SecurityWorldMarket

06/12/2018

Smart ticketing market to show strong growth

Northbrook, Il

The smart ticketing market is projected to reach USD 20.4 billion by 2023 from USD 10.1 billion in 2018, at a CAGR of 14.99% during the forecast period, according to a new research report from Marketsandmarkets. Major drivers for the market growth are cited as huge demand for smart ticketing from the travel and tourism industry, advanced technologies in the smart ticketing systems, affordable access to rapid transit with the help of smart transit systems, and an upsurge in the intelligent transportation market.

Software and services is expected to hold a larger share of the smart ticketing market based on offering. Although hardware and software components together form a smart transit system, a software interface is needed to be updated frequently to maintain compatibility with all the traditional and advanced technologies. Also, the software interface of a smart ticketing system is comparatively expensive, and it works with payment gateways and other connected systems such as smartphones and cards through servers. Therefore, a larger market share of software component is attributed to frequent alternation in the software interface, along with its high expenses and growing adoption of digital framework for public transportation.

The market for sports & entertainment is expected to grow at a higher CAGR during 2018–2023. The introduction of smart ticketing options in sports and entertainment applications makes transaction secure and convenient. Event providers are exploring their unique ideas to improve attendee’s ticketing experience by using software such as the SAP solution that engages fans and customers in real time. The giant player Amazon is making its mark in the ticketing business by announcing its global expansion of ticketing services in Europe, APAC, and the US. The trend of adopting mobile ticketing in arenas such as American Football stadiums facilitates mobile access provisions to fans while entering the arena and accepts NFC-enabled smartphones as a contactless smart card. Further, smart ticketing options can also reduce fraudulent activities and reselling of tickets outside the stadium at extortionate prices by verified e-tickets purchased from authentic team app on exclusive mobile devices.

The demand for smart ticketing in Europe is driven by the growing European tourism industry, simplified technology ecosystem, and need for the innovation of more potential ticketing systems across urban areas. The leading smart ticketing solution vendors in Europe, such as Infineon Technologies (Germany), Gemalto (Netherlands), and Giesecke+Devrient (Germany), are also increasing their presence in this market by offering integrated payment solutions through partnerships with smart ticket developers and operators. These companies are also deploying big data analytics and connected devices to track passenger travel patterns so that operators can provide customized products and services.

The analysts list some of the key players in the smart ticketing market as Cubic Corporation, Infineon Technologies, Conduent, Vix Technology, Rambus, HID Global, Gemalto, Giesecke+Devrient, Confidex  and  Inside Secure, amongst others.


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