Smart Ticketing Market Size Worth $33.7 Billion by 2026 | CAGR: 14.9%: Grand View Research, Inc.

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10 Dec, 2019, 11:05 GMT

SAN FRANCISCO, Dec. 10, 2019 /PRNewswire/ -- The global smart ticketing market size is expected to reach USD 33.7 billion by 2026, registering a CAGR of 14.9% from 2019 to 2026, according to a new report by Grand View Research, Inc. Increase in demand for smart ticketing solutions in the travel and tourism industry owing to its ease of use and convenience, and growing reliance on online transactions are expected to drive the market over the forecast period. In addition, upsurge in intelligent transportation systems across the globe is further fueling the market growth.

Key suggestions from the report:

The software component segment is expected to witness significant growth over the forecast period owing to increased demand for payment gateways and other connected systems such as cards through servers and smartphones.
An e-ticket offers various advantages such as flexibility, security, and convenience for both transport agencies and travelers, which would encourage them to adopt these solutions.
Smart card systems enable transport service providers to reduce cash flows and implement flexible tariffs. These systems provide the added benefit of convenience as the fare payment can easily be made at the customer's point of entry into the transit system; for example, at the subway gate or before boarding a bus. As a result, smart card systems are widely adopted by transport service providers across the globe.
The sports and entertainment segment is expected to register the highest growth rate over the forecast period. Increase in adoption of verified e-tickets procured from authentic apps on mobile devices helps lessen fraudulent activities and resale of tickets online or outside an event venue at inflated prices.
The growth of the Europe market is attributed to the thriving tourism industry, continuous innovations of these systems and their adoption in urban areas, and simplified technology ecosystem in the region. In U.K. for instance, the National Rail has incorporated a range of technologies such as platform and ticket validators at their train stations that enable the use of these systems.
Smart ticketing market key players include CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.; Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and NXP Semiconductors.

Read 150 page research report with ToC on "Smart Ticketing Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Product (E-Ticket, Smart Parking System), By System, By End Use, By Region, And Segment Forecasts, 2019 - 2026'' at: https://www.grandviewresearch.com/industry-analysis/smart-ticketing-market

Smart transit systems allow passengers affordable access to rapid transit systems, also known as metro or subway. These systems store a ticket electronically on a microchip, which is embedded onto a smart card. This allows passengers to load or credit it in advance for their travel, reducing the time spent in queues and speeding up the boarding process. Public transportation authorities across the globe are emphasizing on implementing these systems to reduce traffic in congested city areas and to deliver solutions that are environment-friendly. Numerous public transportation agencies are promoting the use of these solutions as they are easy to use, reliable, and more secure as compared to traditional magnetic stripe cards or tickets. These solutions are also highly durable and have a longer life span than their traditional paper counterparts.

Continuous innovations take place in this field with the view to improving customer experience. For instance, the South Western Rail in U.K. launched Tap2Go, which removes the need for customers to buy a ticket before their journey. Passengers touch their card at the gates and validators at the start and end of their journey. The system then calculates the best fare and the payment is deducted from their account the day after their travel. It is also linked to PayPal to make transactions easier.

These solutions offer high operational efficiency and increased security against fraud, which, in turn, is expected to contribute to the market growth over the forecast period. Moreover, these solutions require low maintenance compared to systems that use magnetic stripe technology. Furthermore, these smart solutions allow quick payment transactions and offer passengers with flexible travel options such as part-time season passes or carnets. This is subsequently expected to drive the demand for these solutions over the forecast period.

Grand View Research has segmented the global smart ticketing market based on component, product, system, end use, and region:

Smart Ticketing Component Outlook (Revenue, USD Billion, 2015 - 2026)

Hardware
Software
Service

Smart Ticketing Product Outlook (Revenue, USD Billion, 2015 - 2026)

E-kiosk
E-ticket
E-toll
Request Tracker
Smart Parking System
Ticket Machine
Ticket Validators
Others

Smart Ticketing System Outlook (Revenue, USD Billion, 2015 - 2026)

Open Payment System
Smart Card
Near-field Communication

Smart Ticketing End-use Outlook (Revenue, USD Billion, 2015 - 2026)

Parking
Sports & Entertainment
Transportation
Others

Smart Ticketing Regional Outlook (Revenue, USD Billion, 2015 - 2026)

North America

U.S.
Canada

Europe

U.K.
Germany

Asia Pacific

China
India
Japan

Latin America

Brazil

Middle East & Africa

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

Smart Robots Market – The global smart robots market size was valued at USD 3.44 billion in 2017. It is estimated to expand at a CAGR of 22.4% during the forecast period.
Smart Retail Market – The global smart retail market size was estimated at USD 10.74 billion in 2017. It is expected to register a CAGR of 23.9% from 2018 to 2025.
Smart Cards Market – The global smart cards market size was estimated at USD 7.19 billion in 2015 and is expected to gain momentum over the forecast period.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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