CHICAGO, April 8, 2021 /PRNewswire/ --According to a new market research report "Smart Ticketing Market by Component (Hardware, Software, and Services), Application (Parking and Transportation (Roadways, Railways, and Airways), and Sports and Entertainment), Organization Size, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Smart Ticketing Market size is projected to grow from USD 7.2 billion in 2020 to USD 16.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period.
The Smart Ticketing Market is gaining traction due to affordable access to rapid transit with the help of smart transit systems, huge demand for smart ticketing from sports, entertainment, and tourism industries, advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies.
Hardware segment to account for largest market share during the forecast period
Hardware segment accounts for the largest market share during the forecast period. Major hardware components of the smart ticketing system include ticketing mobile terminals/ticket machines, readers, and validators. Many transit projects are implemented to expand and improve public transportation services. Smart card programs for transportation ticketing are deployed in many countries. As transit operators are deploying new contactless ticketing systems, there is an increasing demand for contactless payment readers and validators. The popularity of using wearable devices to pay fares for sports and other entertainment events is also rising.
Sports and Entertainment segment is expected to grow at the highest CAGR during the forecast period
Sports and Entertainmentis expected to exhibit a higher CAGR during the forecast period. Event providers are exploring their unique ideas to improve the ticketing experience of attendees 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 the ticketing business by announcing its global expansion of ticketing services in Europe, APAC, and the US. The trend of adopting mobile ticketing in arenas such as American Football stadiums facilitate mobile access provisions to fans while entering into the arena and accepts NFC-enabled smartphones 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.
Europe region holds the largest market share in the Smart Ticketing Market in 2020
Europe is expected to hold the largest market share during the forecast period. Western European countries such as the UK, Germany, and France which have well-established transportation infrastructure, and several transportation operators in the region use smart ticketing solutions across bus and rail services. European countries have been investing majorly in the modernization and upgradation of rail infrastructure as the dynamics of the rail industry in Europe is changing rapidly with new passenger management systems. Europe has been hosting many international sporting events, such as 2019 Cricket World Cup (England and Wales) and 2019 FIFA Womens World Cup (France). To comply with the standard ticketing requirements for hosting these events, countries and respective sports associations deploy various advanced smart ticketing technologies.
Key and innovative vendors in the Smart Ticketing Market include ACT (England), Atsuke (France), Cammax (England), Conduent (US), Confidex (Finland), Corethree (England), Cubic (US), Flowbird Group (France), Giesecke+Devrient (Germany), HID Global (US), Hitachi Rail (Italy), IDEMIA (France), Indra (Spain), Infineon Technologies (Germany), INIT (Germany), LIT Transit (Slovenia), Masabi (England), NXP Semiconductors (Netherland), PayiQ (Finland), Scheidt & Bachmann (Germany), SecuTix (Switzerland), Siemens (Germany), Thales (France), Ticketer (England), and Xerox (US).
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