Europe Smart Ticketing Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023
The Europe Smart Ticketing Market 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.
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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 travellers. 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 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.
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 includes 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.
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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 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.
Table of Content (TOC):
Chapter 1 Introduction and Overview
Chapter 2 Industry Cost Structure and Economic Impact
Chapter 3 Rising Trends and New Technologies with key players
Chapter 4 Global Europe Smart Ticketing Market Analysis, Trends, Growth Factor
Chapter 5 Europe Smart Ticketing Market Application and Business with Potential Analysis
Chapter 6 Global Europe Smart Ticketing Market Segment, Type, Manufacturers
Chapter 7 Global Europe Smart Ticketing Market Analysis (by Application)
Chapter 8 Major Key Vendors Analysis of Europe Smart Ticketing Market
Chapter 9 Development Trend of Analysis
Chapter 10 Conclusion
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