Smart ticketing is a system that electronically stores a travel ticket on a microchip which is then embedded on a smartcard. A smartcard allows passengers of public transport to seamlessly hop on and off buses, trams or trains without using traditional payment systems like purchasing a paper ticket. It is a paper free solution and an easier way to maintain a travel ticket. Ticket machine is the oldest form of smart ticketing and supports in managing and maintaining flow of passengers during peak hours.
MARKET SCOPE
The "Global Smart Ticketing Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart ticketing market with detailed market segmentation by component, product type, end use, and geography. The report provides key statistics on the market status of the leading smart ticketing market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global smart ticketing market is segmented into hardware, software, and services.
- On the basis of product type, the market is segmented into ticket machine, E-Ticket, E-kiosk, request tracker, and others.
- Based on end use, the market is segmented into transportation, sports and entertainment, and others.
MARKET DYNAMICS
Drivers:
- The smart ticketing market is anticipated to grow owing to driving factors such as advanced technologies in the smart ticketing systems, rising demand for smart ticketing from travel and tourism industry, affordable access to rapid transit through the help of smart transit systems, and increase in the intelligent transportation market. The increased number of cashless transactions is likely to augment the demand for smart ticketing in the next years.
Restraints:
- High initial cost may hinder the growth of the smart ticketing market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart ticketing market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart ticketing market in these regions.
IMPACT OF COVID-19 ON SMART TICKETING MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the smart ticketing market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart ticketing market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart ticketing market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Confidex Ltd
- INDRA SISTEMAS S.A.
- INFINEON TECHNOLOGIES AG
- Journeo plc
- Masabi Ltd
- Paragon Group Limited
- Rambus.com
- Scheidt & Bachmann GmbH
- Ticketer by Corvia Ltd.
- Vix Technology.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.