Global Smart Ticketing Market to Be Worth $14.19 Billion by 2023
Smart Ticketing market will grow at a CAGR of 19.7% during the forecast period 2017-2023 to aggregate $14.19 billion by 2023. Increasing demand for RFID, NFC, open payment system, QR code, and barcode technology is expected to drive the smart ticketing market.
Bangalore, India, June 2, 2017 (Newswire.com) - According to Infoholic Research, globally smart ticketing has brought technological innovation in transportation, sports, entertainment, and others. Smart ticketing adoption rate is rapidly growing in the public transportation sector due to increase in demand for automated ticketing systems and rising investment activities from government bodies & smart ticketing technology adoption organizations. At present, smart ticketing players are offering solutions at affordable prices, which will increase the demand for their products. Ticketing systems such as E-ticket, E-Toll, and E-Kiosk are widely implemented in the major smart cities across the world. The market is expected to grow at a CAGR of 19.7% during the forecast period 2017–2023.
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"Globally, smart ticketing technology is evolving due to the increase in demand for the transparency solutions through which transportation, entertainment, and sports industry players are digitizing their existing ticketing systems. The technologies such as NFC, RFID, QR code, barcode, and open payment systems are enabling the smart ticketing companies to offer innovative solutions across the different industries, which provide unique automation and diversified payment options to the customers."
The smart ticketing implementation is not only limited to the transport industry, but also gaining popularity in sports, entertainment, BFSI, and healthcare. Globally, some of the sports leagues are implementing smart cards for providing smart ticketing facility for their customers. In addition, many sports clubs have enhanced partnership with IT enterprises for implementing near field communication (NFC) and radio frequency identification (RFID) through mobiles and smart cards.
Globally, land transport (road and railways); airways; and water transport industry players are moving toward the implementation of the smart ticketing technology in their business units, especially, land transports — metros, trams, buses and railways transport industry players.
In terms of regional analysis, Europe is the leading region, followed by the Americas. The European government is taking initiatives to invest in the smart ticketing system to increase their GDP growth. In addition, smart ticketing players are hugely investing in Europe as citizens in the region prefer public transportation services for travel activities. In the Americas, the transportation authorities & operators, event organizers, and sports clubs are investing in ticket machines, smart parking, and smart bill to digitalize their ticketing systems. Asia Pacific is expected to be the emerging market in the next 5 years due to increase in government investments in building smart cities.
“Globally, smart ticketing technology is evolving due to the increase in demand for the transparency solutions through which transportation, entertainment, and sports industry players are digitizing their existing ticketing systems. The technologies such as NFC, RFID, QR code, barcode, and open payment systems are enabling the smart ticketing companies to offer innovative solutions across the different industries, which provide unique automation and diversified payment options to the customers,” said D Vijaya Sai, Research Analyst at Infoholic Research
Buy the complete report on Smart Ticketing Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023
The report covers the present scenario and the growth prospects of the smart ticketing market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
The report is analyzed based on types (smart cards & mobile devices), products, verticals, and regions
The report covers the evolution of smart ticketing market, its features, advantages, and importance
The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the next forecast years (2017–2023)
The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
The report covers the implementation of smart ticketing in transportation, sports, entertainment, and others
The report covers the adoption of smart ticketing in Europe, the Americas, Asia Pacific, and MEA