Asia Pacific Smart Ticketing Market By Component (Hardware, Software and Services), By Application (Parking & Transportation and Sports & Entertainment), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Asia Pacific Smart Ticketing Market
Market Report Description
The Asia Pacific Smart Ticketing Market would witness market growth of 16.4% CAGR during the forecast period (2021-2027). Smart ticketing is one of the advance innovations took place in the ticketing system in the transportation, sports, and entertainment sectors.
Smart tickets provide a cost-efficient and effective method to the people for operating their travels in public transport. In addition, passengers can also charge up credit amounts in their tickets prior to their travel. In case of theft or loss of the smart ticket, the users can regain and transfer the amount to another smart card, thus making it a more simple and safe ticketing application for travellers.
The combination of innovative technologies like smartphones, virtual reality, maps, wearables, contactless smart cards, and Artificial Intelligence (AI) in the travel and tourism sector has helped the nations like India, China, Singapore, in significant economic growth. These smart technologies assist this sector to deliver a wide range of services, which can grab the attention of travellers around the globe. There are many transportation authorities in different regions like APAC that complements the growth of the travel & tourism sector by controlling some ambitious projects to reinforce the adoption of smart ticketing systems.
The transport connectivity in APAC witnessed a strong impact due to the COVID-19 pandemic. Numerous government bodies faced massive challenges that allow undetermined and imposing wrenching trade-offs. The COVID-19 pandemic has disrupted the majority of the economies like India, China, Australia, and Japan. The number of countries that imposed travel bans became double in March 2020, resulting in a drastic dip in passenger demand in the transportation industry. With an aim to overcome these challenges, governments have adopted various measures and undertook numerous initiatives in order to curb the transmission of the virus. In China, every type of fare and toll collection has halted. It has adopted no-stop, no-check, and toll-free guidelines for vehicles deployed in emergency activities and food supply chains.
The China market dominated the Asia Pacific Smart Ticketing Software Market by Country 2020, thereby, achieving a market value of $710.4 million by 2027. The Japan market is showcasing a CAGR of 16.4% during (2021 - 2027). Additionally, The India market is poised to witness a CAGR of 17.7% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Based on Application, the market is segmented into Parking & Transportation and Sports & Entertainment. Parking & Transportation Type is further bifurcated across Roadways, Railways and Airways & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy AB, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Parking & Transportation
- Airways & Others
- Sports & Entertainment
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Siemens AG
- Thales Group S.A.
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Hitachi, Ltd.
- IDEMIA SAS (Advent International, Inc.)
- Assa Abloy AB
- Giesecke & Devrient GmbH
- Confidex Ltd.
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