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 2023
Smart ticketing is a system that electronically stores a travel ticket on a microchip which is then embedded on a smartcard. It is a paper free solution and an easier way to maintain a travel ticket.
Major factors driving the growth of smart ticketing market is the affordable access to smart transit systems. Rapid adoption of smart technologies and increasing implementations of smart ticketing are other factors driving the growth of smart ticketing market.
The smart ticketing market has been segmented on the basis of component, product, system and application. The product segment is further bifurcated into e-toll, e-ticket, smart parking system, request tracker, e-kiosk and others. Out of these, the e-kiosk segment is expected to grow at the highest CAGR during the forecast period. It helps in reducing the manual operations and hence proves to be very efficient during peak hours.
Ticket machine is the oldest form of smart ticketing and helps in maintaining and managing flow of passengers during peak hours. Hence it is expected to hold the largest market share in the product segment, during the forecast period.
The smart ticketing market is growing rapidly over 8% of CAGR and is expected to reach at approx. USD 12 billion by the end of forecast period.
The prominent players in the smart ticketing market are – HID (U.S.), Gemalto NV (Netherlands), NXP Semiconductors (U.S.), Giesecke & Devrient GmbH (Germany), Infineon Technologies AG (Germany), Inside Secure (France), Xerox Corporation (U.S.), Confidex Ltd. (Finland), Cubic Corporation (U.S.), ASK (France), among others.
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Smart ticketing market is estimated to exhibit high growth potential during the forecast period owing to the emerging applications and user friendly platform. Smart ticketing provides affordable access to smart transit systems. Major factors contributing to the growth of smart ticketing market are the emerging applications in travel and tourism industry owing to increasing adoption of smart technologies.
Smart ticketing market has been segmented on the basis of component, product, system and application. The application segment is further bifurcated into railways and metros, buses, airlines, sports and entertainment and others. Out of these, railways and metros segment is expected to hold the largest market share while the airlines segment is expected to grow at the highest CAGR during the forecast period. Due to the convenience associated with smart ticketing system, it is sure to influence the airlines market with its efficient features like self-boarding and self-luggage handling.
The product segment comprises of ticket machine, e-toll, e-kiosk, smart parking system, e-toll, request tracker and others. Out of these, the ticket machine is expected to hold the largest market share and lead the overall smart ticketing market during the forecast period.
The major restraining factor in the growth of smart ticketing market is the lack of skilled expertise and high costs involved in implementation of smart ticketing systems. Integration of new technologies into already existing hardware is another major factor that could cause hindrance in the growth of smart ticketing market.
According to Market Research Future Analysis, smart ticketing markethas been valued at approx. USD 12 Billion by the end of forecast period with 8% of CAGR during forecast period 2017 to 2023
Market Research Analysis:
The global smart ticketing as a service market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global smart ticketing market, Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, smart ticketing market is projected to contribute faster to the growth of revenue backed by increasing number of users on social media platform in countries such as Japan, China and India. This is owing to the availability of regulatory funds which help in strengthening the deployment of smart transit systems.
As compared to other regions, the smart ticketing market in North America is expected to witness healthy growth. U.S and Canada are anticipated to drive the growth of smart ticketing market. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the developed economies in these regions is another reason for the growth of smart ticketing market.
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Smart ticketing market can be segmented on the basis of component, product, system and application. The system segment is further bifurcated into smart card, open payment system and near field communication system. Out of these, near field communication system segment is expected to grow at the highest CAGR during the forecast period. This is due to easy integration with the smartphones and can be availed by people while making use of public transportation. NFC systems are a convenient mode for smart ticketing and hence are responsible for driving the growth of smart ticketing market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
In this rapidly changing world of technology, smart ticketing market is projected to show major growth prospects during the forecast period. The continuous developments and increasing technological advancements are major factors leading to rapid adoption of smart ticketing services.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of smart ticketing market. Europe is expected to hold the largest market share and dominate the smart ticketing market. In Europe, the presence of advanced infrastructure and with the increasing adoption of technology and technological advancements in numerous countries is driving the market growth of smart ticketing market. Early adoption of smart ticketing technology in their public transportation and increased business needs are other major factors driving the growth of smart ticketing market. Another major factor driving the growth of smart ticketing market in the Europe region is the presence of key players like Oberthur Technologies (France), ASK (France), and Infineon Technologies AG (Germany), among others.
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