Global Smart Ticketing Market: Overview
A smart ticketing system manages the ticket transactions via microchips that are embedded in smart cards. Smart ticketing combines the back office workings and the analytic system with microchip smart cards. They allow ease in quicker onboarding of trains and skip long time waiting in the queue for the better travel experience of the passengers.
Global Smart Ticketing Market: Growth Factors
Technological advancements across the globe are boosting the global smart ticketing market growth.
The introduction of blockchain technology in the smart ticketing system made the transactions more secure and reliable. Blockchain technology eliminates the hacking of data and thus contributes to the growth of digitized payments across the globe.
Increased penetration of smart devices and contactless bank cards is forecasted to drive the global smart ticketing market. Increased digitization and cashless transactions across the world are anticipated to drive growth in the coming years.
Smart ticketing technology is reducing the waiting time for the passenger, easy swapping of the tickets for cancelling & rescheduling, and better managing of the several tickets on their smart devices. The smart ticketing technology offers a comprehensive solution to public authorities to handle their web portals well and easily manage the traveler's transactions and ticketing services.
These, in turn, are expected to boost the market and open new opportunities in the coming years.
Global Smart Ticketing Market: Segmentation
The global smart ticketing market can be segmented into the component, product, system, end-use, and region.
By component, the market can be classified into hardware, software, and services.
The service segment is dominating the global smart ticketing market. The software assists in managing the smart cards application to enable automation in customer interaction for better customer service to effectively resolve the customer's query.
The service segment is forecasted to grow with a high CAGR in the coming years.
By product, the market is categorized in the e-kiosks, e-toll, e-ticket, smart parking system, ticket validators, request crackers, and others.
The e-ticket segment has dominated the market in recent years. E-tickets offer advanced security. The segment is growing with the increased penetration of smart devices in the developing and underdeveloped countries. The smart parking system anticipates the market growth exponentially over the forecasted years.
Smart packaging technology is anticipating people to generate e-tickets using smart cards. Growing traffic zones are boosting the demand for smart parking solutions.
By system, the market is bifurcated in the open payment system, near-field communication, and smart cards.
The Smart Card segment is dominating the market due to the adoption of online payment methods.
The near-field communication is forecasted to grow with a high CAGR in the coming years.
By end-use, the market is segmented into transportation, packing, entertainment, and others. The transportation segment is growing exponentially with smart ticketing solutions to buy, store, and transit transportation tickets.
Entertainment and sports are the emerging segments with the increased adoption of e-ticketing solutions.
Global Smart Ticketing Market: Regional analysis
Europe is dominating the global smart ticketing market for years and is expected to show sustainable growth in the coming years due to the digitalization of public transportation.
Asia Pacific region is forecasted to emerge as the dominating region in the global smart ticketing market.
In countries like India, the government launched an initiative program called Digital India, to propel digital payments across the country. These initiatives have boosted the growth in the global smart ticketing market.
The spike in the usage of smartphones in Asia with increased penetration of affordable high-speed internet services has boosted the market growth in the region.
Global Smart Ticketing Market: Competitive Players
Vendors in the markets are integrating the highly secured payment solutions with the automated ticketing developers to provide user-friendly and reliable products to the customers.
Some of the prominent leaders in the global online event ticketing market are Confidex Ltd.; Cubic Corporation; Gemalto NV; Infineon Technologies AG; Giesecke & Devrient GmbH; and NXP Semiconductors.
Global Smart Ticketing Market: Regional Segment Analysis
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