Smart Ticketing Market: Current Analysis and Forecast (2022-2028)
Emphasis on 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 (parking and transportation and sports and entertainment); and Region/Country
Global Smart Ticketing Market is expected to grow at a significant rate of around 14% during the forecast period. Smart Ticketing provides contactless payment options. Additionally, it facilitates the use of a ticketing system and enables IT support to track, manage, expedite, and effectively handle incidents. Some of the main drivers propelling the market for smart tickets are smart transit systems, the enormous demand for smart ticketing from the sports, entertainment, and tourism industries, cutting-edge technology in smart ticketing systems, the rising acceptance of contactless payments, and others. Additionally, the leading players globally are attempting to develop technology, which contributes to the market’s expansion. For instance, In February 2021, Infineon Technologies launched 40 nm SLC36/SLC37 security controller platforms with high-performance 32-bit ARM SecurCore SC300 dual-interface security chips. These crypto controller platforms provide better performance and flexibility for contactless payments, ticketing, and access applications.
Xerox Holdings Corporation, Cubic Corporation, Thales Group, Rambus, Confidex Ltd, NXPsemiconductors N.V., CPI Card Group, Infineon Technologies AG, Vix Technology, Scheidt & Bachmann are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst components, hardware category to witness robust CAGR during the forecast period”
Based on components, the market is segmented into hardware and software ticketing. The hardware category is to witness a higher CAGR in the forecast period. Due to a rise in e-ticketing demand in the parking, transportation, sports, and entertainment industries, the hardware category is expected to see a higher CAGR during the projection period. IR sensors, GPS, a WI-FI module ticketer small, and other components make up the hardware. The market is expanding because of factors including simplicity of use, accessibility of customizable designs, and full availability of contactless and contact credit card device facilities.
“Amongst technology, the radio frequency identification (RFID) to hold a significant share in the market in 2020”
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. Radio frequency identification (RFID) tags are embedded into tickets or wristbands and used for identification, payment, and security. The growing popularity of the internet has also supported the market to gain lucrative growth.
“Amongst Offering, the radio frequency identification (RFID) to hold a significant share in the market in 2020”
Based on offering, the market is categorized into smart cards, ticket validators, ticketing machine, e-tool, and others. Among these, smart cards to hold a significant share in the market in 2020. It helps to go cashless and to do the payments from a distance. Moreover, it helps to maintain security against cash theft and saves time to pay for the ticket. Moreover, easy-to-carry, contactless payments, timesaving, best offers while getting an online ticket, etc. are the factors driving the growth of the market.
“Amongst application, parking and transportation to hold a significant share in the market in 2020”
Based on application, the market is categorized into parking and transportation and sports and entertainment. Among these, parking and transportation to hold a significant share in the market in 2020. With the increasing number of vehicles and population, parking and transportation have acquired lucrative growth in the market. Moreover, the populace prefers to get the safety of their car by parking the cars in specific parking slots by getting the tickets in online mode without standing in any queue and to travel comfortably by the early booking of tickets.
“Europe to hold a significant share in the market”
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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global smart ticketing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Smart Ticketing Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Smart Ticketing market were the three major steps undertaken to create and analyze the adoption of Smart Ticketing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Smart Ticketing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Smart Ticketing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Smart Ticketing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as components, technology, offering, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Smart Ticketing market. Further, we conducted factor analysis using dependent and independent variables such as various components, technology, offering, and application of Smart Ticketing. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Smart Ticketing market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Smart Ticketing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Smart Ticketing market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Smart Ticketing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Smart Ticketing market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of components, technology, offering, and application in the global Smart Ticketing market.
The main objective of the Global Smart Ticketing Market Study
The current & future market trends of the global smart ticketing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the smart ticketing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of components, technology, offering, and application.
- Define and analysis of the regulatory framework for the smart ticketing
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Smart Ticketing market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Smart Ticketing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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