Press Release / Automotive / Smart Ticketing Market worth 10.22 Billion USD by 2022

Smart Ticketing Market worth 10.22 Billion USD by 2022

The report "Smart Ticketing Market by Product (Ticket Machine, E-Ticket, E-Kiosk), Component (Software and Hardware), System (Smart Card, Open Payment System, and Near-Field Communication), Application, and Geography - Global Forecast to 2022", The smart ticketing market is expected be valued at 10.22 Billion USD by 2022, growing at a CAGR of 7.93% between 2016 and 2022.
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Ticket machine expected to lead the overall smart ticketing market
The market for ticket machine is expected to hold the largest share of the overall market by 2022. It is a combination of a smart gating, ticket vending, and fare collection systems. It is capable of managing the flow of passengers at peak hours and maintains the generated data with a backup. It can be considered as an initiative toward smart transit systems, and it is one of the oldest forms of smart ticketing system. Hence the market for ticket machines is likely to occupy the largest market share by 2022.
The market for near-field communication systems to grow at the highest rate during the forecast period
The market for near-field communication systems is expected to grow at the highest rate between 2016 and 2022. NFC technology can easily be integrated with smartphones and can be used as a ticket while availing public transportation services. Therefore, it is believed that the convenience provided by the integration of NFC and smartphone would influence the commuters and accelerate the replacement of traditional printed ticketing with NFC. Also, the increasing use of smartphones across the globe would encourage the growth of the market for NFC systems.
Europe held the largest share of the smart ticketing market in 2015
Europe held the largest share of the smart ticketing market in 2015 owing to the presence of key players such as Gemalto NV (Netherlands), Giesecke & Devrient GmbH (Germany), Oberthur Technologies (France), ASK (France), and Infineon Technologies AG (Germany), among others. Also, the European countries such as U.K., Germany, and Sweden are early adopters of smart ticketing technology in their public transportation network which has enabled the region to gain the largest market share and expected to be the leading region during the forecast period
Some of the major players>>in this market are HID (U.S.), Gemalto NV (Netherlands), NXP Semiconductors (U.S.), Giesecke & Devrient GmbH (Germany), Infineon Technologies AG (Germany), CPI Card Group Inc. (U.S.), Inside Secure (France), Xerox Corporation (U.S.), Confidex Ltd. (Finland), Cubic Corporation (U.S.), ASK (France), and Oberthur Technologies (France), among others.