Indoor Farming Market Size Worth $50.3 Billion By 2025

The global indoor farming market size is estimated to reach USD 50.3 billion by 2025, exhibiting a CAGR of 9.19% from 2019 to 2025, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This in turn is driving demand for indoor farms to produce food. In addition, challenges, such as rising global temperature and extreme weather conditions, act as a barrier in the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an environment-friendly way.

Indoor farming increases the crop yield and reduces farming impact on the environment by reducing the distance traveled in the supply chain. It reduces need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding consumption of healthy and fresh food is anticipated to positively influence the market for indoor farming over the forecast period. Furthermore, the use of technology, such as LED indoor farming to create nature-like conditions will help farmers meet the expected demand for food supply in near future.

Europe dominated the indoor farming market in 2018 and is anticipated to remain dominant over the coming years, owing to the continuous adoption of advanced technologies such as LED lighting, controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2019 to 2025, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is projected to bode well for the regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.

The key players operating in the market include Netafim (Israel), Richel Group (France), PRIVA (Netherlands), and Argus Control System Limited (Canada). Companies across the globe, such as Signify Holding and Osram GmbH, are working on developing innovative lighting systems for indoor farming.

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https://www.grandviewresearch.com/industry-analysis/indoor-farming-market

Further key findings from the study suggest:

The greenhouses segment dominated the market in terms of revenue in 2018 as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as the crop development can be controlled by adjusting and monitoring the concentration of minerals
Some of the key players operating in the indoor farming market include LumiGrow (U.S.), Illumitex (U.S.), Hydrodynamics International (U.S.), and Agrilution (Germany)

Skid Steer Loaders Market Worth $2.6 Billion By 2025

The global skid steer loaders market size is expected to reach USD 2.6 billion by 2025, exhibiting a revenue based CAGR of 2.4% over the forecast period, according to a study conducted by Grand View Research, Inc. Regulated demand from the construction sector coupled with introduction of several state-of-the-art skid steer loader variants with superior features such as compact size, and easy operability, are the major factors driving the demand. In addition, the rising adoption of skid loaders for landscaping activities is also expected to have a positive impact on the product demand.

Another major reason contributing to the demand for skid steer loaders is their ability to get into tight spaces. Although the machines are small in size, they have enough power to perform heavy construction activities. For instance, the Bobcat S70 has a width of only 901 mm but is equipped with a 23.5 horsepower engine and has a rated operating capacity of 343 kg.

The growing preference for comfort among operators is compelling manufacturers to focus on manufacturing loaders with enhanced cabin comfort. For instance, CNH Industrial N.V. offers skidsteers with a cabin that have increased headroom and improved visibility. Similarly, recently introduced AB Volvo’s C-Series skid steer loaders offer operators with 27% more cabin space as compared to their previous models. Thus, growing preference for improved comfort and operational efficiency is expected to drive growth of the skid steer loaders market over the forecast period.

Skid loaders have numerous advantages over other construction equipment that make it popular in the construction industry. The machines can perform different tasks and can operate on different types of terrains. The wheeled models can be used on uneven or rough terrains by installing Over-The-Tire (OTT) tracks that are easy to maintain and replace. The abovementioned benefits, coupled with lower operating costs, are anticipated to surge demand for skidsteers over the next six years.

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https://www.grandviewresearch.com/industry-analysis/skid-steer-loaders-market

Further key findings from the study suggest:

Skidsteers with Rated Operating Capacity (ROC) between 1,251 lbs to 2,200 lbs accounted for the highest market share in 2018 as these products offer optimal balance of power and initial cost
The more than 2,200 lbs segment is anticipated to expand at a significant CAGR over the forecast period, owing to the additional comfort and operational efficiency offered
The agricultural segment is gaining traction due to the flexibility offered by skid loaders, thereby eliminating the need for multiple machines across different operations
Construction and mining segment accounted for more than 50% of value share in 2018. Skidsteers were primarily introduced for construction activities and hence are widely used across the construction facilities
Middle East and Africa skid steer loaders market is primarily driven by rising infrastructure projects in the region

Distributed Acoustic Sensing Market Size Worth $775.8 Million By 2025

The global distributed acoustic sensing market size is expected to reach USD 775.8 million by 2025, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 11.5% from 2019 to 2025. The use of fiber optic sensors is progressively increasing in the oil and gas industry since they provide a data-rich perspective on micro-seismicity and fracturing process. Also, with the increasing importance of border surveillance, distributed acoustic sensing systems are being highly used in the security and surveillance industry since they provide high-reliability and low-cost surface crossing and tunnel construction detection. Due to the high potential of intrusion detection, the adoption of DAS systems is growing in several asset protection-related applications, such as railways, high-value facility perimeters, and oil and gas pipelines.

The economic benefits of distributed acoustic sensing are anticipated to create growth opportunities for the market in the forthcoming years. The key drivers include the prevention of construction damages and pipeline thefts. DAS systems can perform the early detection of leakages, corrosion, erosion, and malicious third-party intrusion, which offer economic benefits to the industry. Also, they provide real-time monitoring of assets and perimeters, which provides improved security. Therefore, distributed acoustic sensors are used in various end-user industries for long-distance tracking of the acoustic signals generated by external interferences.

The Asia Pacific distributed acoustic sensing market is expected to witness substantial growth over the forecast period, owing to the emerging trends, such as increasing penetration of seismology. According to the U.S. Energy Information Administration, the region accounted for approximately 10% of the world’s crude oil production in 2018. China alone contributed approximately 5% of global crude oil production in the same year. Due to the presence of substantial oil and gas industries, the region is expected to demonstrate significant growth in distributed acoustic sensing shortly.

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https://www.grandviewresearch.com/industry-analysis/distributed-acoustic-sensing-market

Further key findings from the report suggest:

The significant surge in the deployment of optical fiber sensors in oil and gas industries will create a massive potential for the distributed acoustic sensing market
Market players are focusing on providing optical fiber acoustic sensors for wellbores, which offers long-distance data transmission for subsea and downhole
Key market players are considering partnerships and acquisitions of startups providing innovative products to expand their outreach in the market
The key competitors in the market are OptaSense; Halliburton; Schlumberger Limited; Baker Hughes, a GE Company LLC; Future Fibre Technologies; Northrop Grumman Corporation; Fotech Solutions Ltd.; Omnisens; Silixa Ltd; and Ziebel; among others

Active Electronic Components Market Size Worth $495.2 Billion By 2025

The global active electronic components market size is estimated to reach USD 495.2 billion by 2025, registering a CAGR of 9.6% from 2019 to 2025, according to a new study by Grand View Research, Inc. Growing demand for active electronics components for manufacturing smart home appliances such as refrigerators, air conditioners, and washing machines among others, is estimated to boost the market growth. Moreover, the anticipated adoption of active electronic components in networking devices and telecom equipment requisite for developing 5G infrastructure is further expected to elevate the growth.

Wearables such as smartwatches, Virtual Reality (VR) headsets, and fitness bands among others are gaining popularity among consumers. Consumers are increasingly willing to spend a significant amount on health and entertainment, which in turn it has accelerated the demand for wearable devices among consumers worldwide. This is further anticipated to increase the adoption of active electronic components in the coming years. In addition, voluminous patient data coupled with investments made by the governments and private players worldwide for setting up state-of-the-art healthcare facilities has augmented the adoption of high-tech medical equipment and connected devices. Thus, with rising demand for these devices, the demand for active electronic components is expected to surge globally over the forecast period.

Demand for connected cars is fast transforming the automotive industry. This has increased the use of advanced electronics in automotive for multiple applications, such as parking, safety, telematics, and navigation among others. Thus, growing demand for advanced electronics in automotive is expected to drive demand for active electronic components over the forecast period. Also, the rising demand for advanced microcontrollers or modems in order to provide robust connectivity to autonomous cars and other critical applications is further expected to surge the adoption of active electronics components from 2019 to 2025.

With the rising trend of industry 4.0, the adoption of the Internet of Things (IoT) devices in the manufacturing sector is gradually increasing worldwide. Key manufacturers are opting for new technologies to augment their overall productivity and operational efficiency in order to ensure profitability. Therefore, the rising adoption of IoT technology for smart manufacturing applications, such as machine-to-machine communication is estimated to augment the adoption of active electronic components over the forecast period. Furthermore, the escalating trade war between U.S. and China is anticipated to restrict the overall market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/active-electronic-components-market

Further key findings from the report suggest:

The active electronic components market in India is anticipated to register a CAGR of 12.8%, attributed to the rising investments by prominent smartphone manufacturers in view of establish their own manufacturing facilities in the country
The Integrated Circuits (ICs) segment held a market size exceeding USD 80 billion in 2018, attributed to the robust increase in the demand for ICs integrated with state-of-the-art devices such smartphone, laptops, vehicle automation systems, and network devices among others
Significantly growing demand for active electronic components across next-generation devices such as 5G-enabled smartphones, gaming consoles, and other consumer electronics is estimated to fuel the consumer devices segment growth from 2019 to 2025
Several key market players are focusing on mergers and acquisitions in order to strengthen their market presence and expand their product portfolios
Prominent market players include Infineon Technologies AG; NXP Semiconductors NV; Texas Instruments Incorporated; Toshiba Corporation; STMicroelectronics; Semiconductor Components Industries, LLC; Intel Corporation; Maxim Integrated; Renesas Electronics Corporation; Broadcom Inc.; Qualcomm Inc.; Analog Devices, Inc.; Advanced Micro Devices; Microchip Technology Inc.; and Monolithic Power Systems Inc.

Sound Recognition Market Worth $4.42 Billion By 2025

The global sound recognition market size is expected to reach USD 4.42 billion by 2025, exhibiting a CAGR of 75.8% over the forecast period, according to a new report published by Grand View Research, Inc. Sound recognition runs on inexpensive microcontrollers that result in a low bill of materials, thereby providing an economical solution. It is highly flexible since it can detect various sounds and allows users to add their sound event classifiers, thereby providing easy customization of sound event. Thus, high flexibility and low cost are expected to propel the market growth.

Sound recognition technology is used for various purposes, such as music recognition and speech recognition among others. Increasing adoption across applications such as for monitoring and surveillance system for automatic alarm detection and rising use in smart safety solutions are the factors expected to drive the market growth. Other factors, such as increasing adoption of advanced technologies including Artificial Intelligence (AI), machine learning, Internet of Things (IoT), and others, are anticipated to further drive the adoption of sound recognition in the forthcoming years.

The artificial intelligence-based sound recognition technology is expected to register a high CAGR over the forecast period. This is due to increasing involvement of market vendors in developing sound recognizing products integrated with intelligent technology to provide customers with ease and flexibility. In the application segment, the automotive section is expected to gain moderate traction. This is due to factors such as integration of sound recognition technology in autonomous cars to recognize sounds inside and outside the car and improve safety.

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https://www.grandviewresearch.com/industry-analysis/sound-recognition-market

Further key findings from the report suggest:

Increasing adoption of sound recognition technology for emergency vehicle detection condition monitoring and wear detection, amongst others are factors driving growth of the automotive segment
Benefits such as high efficiency due to edge processing and high control and awareness with the help of real-time analytics are driving the sound recognition market growth
Vendors in the Europe market are gaining a competitive edge in the market by receiving substantial investments from companies such as Cambridge Innovation Capital plc and IQ Capital for enhancing their exiting sound recognition technology
Wavio, OtoSense, abilisense, Reality AI, and Audio Analytic Ltd. are some of the key plyayers operating in the market

U.S. SMS Marketing Market Worth $12.6 Billion By 2025

The U.S. SMS marketing market size is expected to reach USD 12.6 billion by 2025, expanding at a CAGR of 20.3%, according to a study conducted by Grand View Research, Inc. Use of text messages for promotion and advertisement is gaining popularity owing to increasing number of mobile phone users in the country. U.S. is one of the leading country in terms of adoption of smart phones, aiding the marketers in reaching the target customer. Moreover, cost effectiveness and convenience of reaching the target is anticipated to propel the demand for text message marketing over the forecast period.

The use of Rich Communication Service (RCS) protocol is enhancing the text message system by allowing sending and receiving of high-resolution media files via messages. It allows marketers to make promotional messages more interactive and creative in order to attract customers. The advent of RCS, coupled with technologically advanced smartphones that support advanced messaging features is expected to drive the market growth.

Companies are largely focusing on improving customer relationships and engagement by providing special discounts and offers, tailor-made for customers. The use of SMS for sending such offers helps them to customize messages according to the individual customer. Thus, increasing competition has led to the increased usage of text messages, and the trend is expected to influence market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/us-sms-marketing-market

Further key findings from the study suggest:

SMS marketing market is gaining traction owing to the fact that it eliminates the use of paper used by other means of marketing
The SMEs segment is anticipated to record substantial growth from 2019 to 2025 owing to increasing use of text messages by small retailers and businesses to send promotional coupons and other offers
In an attempt to sustain competition, banks are introducing several services. The use of texts for marketing these services is expected to augment the growth of the BFSI segment over the forecast period
The U.S. SMS marketing market is characterized by intense competition with several players such as Infobip Ltd.; InMobi; Marketo; Amobee, Inc.; Chartboost; Slick Innovations, LLC.; and IBM Corporation offering similar solutions. Pricing and product differentiation is the key to sustain competition.

Flexible Printed Circuit Boards Market Size Worth $26.8 Billion By 2025

The global flexible printed circuit boards market size is projected to reach USD 26.8 billion by 2025, expanding at a CAGR of 11.2% over the forecast period, according to a study published by Grand View Research, Inc. Growing demand for compact and flexible electronic devices is the major factor driving demand for flexible Printed Circuit Boards (PCBs) worldwide. Regulated demand from the IT and telecom sector in view of growing need for circuits with higher data processing speed and higher working temperature is further augmenting the growth.

Flexible printed circuit boards (FPCBs) are thin and lightweight and can save up to 60% of the space and weight in comparison to rigid printed circuit boards. In addition, benefits offered in terms of durability and cost has further augmented their adoption across different end use industries. Demand for miniature, flexible electronics in automotive industry for use in advanced navigation displays and other automotive electronics has had positive impact on the demand.

Flexible PCBs are also used in medical equipment and health monitoring devices, such as pacemakers, defibrillators, neuro-stimulation, modulation devices, and external hearing devices. Benefits offered in terms of packaging flexibility and performance are expected to augment adoption of flexible printed circuit boards across multiple industry verticals. Companies are emphasizing on attaining advances in the fabrication technology and material substrates used to manufacture flexible PCBs. Various manufacturers offer tailored and/or dedicated flexible printed circuit boards as per the specifications led by the Original Equipment Manufacturers (OEMs).

The adoption of flexible printed circuit boards has surged over the last few years on account of growing awareness among OEMs regarding the superior benefits offered by flexible PCBs, in terms of weight, circuit complexity (elimination of mechanical connectors), wiring errors, and operating temperature range among others.

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https://www.grandviewresearch.com/industry-analysis/flexible-printed-circuit-boards-fpcb-market

Further key findings from the study suggest:

The double-sided circuit segment held the largest flexible PCBs market share of approximately 45% in terms of revenue in 2018. This is due to the superior elasticity in terms shape restoration and greater efficiency offered by these circuits
The consumer electronics segment dominated the market in 2018 and is projected to expand at the fastest CAGR over the forecast period, owing to the rising popularity of wearables and proliferation of consumer electronics like laptops and smartphones among others
Asia Pacific is expected to account for the largest market share followed by North America during the forecast period. The regional growth is accredited to the huge consumer electronics market and high concentration of electronic manufacturers in countries, such as China, Japan, and South Korea
Key players operating in the flexible printed circuit boards market include AT&S, Benchmark Electronics, Cicor Management AG, Eltek Ltd, TTM Technologies, IEC Electronics, and Flex Ltd

LiDAR Services Market Size Worth $2.6 Billion By 2025

The global LiDAR services market size is expected to reach USD 2.6 billion by 2025, registering a CAGR of 14.5% from 2019 to 2025, according to a new study by Grand View Research, Inc. LiDAR services find prominent applications in the automotive industry. Further, favorable government policies regarding self-driven vehicles and advanced driver-assistance systems (ADAS) are fueling market growth.

The use of LiDAR services in autonomous vehicles is one of the major factors driving the market. Furthermore, increasing automobile production across developed and developing economies, along with the growing demand for technologically advanced electronic safety systems in vehicles, are the major factors positively impacting market growth. The implementation of stringent carbon emission norms are driving demand for next-generation technologies, such as advanced driving systems. This, in turn, is likely to drive demand for LiDAR services over the forecast period. Further, LiDAR sensors are also used for security, surveillance, and logistics in industrial automation. The extensive use of sensors in the automotive and industrial automation industry is anticipated to positively influence the market over the forecast period.

The market is anticipated to be driven by growing 3D imaging technology. The growing use of 3D imaging enabled devices, such as the robotic vision system, medical imaging device, and the 3D X-ray imaging device, are expected to boost the growth of the market. Besides, the implementation of LiDAR services in 3D imaging is expected to boost its demand in the healthcare industry.

North America held largest market share in 2018, followed by Asia Pacific and Europe. The Asia Pacific regional market is expected to witness robust growth over the forecast period, owing to the increasing awareness regarding the benefits of the techonology in the automotive and industrial automation industry. Moreover, the rise in demand can be attributed to the growth in adoption of ADAS in autonomous cars in China, Japan, South Korea, and Singapore.

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https://www.grandviewresearch.com/industry-analysis/lidar-services-market

Further key findings from the report suggest:

The GIS service segment is estimated to gain high traction in the market. As this involves advanced terrestrial laser scanning systems for data acquisition in 3-dimensional point clouds
The modelling segment is further sub segmented as city modelling and others. The city modelling segment is expected to account for maximum share in the market
The significant adoption of LiDAR in Unmanned Aerial Vehicles (UAVs) has led to the growth of the market
Increasing adoption of LiDAR mapping across different applications namely corridor mapping delivers sustainable growth opportunities for market
Maintaining operational costs is a major focus area of the suppliers in the market. As availability of low-cost services in the market creates major concern for the prominent suppliers
The emergence of a considerable number of substitutes, such as HTC Corporation, and Sony Corporation, introducing low-cost automotive imaging LiDAR sensors, is expected to challenge market growth
The key participants in the LiDAR services market are namely Fugro; GeoDigital; Harris Geospatial Solutions, Inc.; Hexagon; Kucera International; Quanergy Systems, Inc.; Quantum Spatial; and Surdex Corporation.

Smart Stadium Market Worth $21.00 Billion By 2025

The global smart stadium market size is expected to reach USD 21.00 billion by 2025, expanding at a 20.9% CAGR over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing focus on engaging and entertaining the fans at stadiums, coupled with stringent security regulations framed by sports governing bodies are among the key factors driving the market growth. Additionally, growing demand for data-driven operations and upcoming international and national sports events are anticipated to increase the demand for smart stadiums.

Stadiums across the developing and developed economies are being renovated to offer facilities such as smart parking, fan experience, operational efficiency, enhanced security, and next-generation viewing experience, among others. Smart stadiums include many surveillance solutions, parking solutions, sensors, and digital signs, among other solutions. These solutions deliver real-time information such as in-stadium merchandise pricing, lines at concession stands, and available parking, thus enhancing the fans’ overall experience. Additionally, smart stadiums support green initiatives navigating fans to dispose of waste in dustbins and allowing only disposable items in the stadium.

In 2018, Europe accounted for a majority stake of the smart stadium market, attributed to the high adoption of smart stadium solutions owing to a large number of stadiums across the region. The region has over 1,200 stadiums and has the highest number of professional sports teams and leagues. In 2018, Germany held the majority share in the Europe market.

Asia Pacific, on the other hand, is projected to grow at a considerable CAGR and is anticipated to account for 29.8% of the market revenue in 2025. The strong growth is attributed to the digitalization of sports, increasing penetration of internet and cloud technology, and the emergence of professional leagues in the region. Moreover, sports organizations, including Melbourne Cricket Association, New Zealand Cricket, and Sahara Force India, among others use advanced technologies for hosting tournaments. Singapore, Australia, Japan, India, and China are some of the countries focused on building new smart stadiums and renovating the existing stadiums with improved technology.

Some of the key players operating in the market are Cisco Systems, Inc.; Apple, Inc.; Telefonaktiebolaget LM Ericsson; Fujitsu Ltd.; Fitbit, Inc.; NXP Semiconductors; IBM Corporation; NEC Corporation; Johnson Controls; and Intel Corporation. The market is moderately consolidated owing to the existence of a few solution providers that account for the majority share of the market revenue.

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https://www.grandviewresearch.com/industry-analysis/smart-stadium-market

Further key findings from the report suggest:

Software segment is expected to continue leading the smart stadium market over the forecast period owing to increasing focus on fan engagement by providing them better experience. The segment is expected to reach USD 12.97 billion by 2025
On premise segment is estimated to dominate the market over the forecast period. The smart stadium comprises of a large number of cameras, digital signs, and sensors, connected to wireless and wired servers and networks
Asia Pacific is estimated to expand at a significant CAGR of 23.5% over the forecast period. Emerging countries such as Japan, India, ASEAN, and Australia are swiftly adopting digital technologies in stadiums for enhancing the fan experience and increasing safety and security
Prominent market players include IBM Corporation; Intel Corporation; NEC Corporation; Cisco Systems, Inc.; Telefonaktiebolaget LM Ericsson; among others

Smart Ticketing Market Size Worth $33.7 Billion By 2026

The global smart ticketing market size is expected to reach USD 33.7 billion by 2026, registering a CAGR of 14.9% from 2019 to 2026, according to a new report by Grand View Research, Inc. Increase in demand for smart ticketing solutions in the travel and tourism industry owing to its ease of use and convenience, and growing reliance on online transactions are expected to drive the market over the forecast period. In addition, upsurge in intelligent transportation systems across the globe is further fueling the market growth.

Smart transit systems allow passengers affordable access to rapid transit systems, also known as metro or subway. These systems store a ticket electronically on a microchip, which is embedded onto a smart card. This allows passengers to load or credit it in advance for their travel, reducing the time spent in queues and speeding up the boarding process. Public transportation authorities across the globe are emphasizing on implementing these systems to reduce traffic in congested city areas and to deliver solutions that are environment-friendly. Numerous public transportation agencies are promoting the use of these solutions as they are easy to use, reliable, and more secure as compared to traditional magnetic stripe cards or tickets. These solutions are also highly durable and have a longer life span than their traditional paper counterparts.

Continuous innovations take place in this field with the view to improving customer experience. For instance, the South Western Rail in U.K. launched Tap2Go, which removes the need for customers to buy a ticket before their journey. Passengers touch their card at the gates and validators at the start and end of their journey. The system then calculates the best fare and the payment is deducted from their account the day after their travel. It is also linked to PayPal to make transactions easier.

These solutions offer high operational efficiency and increased security against fraud, which, in turn, is expected to contribute to the market growth over the forecast period. Moreover, these solutions require low maintenance compared to systems that use magnetic stripe technology. Furthermore, these smart solutions allow quick payment transactions and offer passengers with flexible travel options such as part-time season passes or carnets. This is subsequently expected to drive the demand for these solutions over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/smart-ticketing-market

Further key findings from the report suggest:

The software component segment is expected to witness significant growth over the forecast period owing to increased demand for payment gateways and other connected systems such as cards through servers and smartphones
An e-ticket offers various advantages such as flexibility, security, and convenience for both transport agencies and travelers, which would encourage them to adopt these solutions
Smart card systems enable transport service providers to reduce cash flows and implement flexible tariffs. These systems provide the added benefit of convenience as the fare payment can easily be made at the customer’s point of entry into the transit system; for example, at the subway gate or before boarding a bus. As a result, smart card systems are widely adopted by transport service providers across the globe
The sports and entertainment segment is expected to register the highest growth rate over the forecast period. Increase in adoption of verified e-tickets procured from authentic apps on mobile devices helps lessen fraudulent activities and resale of tickets online or outside an event venue at inflated prices
The growth of the Europe market is attributed to the thriving tourism industry, continuous innovations of these systems and their adoption in urban areas, and simplified technology ecosystem in the region. In U.K. for instance, the National Rail has incorporated a range of technologies such as platform and ticket validators at their train stations that enable the use of these systems
Smart ticketing market key players include CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.; Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and NXP Semiconductors.