Published on: May 2022
Exploring the various faces of the Account Based Ticketing Industry
During the projection period, the global smart ticketing market is expected to develop at a Compound Annual Growth Rate (CAGR) of 14.5 percent, from USD 7.2 billion in 2020 to USD 16.2 billion in 2026. Because of affordable access to rapid transit through smart transit systems, enormous demand for smart ticketing from the entertainment, sports, and tourism industries, rising adoption of contactless payments, advanced technologies in smart ticketing systems, rise in the intelligent transport industry, and growing adoption of wearable technologies, the smart ticketing market is gaining traction.
The influence of COVID-19 on the smart ticketing business
The COVID-19 epidemic has substantially altered the accessibility and utilization of North America's transportation system. Travel and public health limits have resulted in a significant slowdown in transportation activity in the United States and Canada since March 2020. The sharp drop in ridership during the crisis has put public transportation networks across the United States in serious financial trouble. Even with the USD 25 billion infusion authorized by Congress through the CARES Act in April 2020, transit agencies were still experiencing a shortfall. Governments' attention has turned to the adoption of measures to protect individuals and infrastructure, and as a result, innovation projects have suffered. Mobile payments have surged in the United States since the start of the pandemic. It is the preferred mode of payment because it needs little physical interaction, which helps to prevent the virus from spreading.
Why is Europe so severely affected?
Europe is the most severely damaged region on the planet. As Italy struggled to deal with an increase in the number of deaths, governments around Europe enacted increasingly harsh regulations to ensure that their residents stayed at home. Several restrictions have had a significant impact on the transportation business, resulting in significant revenue losses. Following the lifting of the lockdown restrictions and the reopening of enterprises, public transportation riders began functioning for persons working in critical industries like healthcare and the food supply chain. They had to maintain a tight physical distance, which resulted in fewer passengers on buses and trains. Many countries provided minimal transportation services even after more limitations were loosened.
Covid-19 and its impact on the Account Based Ticketing market
The COVID-19 epidemic has had a significant impact on APAC's transportation infrastructure. It has presented a significant problem for government agencies, introducing unknowns and forcing painful trade-offs. Most economies, including China, India, Japan, and Australia, have slowed as a result of the COVID-19 pandemic. In March 2020, the number of nations implementing travel restrictions more than doubled, resulting in a significant drop in passenger demand in the transportation sector. To address these issues, governments in the region have begun to implement a number of efforts aimed at halting the pandemic's spread. Toll and fare collection in China has come to a halt. Vehicles bringing emergency supplies and vital personnel are subject to a no-stop, no-check, and toll-free regime.
Brazil, Chile, Ecuador, Mexico, and Panama were the top five nations in Latin America afflicted by the COVID-19 pandemic as of March 30, 2020. In the region, these countries have the largest number of COVID-19-infected cases. Countries such as the UAE, Iran, Bahrain, and Kuwait have seen a significant number of positive cases in the Middle East due to large gatherings and increased tourism. Positive instances are rare in Africa due to lower international travel and tourism than in developed countries. Due to travel and safety restrictions, the pandemic has a severe impact on tourism and general productivity in countries. In the long run, these countries are projected to experience social and economic consequences, which would have an impact on regional market growth.
Key Players in the Market
The market potential, industry dynamics, and leading vendors participating in the smart ticketing market are all discussed in this research report.
In the smart ticketing market, key and innovative vendors include
The research offers a comprehensive competition analysis of these top competitors in the smart ticketing industry, including company biographies, recent developments, and important market strategies.
This research report categorizes the smart ticketing market to forecast revenue and analyses trends in each of the following submarkets:
Based on Components:
Based on Application:
Based on Organisation size:
Based on regions:
The Advantages of Purchasing the Report from Industry Data Analytics
The research would give market leaders/new entrants in this market information on the revenue numbers for the entire smart ticketing market and its subsegments that are the closest approximations. It would aid stakeholders in better understanding the competitive landscape and gaining additional insights into how to position their company and develop appropriate go-to-market strategies. It also assists players in gaining a better understanding of the industry's pulse by providing data on major market drivers, restraints, challenges, and opportunities.
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