Product Code: RP-ID-10078755 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Automotive & Transportation |
Report ID: 10078755
Market Overview:
Europe Smart Ticketing Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Europe Smart Ticketing Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
Overview:
Smart ticket, commonly known as a smart card, includes a microchip that can be used as a travel ticket. It is primarily used in the transportation industry to offer reduced waiting time and easy-to-pay options for travelers. The European land transportation industry is a significant adopter of smart ticketing as the European governments are focusing on the digitization of the public transit and sustainable transport policies.
The demand for smart ticketing in Europe is driven by growing European tourism industry, simplified technology ecosystem, and the need for the innovation of more potential ticketing systems across urban areas. The leading payment solution vendors in Europe 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 the passenger travel patterns so that operators can provide customized products and services.
The Europe smart ticketing market revenue is estimated to be $1.74 billion in 2017 and is expected to reach $5.38 billion by 2023, growing at a CAGR of 20.69% during the forecast period 2017–2023.
Market Revenue and Segmentation Analysis:
Technological advancements in smart ticketing have pushed companies to adopt technologies such as NFC, RFID, QR code, and barcode. The emergence of smartphones equipped with NFC technology has resulted in introducing the necessary infrastructure for smart ticketing across the industries. RFID technology is widely used in smart cards due to its cost-effectiveness, and it is widely accepted in sports, entertainment, and transport among other industries. QR code and barcode technologies are being adopted in events, sports clubs, buses, metro stations, and others. The open payment systems are in great demand owing to decrease the waiting time for payments across the industries. The RFID market revenue is expected to reach $2,131.1 million by 2023, growing at a CAGR of 20.2% during the forecast period.
The products segment include ticket vending machine, smart parking, smart bill, ticketing systems, and others. Ticketing machines offer diverse types of tickets to passengers according to the mode of transport; vending machines service to customers is also one of its kind. Smart parking uses sensors and ticketing systems in its parking space to determine vehicle occupancy levels. The ticketing system market revenue is valued at $852.3 million in 2017 and will grow at a CAGR of 20.9% during the forecast period.
The Europe smart ticketing market is segmented based on modes such as smart cards and mobile devices. The introduction of smart cards has minimized the usage of paper tickets in railways, buses, and others. The increase in smartphone penetration has resulted in the demand for mobile-based ticketing applications. The smart card market revenue is expected to grow at a CAGR of 20.0% during the forecast period.
The Europe smart ticketing market is segmented into following verticals: transportation, sports, entertainment, and others. The transportation industry is further segmented into land transport, air transport, and water transport. Further, the land transportation is segmented into metros, trams, buses, and railways. Many countries in Europe are deploying smart cards in various transportation modes such as land transport, rail transport, and airways. This trend is further fueled by the increase in security and safety against fraud activities. The transportation segment is expected to reach $4,377.4 million by 2023, growing at a CAGR of 20.0% during the forecast period 2017–2023.
Regions Analysis:
The market is segmented in terms of the leading countries in the smart ticketing market such as the UK, France, Italy, Russia, Germany, Spain, Poland, Netherlands, Portugal, Czech Republic, Sweden, Austria, Denmark, Norway, and Finland. The UK accounts for a significant share in the market, followed by France, Germany, Italy, Russia, and Spain. Norway, Czech Republic, and Denmark are expected to be the emerging markets, growing at a CAGR of above 22%.
Benefits and Vendors
The report contains an in-depth analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. The Europe smart ticketing market is expected to change the shape of industries by 2025 with its wide range of capabilities. The report covers an in-depth analysis of Cubic Corporation, Rambus Inc., Infineon Technologies AG, NXP Semiconductors, Xerox Corporation, Confidex Ltd., Masabi Ltd., RFID Global, CAEN RFID, and BluEpyc.
The study offers a comprehensive analysis of the “Europe Smart Ticketing” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for companies to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists in understanding the companies better and take informed decisions.
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