Dublin, June 24, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Ticketing Market By Component (Hardware, Software and Services), By Application (Parking & Transportation and Sports & Entertainment), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Ticketing Market size is expected to reach $21.1 billion by 2027, rising at a market growth of 15.6% CAGR during the forecast period.
The smart ticketing system refers to a system that helps in securely saving tickets in electronic format in a microchip. A smart card refers to a pepper card in which the microchip is integrated.
Protection from fraud, offering passengers credit or pre-loaded ride travels in case of an advance journey, cut down, or eliminate long queues are some of the prime benefits of smart ticketing systems. By deploying smart ticketing systems, operators and sellers can offer their customized or personalized tickets based on the needs of different people and fulfill their specific needs.
The transportation industry is highly adopting the smart ticketing system. Effective application of a broad array of smart technology is expected to boost the growth of the smart ticket market.
Moreover, the growth of the market is expected to witness bright prospects due to the factors like growing application of the technology in the tourism and travel industry and applications of systems that are easily manageable by users and can be accessed and easily utilized by people belonging to every age group.
However, the growth of the market is inhibited by the high price of installation and a centralized operating unit for smooth functioning of smart ticketing systems to operate efficiently. In addition to it, various governments around the world are deploying measures like demonetization and supporting cashless transactions. This factor creates many profitable growth opportunities for the global smart ticketing market during the forecast period.
COVID-19 Impact
The global pandemic has wreaked havoc in Europe; thereby the region becomes the most vulnerable due to the pandemic. As Italy grappled with the increasing number of COVID-19 deaths in the country, other nations across Europe deployed stringent measures including stay-at-home.
The transportation sector has been hit hard by the pandemic due to the imposition of various stringent restrictions, thereby putting a huge financial burden on the sector. With the relaxation of lockdown restrictions and resumption of businesses, the public transport riders began the operations for people from essential industries like the food supply chain and healthcare.
In addition to it, they had to adopt stringent physical distancing, thus the occupancy in buses and rails was quite low. Even with the relaxation in a greater number of norms, restricted transport services were allowed in various countries.
Component Outlook
Based on Component, the market is segmented into Hardware, Software and Services. The service segment is expected to exhibit the maximum growth rate during the forecast period. Some of the drivers for the growth of this segment are growing digitalization in ticketing services to offer an improved travel experience to passengers. Ticketing as a Service (TaaS) estimates the genuine fare and enables passengers to travel across multi-modal transport systems effectively.
Application Outlook
Based on Application, the market is segmented into Parking & Transportation and Sports & Entertainment. Parking & Transportation Type is further bifurcated across Roadways, Railways and Airways & Others. There is a broad application of smart ticketing solutions in transport networks that enable travelers to buy, store, and confirm transport tickers with the help of their contactless debit cards or credit cards. Higher customer satisfaction, cost savings, and business intelligence are some of the major advantages of ticketing solutions. This, as a result, is expected to boost the adoption of smart ticketing solutions specifically in the transportation industry.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunner in the Smart Ticketing Market. Companies such as Hitachi, Ltd., IDEMIA SAS, Assa Abloy AB, Confidex Ltd., and NXP Semiconductors N.V. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy AB, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2018, Mar - 2021, Mar) Leading Players
Chapter 4. Global Smart Ticketing Market by Component
4.1 Global Smart Ticketing Hardware Market
4.2 Global Smart Ticketing Software Market
4.3 Global Smart Ticketing Services Marke
Chapter 5. Global Smart Ticketing Market by Application
5.1 Global Parking & Transportation Smart Ticketing Market
5.2 Global Smart Ticketing Market by Parking & Transportation Type
5.2.1 Global Roadways Smart Ticketing Market
5.2.2 Global Railways Smart Ticketing Market
5.2.3 Global Airways & Others Smart Ticketing Market
5.3 Global Sports & Entertainment Smart Ticketing Market
Chapter 6. Global Smart Ticketing Market by Region
Chapter 7. Company Profiles
- Siemens AG
- Thales Group S.A.
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Hitachi, Ltd.
- IDEMIA SAS (Advent International, Inc.)
- Assa Abloy AB
- Giesecke & Devrient GmbH
- Atsuke
- Confidex Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/urz40q