and hence proves to be very efficient during peak hours.

By the segment of component, the market has included HardwarePOS terminal equipment, software, cards & microchips, and card reader.

By the segment of the system, the market has included an open payment system, smart card, and near field communication system.

By the segment of the application, the market has included railways & metros, buses, airlines, sports & entertainment, and others.

Regional Outlook

The regional analysis of smart ticketing market is being studied for regions such as Europe, North America, Asia Pacific, and Rest of the World.

The study has observed that North America might account for the largest share of the market. The significant growth in the smart ticketing market in North America is attributed to the technical advancements and rising use of mobile devices in that region.

Asia-Pacific is proposed to expand at the fastest rate during the assessment period. The Asia Pacific might emerge as the fastest-growing regional market over the forecast period. Various market players are introducing smart ticketing solutions in the Asia Pacific region, owing to rising government initiatives to use digital payment in promising countries of China and India. In the case of point, the Indian government launched the Digital India program in the country. The crucial objective of this initiative is to promote digital payment methods entire the country. The upsurge of Smartphone adoption in the Asia Pacific has also resulted in high demand for mobile-based ticketing applications.

Europe also led the market in 2018 with market size of USD 4.1 billion. European governments are focusing on sustainable transport policies and the digitization of public transit. The growth of the European market can also be endorsed to the presence of prominent market players such as Gemalto NV, Giesecke & Devrient GmbH, and Infineon Technologies AG in the region.

Top Market Players

The well-known players in smart ticketing market are listed as Gemalto NV (Netherlands), HID (U.S.), Giesecke & Devrient GmbH (Germany), NXP Semiconductors (U.S.), Inside Secure (France), Infineon Technologies AG (Germany), Confidex Ltd. (Finland), Xerox Corporation (U.S.), ASK (France), and Cubic Corporation (U.S.).

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Smart Ticketing Market By Component (Software, Hardware), Product (Ticket Machine, E-Ticket, E-Toll, Smart Parking System, Request Tracker), System (Smart Card, Open Payment, NFC) and Application (Railways, Metros, Airlines, Buses) - Forecast 2027

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