Press release
Smart Ticketing Market Potentially Worth $ 20.4 billion by 2023
Smart ticketing market
The smart ticketing market is projected to reach USD 20.4 billion by 2023 from USD 10.1 billion by 2018, at a CAGR of 14.99%. 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).
Major drivers for market growth are the affordable access to rapid transit with the help of smart transit systems, huge demand for smart ticketing from travel and tourism industry, advanced technologies in the smart ticketing systems, and upsurge in intelligent transportation market. However, the high setup cost and centralized framework for smart ticketing systems are the factors expected to restrict the growth of the said market.
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“Smart ticketing market for software & services to register higher growth during forecast period”
The smart ticketing market for software & services based on offering is expected to grow at a higher CAGR during the forecast period. 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 smart phones 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.
“Market for sports & entertainment application to grow at a higher CAGR during forecast period”
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 are has such as American Football stadiums facilitate mobile access provisions to fans while entering the arena and accepts NFC-enabled smart phones 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.
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“Market in APAC to register highest growth during forecast period”
APAC is a potential market for smart ticket in gowing to the presence of emerging economies such as China and India. In this region, there is an emphasis on the deployment of advanced and interoperable automated fare collection (AFC) systems such as smart cards and near-field communication (NFC)-enabled devices to increase both the efficiency of transport systems and ridership by giving commuters a smooth travel experience.
Breakdown of primary participants’ profile:
• By Company Type: Tier 1 = 30%, Tier 2 = 45%, and Tier 3 = 25%
• By Designation: C-Level Executives = 40%, Directors = 40%, and Others = 20%
• By Region: North America = 40%, Europe = 30%,APAC = 20%, and RoW = 10%
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