LONDON--(BUSINESS WIRE)--#GlobalSmartTicketingMarket--The global smart ticketing market is expected to post a CAGR of nearly 13% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Factors such as the growth of budget airlines and the rise in the number of double-income households have increased consumer spend on travel and leisure activities. In addition, the stability of fuel prices, improved connectivity in many destinations, and the presence of well-developed road and rail infrastructure in many developed and developing countries have increased the preference for public transportation for long-distance routes. This has increased the demand for tickets, which is encouraging transport owners to adopt smart ticketing to help travelers reduce waiting time and avoid long queues. These factors are fueling the growth of the global smart ticketing market.
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As per Technavio, the introduction of the biometric ticketing concept will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Smart Ticketing Market: Introduction of Biometric Ticketing Concept
Vendors in the market are focusing on the development of biometric ticketing to help secure identification, authentication, and access control. Biometric authentication reduces the possibility of fake and duplicate tickets. China is introducing smart ticketing systems in subways that enable passengers to pay their fares with a facial recognition scan. Several baseball stadiums are also adopting biometric scans to provide entry without the need for physical or digital tickets. The rising emphasis on the development of biometric ticketing is expected to have a positive impact on the growth of the market during the forecast period.
“The use of blockchain in ticketing systems and the rising popularity of smart stadiums are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Smart Ticketing Market: Segmentation Analysis
This market report segments the global smart ticketing market by geography (APAC, Europe, North America, MEA, and South America) and application (transportation and sports and events).
The European region led the market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to maintain its dominance over the global market. This is due to initiatives launched by European countries to adopt smart ticketing systems.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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