Global Statistics Representing Smart Ticketing Market Scenario
Smart ticketing is a system that electronically stores travel tickets on a microchip, usually embedded on a smartcard. Smart ticketing has been revolutionizing the way we travel with enhanced convenience and security for travelers and transport operators alike. Using smart cards and smartphones, travelers can store and use their tickets electronically, eliminating the need for traditional paper tickets by enabling users to simply tap their smart card or device on a gate or validator to gain access.
Technological advancements, increasing adoption in tourism and travel and development of user-friendly and easily accessible ticketing systems have been driving market growth, globally.
Smart ticketing has gained popularity in the transport industry as well as other industries such as sports, entertainment, and healthcare. Increasing demand for transparency solutions in various sectors has been resulting in the adoption of digitized billing systems, which has been boosting the market growth. Advanced technologies such as QR code, RFID, barcode, and open payment systems are expected to further cater to numerous opportunities for market growth in the years to come.
The smart ticketing market is expected to grow at a CAGR of 12.1% and reach a value of USD 25.90 billion by the end of the forecast period (–2026).
The smart ticketing market has been segmented on the basis of product, component, system, application, and geography.
On the basis of product, the market has been segmented into the ticket machine, e-ticket, e-kiosk, and others.
On the basis of component, the market has been segmented into software and hardware.
On the basis of system, the smart ticketing market has been segmented into a smart card, open payment system, and Near-Field Communication.
On the basis of application, the market has been segmented into railways and metros, sports and entertainments, airlines and buses.
On the basis of geography, the smart ticketing market has been segmented into North America, Europe, Asia Pacific, and LAMEA
Geographically, the smart ticketing market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
North America is expected to dominate the smart ticketing market, owing to the increasing demand for solutions that can streamline ticketing procedures and presence of a large number of companies with expertise in smart ticketing solutions.
Europe is expected to hold the largest market share during the forecast period, due to the presence of key players such as Gemalto NV (Netherlands), Giesecke & Devrient GmbH (Germany), Oberthur Technologies (France), and Infineon Technologies AG (Germany), among others. Furthermore, many countries have adopted smart ticketing solutions for public transportation in this region. The U.K. government had announced investments worth USD 112.12 million for the introduction of smart ticketing solutions across England and Wales by the end of 2018.
Asia Pacific is anticipated to grow at the highest rate in the smart ticketing market during the forecast period as various governments in the region have been allocating funds for implementation of smart ticketing solutions. Additionally, various countries in Asia Pacific such as China, India, Singapore, and Japan have been implementing regulations for the deployment of smart ticketing solutions across the region.
LAMEA is a prominent region in the smart ticketing market, due to the heavy investments made in public transportation in recent years. The Middle East public transport system includes metros, buses, road taxis, and water taxis. The driverless metro system, which has a 75-km track and is fully automated, has two operational lines and three further in the planning stage. The first urban train network in the Arabian Peninsula, the Dubai metro transported 33.2 million people in the first quarter of 2013, recording a significant increase over the same period in the previous year.
Some of the key players identified in the market include HID Global Corporation (U.S.), Gemalto NV (Netherlands), NXP Semiconductors (U.S.), CPI Card Group (U.S.) Cubic (U.S.), Xerox (U.S.), Giesecke & Devrient (Germany), Infineon Technologies AG (Germany), Inside Secure (France), and Oberthur Technologies (France).
Both customers and operators benefit from smart ticketing technology as it enhances convenience and offers flexible purchasing options for a range of ticketing types, which in turn reduce traffic congestion and lower carbon emission as well.
In October 2017, Cubic Corporation signed a deal worth USD 539.5 million with The New York Metropolitan Transportation Authority (MTA) in the U.S. to replace its MetroCard ticketing system with new contactless technology.
In November 2018, Infineon Technologies AG partnered with NEXT Biometrics, a global leader in fingerprint sensor technology, to develop a reference design for biometric payment cards.
This report offers key insights pertaining to the smart ticketing market with an emphasis on recent developments across geographies and development strategies adopted by prominent market participants. The following sections have specifically been covered in the report.
Smart Ticketing Market Segmentation