Friday, April 19, 2024

    Smart ticketing market to witness steady growth of 19% during 2020-2026

    According to a recent study from market research firm Global Market Insights, the smart ticketing market is set to grow from its current market value of more than $7.5 billion to over $20 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.

    The smart ticketing market is likely to witness healthy revenue growth owing to the favorable initiatives by government for supporting infrastructure development, wide product adoption across end-use sectors such as parking, sports & entertainment, and transportation. Smart ticketing is a system which enables electronically storing tickets in a microchip. Here, the microchip is embedded on a smart card.

    In terms of transportation, the smartcard allows public transport passengers to effortlessly travel by train, bus or trams without the need of using any traditional payment systems such as purchasing a paper ticket or cash. In fact, oyster cards or digitalized boarding passes allow customers to store the data on one device during the time of travel, rather than relying on paper tickets.

    The smart ticketing market is divided into various segments in terms of component, offering, connectivity, end-use, and regional landscape.

    With respect to component, the smart ticketing market is classified into services, software, and hardware. Among these, services segment will witness substantial demand over the coming years. Demand for technical and consultation services for efficient operation of the smart ticketing hardware and software components is being witnessed. In fact, service providers are helping to ensure the optimum performance of the system.

    Based on offering, the smart ticketing market is categorized into E-toll, smart ticketing kiosk, ticketing machine, request tracker, ticketing mobile terminals, ticket validators, smart card readers, and smart cards. Among these, ticketing mobile terminals segment is likely to witness high growth over the coming years. The segment is slated to grow since mobile ticketing allows entertainment venues, public transportation authorities, and numerous ticket suppliers to offer their customers a new as well as one of the convenient way to purchase, receive and confirm tickets from any place and at any time by simply using their mobile devices.

    With respect to connectivity, the smart ticketing market is segmented into W-Fi, cellular network, NFC, barcode, and RFID. Among these, barcode segment is likely to register the highest growth over the forecast time period. Barcoding is a technology in which customer data is encoded on the card. Barcode scanning further enables fast scanning of the encoded cards making it one of the viable options in smart ticketing.

    Meanwhile, developing network infrastructures across the globe will support robust W-Fi installations, which in turn is likely to boost the W-Fi segment growth.

    In terms of end-use, the overall smart ticketing market is bifurcated into transportation, sports & entertainment, and parking. Among these, sports & entertainment end-use segment are likely to emerge as the fastest-growing end-use segment over the coming years. Sports and entertainment venues employing advanced solutions for ticketing to speed up operations will further contribute towards market growth.

    From a regional frame of reference, the growth of the Latin America smart ticketing market can be attributed to factors like favorable initiatives by government for supporting infrastructure development and improvements in economic conditions in the region.

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