North America 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 North America Smart Ticketing Market
Market Report Description
The North America Smart Ticketing Market would witness market growth of 14.9% CAGR during the forecast period (2021-2027). Smart ticketing technology is not similar to conventional paper or cardboard tickets for public transport.
In the modern era, the ruling bodies are planning to deploy the technology in railway, roadway, and airways services. Smart ticketing is defined as the system that saves a ticket in an electronic format on a microchip and facilitates a smooth transportation and payment solution for consumers.
The development of smart cards for smart ticketing systems, along with the bright prospects from various applications, supports the demand for other ticketing systems, like contactless methods with the help of smartphones and the latest devices, smart wearables.
Leading smart wearable makers such as Samsung have allowed the payment through their smartwatches. The majority of the device makers are enabling the payment services through their mobile wallet payment-enabled services, like Samsung Pay, Fitbit Pay, Apple Pay, Garmin Pay, and GooglePay. Though it is true that smartwatches-enabled payments are still at the development phase, they hold a major potential in the market. These developments would help consumers to buy tickets using their wearable devices.
The accessibility and usage of the transportation system in North America are significantly changed by the outbreak of the global COVID-19 pandemic. Since March 2020, there has been a substantial dip in transportation activities across the US and Canada due to travel and public health restrictions. Public transit systems across the US suffered a massive financial burden with the sharp reduction in ridership during the global pandemic. Even with the grant of USD 25 billion offered by Congress in April 2020 through the CARES Act, transit companies were still facing a low demand. The governments have switched to the deployment of measures for protecting citizens and infrastructure, and hence, technological projects have taken a beating. Cashless payments have increased significantly in the US after the global pandemic hit the country. It is the most adopted method of payment because it requires the lowest physical interaction, thereby helps in curbing the transmission of the virus.
The US market dominated the North America Smart Ticketing Services Market by Country 2020, thereby, achieving a market value of $919.6 million by 2027, growing at a CAGR of 15.3 % during the forecast period. The Canada market is experiencing a CAGR of 18.9% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 17.9% 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 U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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