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Global Smart Ticketing Market: WiFi to Remain the Largest Technology Segment Through 2025
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Growing need to access the smart transit system has led to an upsurge in demand for smart ticketing. Replacing the paper tickets, the smart ticketing system has also made inroads to tourism and transportation industry. Increasing demand for quick access to the movies, parks and theatre is expected to impact growth of the global smart ticketing market.
Global Smart Ticketing Market: WiFi to Remain the Largest Technology Segment Through 2025
Market Research Reports Search Engine (MRRSE) states that the global smart ticketing market is expected to represent a value of over US$ 5,000 Mn by 2022-end.
Technological Advancements to Fuel Sales
Incidences of revenue loss and theft has led manufacturers in the global market to integrate advanced features such as smart locking technology. Apart from the smart security authentication, the smart ticketing systems are equipped with water-resistant features, due to which the life-span of the ticket is comparatively longer as compared to a typical paper ticket. Manufacturers are increasingly integrating intelligent technology in the smart ticketing systems in order to increase their customer base. Bound to features such as fingerprint recognition algorithm and ultra-touch fingerprint sensors, adoption of the smart ticketing system will continue to increase in various industries.
Transport Industry to Impact Market Growth
In addition to the security features, smart ticketing systems are further equipped with blockchain (the database technology used by Bitcoin system), digital sensors and artificial intelligence. Emergence of the smart ticketing system has continued to benefit the transportation industry significantly. Adoption of smart ticketing system for the public transit system such as buses, trains and airplanes will continue to gain momentum attributed to quick access and robust security features.
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Strategic Alliance to Create Lucrative Opportunities
Surge in the number of collaborations and partnerships among the market players will continue to impact growth of the global smart ticketing market positively. For instance, a leading digital security company, Rambus Inc. has recently announced that the company has increasingly collaborated with the Acxsys Corporation and Samsung Canada. The companies will mainly focus on developing the Interac Token Service Provider (TSP), which will enable the Interac end users to make safe payments through tokenized transactions.
Sales to Remain High through Transportation Industry
Increasing use of the Point of Sales system in the shopping malls has significantly contributed towards growth of the global smart ticketing market. On the basis of end users, the POS terminals segment is projected to generate significant revenues in the global market. This segment is expected to represent a value of over US$ 500 Mn by the end of 2017. However, the card readers segment is expected to register a robust CAGR in the global market during the forecast period.
Based on technology, the WiFi segment is expected to represent the highest revenue growth, accounting for a value of over US$ 200 Mn by 2022-end. This segment will witness the fastest growth in the global smart ticketing market throughout the forecast period. By industry, the transportation industry is expected to witness significant revenue growth, representing a value of over US$ 600 Mn by 2022-end. However, the parking segment will register the highest CAGR in the global smart ticketing market through 2022.
Competition Tracking
Leading market players in the global smart ticketing market 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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