The Latin America, Middle East and Africa Smart Ticketing Market would witness market growth of 18.8% CAGR during the forecast period (2021-2027). In recent years, smart tickets have gained high popularity as a replacement to conventional paper-based ticketing due to the high significance of the digitalization of ticketing processes. By abolishing the need to wait in a queue to purchase a ticket, smart tickets can save the time of a passenger. Compatible with smartcards as well as apps on mobile phones, the technology transformed substantially and appeared as a better option over paper tickets.
Brazil, Chile, Ecuador, Mexico, and Panama are among the top five most affected countries of Latin America as of March 2020. There are maximum numbers of COVID-19 positive cases among these countries in the region. In the Middle East, countries like UAE, Bahrain, Iran, and Kuwait had witnessed a huge number of infected cases because of the mass gatherings and high tourism. In Africa, there were a low number of COVID-19 positive cases due to the less international travel and tourism in comparison to the developed countries. The pandemic has an adverse impact on tourism and overall efficiency in countries because of the travel and safety restrictions. It is anticipated that these nations would see social and economic impacts in the next few years and affect the growth of the market in the region.
The Hardware market dominated the South Africa Smart Ticketing Market by Component 2020, thereby, achieving a market value of $110.7 million by 2027. The Software market is estimated to grow at a CAGR of 20.4% during (2021 - 2027). Additionally, The Services market is expected to witness highest CAGR of 21.6% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Smart Ticketing Market is Predict to reach $21.1 Billion by 2027, at a CAGR of 15.6%
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.
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