The global smart ticketing market is expected to exhibit a strong 8% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global smart ticketing market is expected to grow to a valuation of USD 11 billion by 2023, according to the report. The report presents a detailed overview of the global smart ticketing market, detailing the major drivers and restraints affecting the global smart ticketing market. Major factors and trends likely to cause major shifts in the global smart ticketing market are profiled in detail in the report. The key players operating in the global smart ticketing market are also profiled in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global smart ticketing market. The global smart ticketing market is expected to reach a valuation of USD 11 billion by 2023.
Smart ticketing is a key service for use in public transportation. Smart ticketing enables consumers to acquire tickets conveniently and securely, allowing smooth movement in public transportation systems. The growing popularity of public transportation systems is likely to be a major driver for the global smart ticketing market over the forecast period. Due to the growing awareness about vehicular emissions, many consumers are preferring public transportation, which cause less damage to the environment, as the per-passenger emissions are reduced due to the high volume of passengers using public transportation systems. The increasing introduction of cheap pricing on public transportation systems is also likely to be a major driver for the global smart ticketing market. Due to the cheap prices of public transportation in comparison to the costs of owning and managing a personal vehicles, many poorer demographics of citizens in developing as well as developed countries prefer using public transportation. In the long term, public transportation often presents a more affordable option in comparison to owning a personal vehicle. This is likely to be a major driver for the global smart ticketing market.
The increasing development of smart ticketing systems and cashless ticketing systems is also likely to be a major driver for the global smart ticketing market. Many tech giants have made strong strides in the field of cashless and smart ticketing systems due to the potential for widespread and large-scale application. Many developed countries employ smart ticketing systems in order to make the ticketing procedure more convenient for the consumer. The popularity of smart ticketing systems is also growing in developing countries due to the growing popularity of NFC-enabled smartphones. This is also likely to be a major driver for the global smart ticketing market over the forecast period.
Leading players in the global smart ticketing market include ASK, Cubic Corporation, Confidex Ltd., Xerox Corporation, Inside Secure, Infineon Technologies AG, Giesecke & Devrient GmbH, NXP Semiconductors, Gemalto NV, and HID.
The global smart ticketing market is segmented on the basis of component, product, system, application, and region.
By component, the global smart ticketing market is segmented into software and hardware. The hardware segment is further sub-segmented into POS terminal equipment, cards and microchips, and card readers.
By product, the global smart ticketing market is segmented into ticket machines, e-ticket, e-kiosk, smart parking system, e-toll, request tracker, and others. The e-kiosk segment is expected to exhibit the highest CAGR over the forecast period, as it reduces the need for manual operations, which makes it suitable for peak time operations.
By system, the global smart ticketing market is segmented into smart card, open payment system, and near field communication (NFC) system.
By application, the global smart ticketing market is segmented into railways and metros, sports and entertainment, airlines, buses, and others.
North America is expected to dominate the global smart ticketing market over the forecast period. Widespread incorporation of smart ticketing systems in the U.S. is a major driver for the smart ticketing market in North America.
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