Smart Ticketing Market to Exceed USD 12 billion by 2026 at CAGR of 8.31% - Profshare Market Research

New York, New York, UNITED STATES

NEW YORK, April 04, 2018 (GLOBE NEWSWIRE) -- Smart Ticketing Market is expected to reach USD 12.22 billion by 2026 at CAGR of 8.31%. Smart ticketing system includes entitlement to travel i.e. ticket is stored electronically on a microchip rather than being printed on a paper ticket. In most smart ticketing systems, the microchip on which a ticket is stored is embedded in a smartcard. Hence, smart ticketing schemes are often known as smartcard schemes, although smart ticketing scheme includes far more functionality than the smartcard. Smart ticketing uses the Government backed Integrated Transport Smartcard Organization (ITSO) specification to allow seamless travel between, and within, cities and regions with different modes of transport. 

The key benefits of smart ticketing include:

• Allowing passengers to load tickets or credit in advance of travel, speeding up boarding times and reducing queuing.
• Fraud and security. Smart tickets are far harder to replicate and can be electronically ‘killed’ the moment they are reported lost or stolen with any remaining balance refunded.
• Operators will be able to run their own loyalty schemes and offer ticket types to suit individual customers’ needs.
• The ability to top-up some smart products on bus or at a designated location.

North America leading the Market with highest number Smart Ticketing system installed in 2017. Europe has shown tremendous growth as more public transportation systems are adapting Smart Ticketing software technique. In UK government has announced investment of USD 112.12 millions to introduce smart ticketing across England and Wales by the end of 2018. This will deliver every passenger will have the choice of travelling without a paper ticket by the end of 2018, mobile barcode ticketing will be rolled-out on every rail franchise in Great Britain, passengers will be able to have smart cards hosted on their mobile phone – like a digital travel card – with a pilot of this technology expected in the next 4 months. Asia- Pacific, Africa and Middle east Smart Ticketing Market is expected to grow at constant rate. 

In smart ticketing system is most integral and important component. The software interface of a smart ticketing system is comparatively expensive, and it is integrated with payment gateways as well with devices such as smart phones and card readers through servers. Hence, this software requires regular updating which increases the overall costing of system. In terms of application, the railways and metros has successfully adapted smart ticketing system with high number of transaction. Smart ticketing system is also getting adopted in airlines system with advantage of allowing airport authority to handle the critical operations at peak hours.

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Smart Ticketing Market: Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Smart Ticketing Market:
• HID (U.S.)

• Gemalto NV (Netherlands)

• NXP Semiconductors (U.S.)

• CPI Card Group (U.S.)

• Cubic (U.S.)

• Xerox (U.S.)

Smart Ticketing Market: Ticket System

• Ticket Machine

• E-Ticket

• E-Kiosk

• Smart Parking System

• E-Toll

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Smart Ticketing Market: System Components

• Software
• Hardware 

Smart Ticketing Market: Applications

• Railways and Metros

• Sports and Entertainments

• Buses

• Airlines

Smart Ticketing Market report delivers comprehensive analysis of:

• Market Forecast for 2018-26
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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