Smart Ticketing Market : Affordable Access to Rapid Transit With Help of Smart Transit Systems

140 Pages Report] The overall smart ticketing market is projected to reach USD 20.4 billion by 2023 from USD 10.1 billion in 2018, at a CAGR of 14.99%. The study involved 4 major steps to estimate the current size of the smart ticketing market. The exhaustive secondary research was conducted to collect information on the focused market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Software & services to hold larger size of smart ticketing market during forecast period

Software & services is expected to hold a larger share of the smart ticketing market based on offering. Although hardware and software components together form a smart transit system, software interface is needed to be updated frequently to maintain compatibility with all the traditional and advanced technologies. Also, the software interface of a smart ticketing system is comparatively expensive, and it works with payment gateways and other connected systems such as smartphones and cards through servers. Therefore, a larger market share of software component is attributed to frequent alternation in the software interface, along with its high expenses and growing adoption of digital framework for public transportation.

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Smart ticketing market for sports & entertainment to grow at higher CAGR during forecast period

The market for sports & entertainment is expected to grow at a higher CAGR during 2018–2023. The introduction of smart ticketing options in sports and entertainment applications makes transaction secure and convenient. Event providers are exploring their unique ideas to improve attendee’s ticketing experience by using software such as SAP solution that engages fans and customers in real time. The giant player Amazon (US) is setting its footstep in ticketing business by announcing its global expansion of ticketing services in Europe, APAC, and the US. The trend of adopting mobile ticketing in arenas such as American Football stadiums facilitate mobile access provisions to fans while entering the arena and accepts NFC-enabled smartphones as a contactless smart card. Further, smart ticketing options can also reduce fraudulent activities and reselling of tickets outside the stadium at extortionate prices by verified e-tickets purchased from authentic team app on exclusive mobile devices.

Europe to hold largest size of smart ticketing market during forecast period

The demand for smart ticketing in Europe is driven by the growing European tourism industry, simplified technology ecosystem, and need for the innovation of more potential ticketing systems across urban areas. The leading smart ticketing solution vendors in Europe, such as Infineon Technologies (Germany), Gemalto (Netherlands), and Giesecke+Devrient (Germany), are also increasing their presence in this market by offering integrated payment solutions through partnerships with smart ticket developers and operators. These companies are also deploying big data analytics and connected devices to track passenger travel patterns so that operators can provide customized products and services.

Key players in the smart ticketing market include Cubic Corporation (US), Infineon Technologies (Germany), Conduent (US), Vix Technology (Australia), Rambus (US), HID Global (US), Gemalto (Netherlands), Giesecke+Devrient (Germany), Confidex (Finland), Inside Secure (France), Indra Sistemas (Spain), Paragon ID (France), Scheidt & Bachmann (Germany), CGI Group (Canada), Masabi (UK), Cityway (France), Smart Card IT Solutions (India), Xminnov (China), and Softjourn (US).

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