Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The global Smart Ticketing Market size was valued at around USD 7.27 billion in 2020. The market is projected to rise from USD 8.29 billion in 2021 to USD 21.33 billion in 2028 at a 14.5% CAGR during the forecast period 2021-2028. Fortune Business Insights™ has mentioned these insights in its latest research report, titled, “Smart Ticketing Market, 2021-2028.”
According to the study, the growth of electronic ticketing will be pronounced with rising adoption from transportation, sports, and entertainment sectors. The trend for smart tickets will encourage leading companies to inject funds into the landscape.
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Companies Profiled in the Smart Ticketing Market:
- Conduent, Inc. (New Jersey, U.S.)
- Siemens (Munich, Germany)
- Cammax Ltd (West Yorkshire, U.K.)
- Infineon Technologies AG (Neubiberg, Germany)
- HID Global Corporation (Texas, t U.S.)
- Hitachi Rail Limited (London, U.K.)
- Masabi Ltd (New York, U.S.)
- NXP Semiconductors (Eindhoven, Netherlands)
- Giesecke+Devrient GmbH (Munich, Germany)
- Cubic Corporation (California, U.S.)
COVID-19 Impact
Cancelation of Sports Events to Dent Market Outlook
The onslaught of the COVID-19 pandemic and the emergence of variants, such as Delta and Omicron, have dented the business outlook. Notably, cancelation or postponement of sports and entertainment events did not bode well for the leading companies vying to expand their penetration across untapped areas. Moreover, a plunge in commuting, along with a dip in the usage of transportation, has hampered the growth prospect. Meanwhile, economic recovery and the launch of boosters could boost the global smart ticketing market share.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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REPORT SCOPE & SEGMENTATION:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 14.5% |
| 2028 Value Projection | 21.33 Billion |
| Base Year | 2020 |
| Market Size in 2020 | 7.27 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | Component, Technology, Offering, Application, and Geography |
| Growth Drivers | Rising Demand for Smart Ticketing from Sports, Entertainment, and Tourism Sectors to Augur Well |
| Growing Adoption of Advanced Technologies in Smart Ticketing Solution to Fuel the Market Growth | |
| Slowdown in Usage of Smart Ticketing for Parking and Transportation Application during Lockdown | |
| Pitfalls & Challenges | High Installation Cost of Smart Ticketing Systems Anticipated to Restrict Market Growth |
Segments
Component, Technology, Offering, Application, and Region Are Studied
Based on component, the market is segregated into software and hardware segments.
In terms of technology, the market includes radio frequency identification (RFID), near field communication (NFC), quick response code (QR Code), and others.
On the basis of offering, it is segmented into ticket validators, e-toll, smart cards, ticketing machine/smart ticketing kiosk, and others.
With respect to application, sports and entertainment and parking and transportation are included in the report.
With respect to region, the market is fragmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South America.
Report Coverage
The report is prepared painstakingly with the use of top-down and bottom-up approaches. The report also includes secondary and primary resources to provide a birds-eye-view of the market. The use of qualitative and quantitative assessments further validates the report's authenticity. In doing so, annual reports, press releases, SEC filings, and government websites have been pivotal.
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Drivers and Restraints
Steady Demand from Transportation Sector to Underpin Market Growth
Amidst an unprecedented impact of the outbreak on the global businesses, the transportation sector has exhibited a sign of resilience. Prominently, stakeholders in the transport industry have shown increased inclination for smart ticketing systems. The adoption of mobile ticketing solutions will mainly be attributed to convenience, efficiency, and cost-effectiveness. The need for improved services and smooth customer experience will solidify the position of leading companies gearing to bolster their portfolios.
Meanwhile, the requirement for an increased initial investment may dent the global smart ticketing market growth.
Regional Insights
North America to Remain at Helm with Rising Trend for Smart Cards
End-users expect that the U.S. and Canada to be the major recipients of smart ticketing offerings, including smart carts and kiosks. The adoption of advanced technologies will encourage industry participants to rev up production. Besides, the presence of major companies, such as HID Global Corporation, Conduent, Inc., and Masabi Ltd., will also bode well for the regional growth. The market size in North America was valued at around USD 3.07 billion in 2020 and will witness a similar trend during the forecast period.
Industry players are expected to up their investments in Europe following the implementation of robust policies. To illustrate, the EU has ramped up its efforts to bolster the adoption of secure and sophisticated electronic ticketing solutions. Besides, intelligent systems will further gain impetus across sports and entertainment sectors.
Asia Pacific is also poised to witness an investment galore with the rising adoption of IoT devices and smartphones. Moreover, burgeoning urbanization and the penetration of leading companies across China, India and Singapore will bode well for the regional growth.
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Competitive Landscape
Leading Companies to Inject Funds into Product Launches to Gain a Competitive Edge
The market's competitive scenario suggests that prominent companies could focus on organic and inorganic strategies, such as technological advancements, mergers & acquisitions, product launches and R&D activities.
Notable Industry Development
May 2021 – Conduent, Inc. rolled out an account-based ticketing contactless payment system on Mobilita’s bus fleet. The system is available on 220 buses in Brescia, Italy.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Smart Ticketing Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Smart Ticketing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Hardware
- Software
- By Technology (USD)
- Near Field Communication (NFC)
- Radio Frequency Identification (RFID)
- Quick Response Code (QR Code)
- Others (Cellular Networks, etc.)
- By Offering (USD)
- Smart Cards
- Ticket Validators
- Ticketing Machine/Smart Ticketing Kiosk
- E-toll
- Others (Wearables, etc.)
- By Component (USD)
- Global Smart Ticketing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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