Press release
Smart Ticketing Market to Exceed US$ 5,000 Mn by 2022-end
Owing to benefits of cost, greater efficiency, accuracy and security, preference for smart ticketing is increasing among both end-users and service providers. Smart tickets are effectively addressing the issues of mobility and ticketing discrepancies. Increasing urgency of streamlining ticket booking and issuing procedures is driving the demand for smart ticketing solutions. Digitization of ticket booking platforms and integration of chip-based and barcode technologies (RFID, NFC, QR, etc.) is facilitating a quick adoption of smart ticketing systems. Moreover, ongoing smart city initiatives and robust infrastructural development in emerging countries such as China, Brazil and India expected to reflect favorably on the global market for smart ticketing during the forecast period. Improvements in wireless networks and expanding user bases of smart technologies is likely to create market opportunities for players. Deployment of open payment systems in hospitals, railway stations, airports and stadiums is provisioning broader application of smart ticketing. However, downtimes issues and lack of awareness among end-user regarding smart ticketing technology is impacting the adoption rate to an extent.
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In terms of revenue, North America is expected to dominate the global market for smart ticketing during the forecast period. The market in the region is projected to surge at a double-digit CAGR from 2017 to 2022 and reach a valuation in excess of US$ 2,400 Mn. This is primarily attributed to factors such as the presence of a large number of technology companies with expertise in smart ticketing solution and growing demand for solutions that can streamline ticketing procedures. Meanwhile, Europe is estimated to account for more than one-fourth revenue share of the global market by 2017-end.
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PMR in its report has profiled some of the leading companies operating in the global market for smart ticketing which include Xerox Corporation, Cubic Corporation, Gemalto NV, Rambus, Confidex Ltd., NXP Semiconductors, CPI Card Group, Infineon Technologies AG, HID Global Corporation, and Giesecke & Devrient GmbH.
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