LONDON--(BUSINESS WIRE)--The global mobile ticketing market in the transportation sector is expected to generate a revenue of close to 13 billion by 2021, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global mobile ticketing market in the transportation sector for 2017-2021. The market is further categorized into three segments based on technology, which includes, QR codes and barcodes, NFCs, and others. The QR codes and barcodes segment accounted for more than 45% of the market share in 2016.
“The increased adoption of ticketing solutions in the transportation sector has improved passenger flow, eliminated the cost of paper tickets, enhanced electronic payments, and increased merchant and transit business opportunities,” says Amit Sharma, a lead enterprise application research expert from Technavio.
Technavio’s ICT research analysts segment the global mobile ticketing market in the transportation sector into the following regions:
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EMEA: largest market for mobile ticketing
The mobile ticketing market in the transportation sector in EMEA is expected to grow at a CAGR of more than 21% during the forecast period. Major upcoming sporting events, including the UEFA Champions Leagues 2017 and the Cricket World Cup 2019, are scheduled in the European countries. This will boost the market growth of the mobile ticketing in the region as many people will prefer mobile ticketing over purchasing tickets over the counter for transportation convenience.
Governments in EMEA have recognized the importance of using new technologies to improve ticketing systems in the transportation sector and provide customers with better services and convenience. The UK was one of the first markets worldwide to offer online ticketing. Rail passengers can purchase tickets on their smartphones anywhere in the UK.
“Major upcoming sporting events, including the UEFA Champions League 2017 and the Cricket World Cup 2019, are scheduled in European countries. This will boost the growth of the mobile ticketing market in the transportation sector as people prefer mobile ticketing over purchasing tickets over the counter,” says Amit Sharma.
Americas: South American market to fuel growth in the region
The mobile ticketing market in the transportation sector in the Americas is expected to grow at a CAGR of more than 24% during the forecast period. Some of the major mobile ticketing vendors in the US are Masabi and moovel.
In 2015, most airline tickets in the US were purchased digitally. In the South American market, ticketing platforms for air travel will grow during the forecast period with people becoming more Internet and smartphone savvy.
APAC: fastest growing market for mobile ticketing
The mobile ticketing market in the transportation sector in APAC is expected to grow at a CAGR of more than 27% during the forecast period. Growth of the transportation in the region will contribute to market growth. A notable development in mobile ticketing was the launch of mobile ticket booking app for passengers of local trains, by the Indian Railways on January 3, 2015. The application was launched with the aim to cut down the time at ticket booking counters in Mumbai.
The top vendors in the global mobile ticketing market in the transportation sector as highlighted in this market research analysis are:
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