Comprehensive Report on Global Smart Ticketing Market by Knowledge Sourcing Intelligence
INTRODUCTION
Smart Ticketing
market is valued at US$5.311 billion in 2017 and is projected to expand at a
CAGR of 11.05% over the forecast period to reach US$8.970 billion by 2022. This
research study examines the Smart Ticketing market on the basis of various
segments - by product, component, system, application, and geography. Furthermore, the
increasing adoption of cashless modes of payment will also fuel the demand for
these solutions in industries such as sports and entertainment.
Geographically,
Europe is estimated to hold a significant share in the market owing
to the early adoption of the technology, while the market in the Asia Pacific region is projected to witness many growth opportunities owing to the growing
penetration of internet and online services in budding economies such as India
and China. Market Research is done by
the knowledge sourcing industry due to the huge scope with the respective
industry.
Sample
view of global smart ticketing market share
Global Smart Ticketing Market by Application
By
Application, the global smart ticketing market is segmented as
transportation, entertainment, and others. Smart ticketing is a system that electronically
stores tickets on a microchip, which is then usually embedded on a smart card.
Transportation segment was estimated to hold a significant market
share in 2017 owing to the expanding tourism sector and increasing
cashless transactions around the globe. In addition, the entertainment sector
is expected to grow at a significant rate during the forecast period on account
of the rapid digitalization of ticket booking platforms in entertainment
applications. Increasing investments in the entertainment ticketing business
by major market players like Amazon and Live Nation is expected to boost
the market in the coming years.
Sample
view of global smart ticketing market share
Transportation
The global smart
ticketing market for transportation application is projected to grow at a CAGR
of XX.XX%, rising from US$XX.XX billion in 2017 to US$XX.XX billion in 2023.
Smart ticketing systems are widely accepted in the transportation
sector owing to an upsurge in the smart transportations
systems. Digitalization is increasingly being integrated into our
everyday lives and numerous routine tasks. Rapid urbanization and rising
government initiatives in developing countries towards the digitalization of
the economy is also expected to drive the growth of the market. For
instance, the government of the United Kingdom invested
nearly £80 million on smart ticketing rail revolution in 2017, aimed
at ensuring that every passenger has the choice of traveling without
a paper ticket and to provide mobile barcode ticketing on every rail franchise
in Great Britain. Furthermore, expanding the tourism sector is also expected to be
one of the driving factors for the growth of the market during the forecast period
as the transport authorities are increasingly focusing on improving the
customer’s experience. According to The World Bank, international tourism
number of arrivals in Italy has increased from 46119 thousand in 2011 to 58253
thousand in 2017.
The transportation sector is suited to smart payments due to the increasing
frequency of transactions and rising passenger demand for efficiency and
convenience. Furthermore, as payment technology advances, so have the
smart ticketing systems, as a result of which, the
passengers are often able to buy either traditional cards or store a
digital version of it on their smartphones. With increasing, penetration of
smartphones and advancement in the field of smart ticketing
technology, the demand for smart ticking is expected to increase during
the forecast period. Moreover, growing passenger preference towards
cashless transactions is further expected to create ample opportunities for
vendors and manufacturers in the coming years. The number of cashless
transactions per capita globally grew by nearly 73% in the three-year period
between 2012 and 2015 (Source: The World Bank).
By Region
Among the various
geographies, Europe, Middle East, and Africa are expected to hold significant
market share and on account of increasing tourism, growing investments in
transportation infrastructure, and rising number of
cashless transactions in the region. For instance, The European
Commission has launched a new and innovative way to finance transport and
proposed €1 billion investment in 2017 to boost the transport connectivity in
the region. Asia Pacific region is likely to witness a providential
growing demand for smart ticketing owing to rapid urbanization and increasing
government initiatives towards the digitalization of the economy.
Global Smart Ticketing Market by Geography
By geography,
the global smart ticketing market is segmented as Americas, Europe Middle East
and Africa, and Asia Pacific. The Europe smart ticketing market is
estimated hold a significant share on account of early adoption of technology
and growing preference for payments made with non-cash instruments.
Simultaneously, the focus on reducing cards fraud and the expected proliferation of contactless payment methods is projected to drive the Americas
smart ticketing market while the growing focus on improving the confidence of
individuals on digital payments in developing countries like India, and Vietnam
among others is projected to drive the smart ticketing market in Asia
Pacific.
Sample
view of global smart ticketing market share
North America
The proportion
of cash transaction has been falling in the United States steadily
over the years, even though it is still one of the most preferred
methods of payment in the country. In fact, the number of card transactions has
increased from 4.65 billion in 2012 to 6.48 billion in 2017 while the value of the card
transactions rising from US$83.4 trillion to US$123.5 trillion during
the same period (source: Board of Governors of the Federal Reserve
System), with the growth in the use of the credit cards
increasing significantly. Simultaneously, the contactless payment method is projected
to grow at an exponential rate in the United States, which is expected to
increase the convenience of the individuals. In fact, it is estimated that
there will be more than 100 million Visa contactless payments to be
issued by the end of 2019. The shift towards the non-cash payments in the United States provides an opportunity for the smart ticketing solution
providers to meet the rising consumer demands and thus generate
higher revenues and profits.
Moreover,
there is a rise in investments in the United States to improve the
transport infrastructure. In August 2017, Masabi announced that it
will be providing mobile ticketing services for Sonoma-Marin Area Rail Transit
in the state of California, United States. Similarly, in 2017, the largest
provider of intercity bus transportation in North America, Greyhound Lines,
Inc. launched the nationwide e-ticketing access on its IOS mobile
application.
The North
America smart ticketing market is estimated to grow at a CAGR of XX% to reach a
market size of US$XX.XX billion in 2023 from US$XX.XX billion in 2017.
Simultaneously, in Canada, the use of smart ticketing solutions has been
increasing as well. For instance, in 2017, the Carleton
University announced its plans of changing its U-Pass into smart cards which
have an embedded technology that will allow it to be tapped at a fare gate
or smart card reader on buses. Similarly, Transit Windsor- the provider of
public transportation in the city of Windsor, Ontario have recently announced
its intention of changing its bus passes with the smart cards.
By Product
In the Americas
region, the market for e-kiosk is projected to hold a significant share on
account of the growing trend of in-stores automation caused by rising
labor costs and relatively cost-effective implementation of the new
technology. For instance, McDonald’s in the United
States is installing touch-screen ordering kiosk on its stores
nationwide, with the plan of installing self-serving kiosks in
all its United States locations by 2020. Simultaneously, the demand
for e-ticket solutions is increasing rapidly in the region, with the
market estimated to grow at a CAGR of XX.XX% to reach US$XX.XX billion by
2023 from US$XX.XX billion in 2017 on account of their ability to
improve an individual’s convenience while reducing the operations cost for the
service providers. In January 2017, Masabi launched
its JustRide Express solution– a mobile ticketing system for small and
mid-sized transit agencies in the United States, Canada, United Kingdom,
Australia, and Ireland.
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