Europe Smart Ticketing Market to Grow at a Brisk Rate During Forecast Period
Rising travel and tourism and digitization of the public
transit are propelling the growth of the Europe smart ticketing market during
the forecast period
According to
TechSci Research report, “Europe
Smart Ticketing Market By Offering, By Application, By Connectivity, By Revenue Channel, By Region, Competition,
Forecast & Opportunities, 2024”, the Europe smart ticketing market
is expected to witness a robust CAGR of close to 20% during the forecast period
on the account of rapidly growing European tourism industry, simplified
technology ecosystem and the requirement for the innovation of more advanced
ticketing systems especially across urban areas. Moreover, the European
governments are shifting their focus towards the digitization of the public
transit and sustainable transport policies, thereby boosting the adoption of
smart ticketing by European land transportation industry, which is anticipated
to drive the market growth in the years to come. However, factors such as high
transaction time for smart card featuring when compared to paper ticket coupled
with difficulty in organizing and managing the whole system can act as major
impediments to the market during the forecast period.
In
terms of application, the Europe smart ticketing market is fragmented into transportation
(roadways, railways, airways) and sports & entertainment. Among them, the
sports & entertainment sector is estimated to dominate the market during
the next 5 years owing to extensive use of smart ticketing in sports and
entertainment industries for effortless, convenient and secure bulk ticketing.
Apart from this, smart ticketing option is anticipated to reduce fraudulent
activities such as reselling of tickets outside the stadium at an excessively
high price, which is projected to boost the growth of this segment over the
coming years.
Based
on connectivity, NFC is expected to show prominent growth over the coming years
on account of emergence of smartphones which are equipped with near field
communication technology that has resulted in introduction of necessary
infrastructure for smart ticketing across various industries.
Infineon
Technologies AG, Giesecke+Devrient GmbH, Scheidt & Bachmann, Inside Secure,
Indra Sistemas, Paragon ID and Cityway etc. are some of the leading players
operating in Europe smart ticketing market.
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“The Europe
smart ticketing market is growing rapidly due to the presence of leading smart
ticketing solution vendors such as Infineon Technologies, Gemalto and
Giesecke+Devrient that are focusing on increasing their geographic presence
through integrated payment solutions by doing partnerships with smart ticket
developers and operators. In addition to this, these major market players are
deploying big data analytics and connected devices to track passenger travel
patterns to provide customized products and services, which is projected to
spur the market growth in the region through 2024.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Europe Smart Ticketing Market By Offering, By
Application, By Connectivity, By Revenue
Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Europe
smart ticketing market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in Europe smart
ticketing market.
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