The Europe smart ticketing market revenue to reach $5.38 billion by 2023
Growing European tourism industry, simplified technology ecosystem, and the need for innovation of more potential systems are expected to drive the market.
BANGALORE, India – 21st February 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Europe Smart Ticketing Market: Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023” (February 2018).
According to Infoholic Research,the European smart ticketing industry is witnessing rapid growth in recent years. Increasing smartphone penetration rates in the region is expected to further drive the industry growth. The improving investments for digitization of the transportation industry by European governments are expected to increase the penetration of smart cards in the respective countries. Europe accounts for more number of metro stations when compared to other regions. Furthermore, the transportation modes such as buses, railways, tram, and others are also well developed. The high smartphone penetration in the region, growing tourism industry, and wide availability of technology infrastructure are driving the smart ticketing market growth in Europe.
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The Europe smart ticketing market revenue is estimated to grow at a CAGR of 20.69% during the forecast period 2017–2023.
The technologies used in the smart ticketing market include NFC, RFID, QR Code, Open Payment Systems, and Barcode. RFID and NFC technologies are expected to account for over 74% of the technology segment’s revenues by 2023, followed by QR code, open payment systems, and barcode technologies. RFID technologies are driven by the affordability of RFID-enabled cards, improved visibility in ticket processing, easy tracing of the user spending patterns, improved speed of tracking, and others. The NFC technology is predicted to account for over 34% of the market share in 2017, and is expected to grow at a CAGR of 20.0% during the forecast period 2017–2023. QR code and barcodes have also become the leading technologies in the market, which are largely being adopted in events, sports clubs, buses, metro stations, trains, and others. Open payment systems are in high demand and expected to integrate into all types of smart tickets to make them useful for payments across the city transportation systems.
The products segment include ticket vending machine, smart parking, smart bill, ticketing systems, and others. Ticketing systems are popularly used across the verticals to enable more efficient ticketing transactions. The ticketing systems are expected to account for over 50% of the segment’s revenue by 2023, growing at a CAGR of 20.9% during the forecast period 2017–2023. The ticketing machines are expected to reduce their market share from 32.8% in 2017 to 28.1% by 2023 owing to the reducing hardware prices. The penetration of ticketing systems is supposed to be driven by increasing public transit mediums. In smart parking, smart cards are widely used in off-street parking systems; and on-street parking systems are largely dominated by NFC payments with the use of a smartphone. Smart billing includes NFC-enabled payments using wearable devices. The smart billing segment is expected to grow at a CAGR of 25.2% during the forecast period 2017–2023.
The Europe smart ticketing market is segmented based on modes such as smart cards and mobile devices. The smart card has become a significant transit medium for the European public transit users, and it is growing on par with the connectivity of metro transit. The UK, Spain, France, and Russia among other countries are large adopters of smart cards owing to the high rate of metro connectivity. The increase in the demand for mobile-based ticketing applications and mobile wallets will directly impact the Europe smart ticketing market. 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 the following verticals: transportation, sports, entertainment, and others. The transportation industry is segmented into land transport, air transport, and water transport. Further, the land transport is segmented into metros, trams, buses, and railways. The land transportation accounts for over 85% of the revenue, which is expected to grow at a CAGR of 19.6% during the forecast period, followed by sports and entertainment.
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The market is segmented in terms of 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, France, Germany, Italy, Russia, and Spain are expected to be the large adopters of smart parking solutions. Norway is expected to be the emerging market, growing at a CAGR of 27.6% during the forecast period 2017–2023; followed by Czech Republic and Denmark, which are expected to grow at a CAGR of 22% during the forecast period.
“Europe is expected to surpass other regions in terms of innovation and smart ticketing market size. The local government authorities are expected to drive the market owing to the need for building smart transportation systems in the smart cities. The smart ticketing revenues are expected to become an alternative revenue source for the transportation service operators in the region. However, integration of payment solutions with smart cards and using them to make transactions for several transportation purposes are the challenges ahead.” Srujan, Research Analyst at Infoholic Research
The report covers the present scenario and the growth prospects of the Europe smart ticketing market during the forecast period 2017–2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on types, products, technologies, countries, and
- The types include smart cards (contactless and contact cards) and mobile devices.
- The products include ticketing system, ticketing machine, smart parking, smart bill, and others.
- The technologies include NFC, RFID, open payment system, QR code, barcode, and others.
- The verticals segment include transportation (land transport: metros, trams, buses, and railways; air transport, and water transport), sports, entertainment, and others.
- The report covers the information about 15 major countries in Europe.
- The report also covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023).
- It also contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategies, and views.
- The report covers competitive landscape, which includes mergers & acquisitions, joint ventures & collaborations, and competitor comparison analysis.