According to a new report published by UnivDatos Markets Insights, the Smart Ticketing Market is expected to grow at a CAGR of around 14% from 2022-2028. The analysis has been segmented into Components (Hardware and Software); Technology (Near Field Communication (NFC), Radio Frequency Identification (RFID), Quick Response Code (QR Code), and Others); Offering (Smart Cards, Ticket Validators, Ticketing Machine, E-Tool, and Others); Application (Smart Cards, Ticket Validators, Ticketing Machine, E-Tool, And Others); Region/Country.
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The smart ticketing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Ticketing market. The Smart Ticketing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smart Ticketing market at the global and regional levels.
Smart Ticketing offers contactless payment methods, in addition, to go cards and paper tickets to pay for public transport. Moreover, it helps with a ticketing system and allows IT support to track, manage, speed up, and deal effectively with incidents. Smart transit systems, the enormous demand for smart ticketing from the sports, entertainment, and tourist industries, cutting-edge technologies in smart ticketing systems, the growing popularity of contactless payments, and others are some of the key factors driving the market for smart tickets. Furthermore, the global key players are working on the advancement of technology that helps to increase the growth of the market. For instance, In April 2021, Calypso Networks Association (CNA) collaborated with NFC Forum to deliver secure, sustainable, and innovative mobile ticketing solutions.
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Some of the major players operating in the market include Xerox Corporation, Cubic Corporation, Thales, Rambus, Confidex Ltd, NXPsemiconductors N.V., CPI Card Group, Infineon Technologies AG, Vix Technology, Scheidt & Bachmann
The COVID-19 pandemic hampered the expansion of the smart ticketing market. Globally, numerous nations enforced lockdown and social seclusion rules. Travel was absolutely forbidden for this reason. The pubs and restaurants were shut. Additionally, significant sporting events and fairs were postponed. Due to the closure of offices, schools, and institutions, there was nowhere to travel. Hence, the traveling sector was greatly damaged.
The Global Smart Ticketing Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on components, the market is segmented into hardware and software. The hardware category is to witness higher CAGR during the forecast period owing to a growing demand for e-ticketing in parking and transportation and sports and entertainment sectors. The hardware consists of IR sensors, GPS, WI-FI module ticketer compact, and others. The factors like ease to use, availability of flexible design, and fully equipped with contactless and contact credit card device facilities are driving the growth of the market.
- Based on technology, the market is categorized into Near field communication (NFC), radio frequency identification (RFID), quick response code (QR Code), and others. Among these, radio frequency identification (RFID) to hold a significant share in the market in 2020. As e-ticketing can be easily accessed through smartphones, pads, and tablets. Moreover, it is a non-contact and wireless technology that enables the user to pay without entering the password up to the 100 m range.
- Based on the offering, the market has been classified into smart cards, ticket validators, ticketing machine, e-tool, and others. The smart cards category is to witness higher growth during the forecast period. Passengers in both smart cities and small towns are increasingly using smart cards because they provide them the option to pay with a contact or contactless card and get the best deal on tickets and e-tolls for each trip. Moreover, easy to carry, has contactless payments, is time-saving, best offers and etc. are the factor driving the growth of the market.
- Based on the application, the market has been classified into parking and transportation and sports and entertainment. The parking and transportation category is to witness higher growth during the forecast period. With the increasing preference for comfort, the populace tries to book traveling tickets for buses and trains, through online mode without standing in any queue as well as to save their time. Moreover, it is very convenient to get the tickets from home as well.
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Smart Ticketing Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
In 2020, Europe held a significant share of the global smart ticketing market. As European governments are focusing on sustainable transport policies and the digitization of public transit. The growth of the European market can also be attributed to the presence of prominent market players. Furthermore, technological advancements have driven smart ticketing solutions companies to adopt technologies such as QR codes, bar codes, and NFC, ultimately resulting in increased adoption of these ticketing solutions. In addition, the Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Various market players are introducing smart ticketing solutions in the Asia Pacific region, owing to increasing government initiatives to use digital payment in emerging countries such as China and India. For instance, in September 2021, HID Global Corporation introduced mobile ticketing solution with a software development kit (SDK). It is completely certified and compliant with Calypso HCE standards. This solution helps travelers purchase tickets securely and conveniently on their smartphones.
The major players targeting the market include
- Xerox Corporation
- Cubic Corporation
- Confidex Ltd
- NXP Semiconductors N.V.
- CPI Card Group
- Infineon Technologies AG
- Vix Technology
- Scheidt & Bachmann
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the smart ticketing market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the smart ticketing market?
- Which factors are influencing the smart ticketing market over the forecast period?
- What are the global challenges, threats, and risks in the smart ticketing market?
- Which factors are propelling and restraining the smart ticketing market?
- What are the demanding global regions of the smart ticketing market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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