Smart Ticketing Market :Increased Number of Cashless Transactions
[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.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. These secondary sources include annual reports, press releases, and investor presentations of companies; white papers; and certified publications and articles from recognized authors; directories; and databases. The secondary data has been collected and analyzed from various association and journals, such as Association for Intelligent Transport Systems, Association of Professional Social Compliance Auditors (APSCA), Smart Ticketing Alliance, Department of Transportation (US), General Services Administration (US) to arrive at the overall market size, which has further been validated by the primary research.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information important for this report. The primary sources from the supply side include industry experts such as CEOs, VPs, marketing directors, technology and innovation directors, and related executives from key companies and organizations operating in the smart ticketing market. After complete market engineering (including calculations regarding market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research has been conducted to gather information as well as verify and validate the critical numbers arrived at.
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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 Market Players
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).
Cubic Corporation (US) was ranked first in the smart ticketing market. Cubic delivers a variety of products and solutions, such as automatic fare collection (AFC) systems, traffic management and enforcement solutions, and real-time information collection systems, for public transportation. The company is focused on strategic developments including product launches and contracts. For instance, in October 2017, Cubic Transportation Systems launched the Cubic NextBus next-generation platform that is designed for multimodal transit agencies, authorities and operators. In September 2017, the company along with Transport for London (TFL) launched the TfL Mobile Ticketing App for Oyster card users in London, UK, which allows Oyster card customers to manage their travel fares and payments, top up their cards, and view their journey history on the go via Android or Apple iOS devices.
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