Smart Ticketing Market Size, Industry Analysis Report By system (Open payment system, Smart card, Near field communication), By component (Software, hardware), By product (Ticket machine, E-ticket, E-kiosk, Request tracker), By application (Sports and entertainment , Transportation) & Region - Forecasts
- PUBLISHED ON
- 2024-10-08
- NO OF PAGES
- 260
- CATEGORY
- Information Communication & Technology
The system of smart ticketing is a flexible, quick, contactless and easy-to-use system that stores the travel ticket in the electronic format on a microchip that is integrated into a smartcard. This system allows the passengers to travel seamlessly using various services of public transport like buses, trains, trams and so on without the need of purchasing a paper ticket in the traditional format through the means of paying money. In recent days it has been witnessed that various companies have been offering the option of adding multiple train tickets to a single smart card. This facility can be availed on multiple journeys by bus and train.
Global Smart Ticketing Market- Overview
The Global Smart Ticketing market is presently worth USD 17.79 billion and is poised to amplify at a CAGR of 12.4% over 2022-2030, thereby amassing a valuation of USD 45.33 billion by end of the assessment timeline.
Over the projected period, the market is anticipated to rise as more public transportation operators around the world implement smart ticketing technologies. Comparing these options to paper-based or printed tickets reveals how effective and affordable they are. Globally expanding cashless transactions are another factor predicted to fuel industry expansion.
Over the course of the forecast period, market growth is anticipated to be fuelled by the growing use of blockchain in smart ticketing.
Apart from the aforesaid factors, the integration of the technology of blockchain with the feature of smart ticketing will also play a major role in improving the experience of the passengers up to a greater level along with minimizing the wastage of paper that will lead to the harming of the society.
The outbreak of the pandemic of coronavirus along with the revival of the industry of tourism is also resulting in the catalyzing of the demand for solutions of smart ticketing in order to prevent the spreading of the infection.
Apart from this factor, the leading players of this market have recently fixed their focus on the provision of smart tickets based on the algorithm of fingerprint recognition and also through the means of ultra-touch sensors of the fingerprint. This feature is being aimed to create a higher demand in the market.
Increasing digitalisation of the economies will drive the market expansion, and is projected to grow further in the coming years
The major drivers of the growth of the smart ticketing market include the increasing digitization of economies, particularly emerging ones, the upgrading of current IT infrastructure with cutting-edge systems, and the increasing penetration of high-speed internet and smartphones, particularly in developing economies like China and India.
Increasing expansion of travel and tourism will help the market to grow more in the upcoming years
Travel, tourism, and the automobile industries will continue to grow and expand, and these trends will be the main market growth drivers. The market value will be further harmed by rising inter- and intra-state commerce volumes, a sharp increase in the development of intelligent transportation systems, rising demand for pertinent mobile apps and contactless bank cards, and extensive industrialization. The market will continue to expand as a result of rising investment in research and development efforts and a rise in the volume of cashless transactions globally.
Global Smart Ticketing Market- Segmental assessment
By System
- Open payment system
- Smart card
- Near field communication
- Others
- Software
- hardware
- Others
- Ticket machine
- E-ticket
- E-kiosk
- Request tracker
- Others
- Sports and entertainment
- Transportation
- Others
Global Smart Ticketing Market- Competitive landscape
Report Scope
Global Smart Ticketing Market: Historical Years- 2018-2021
Global Smart Ticketing Market: Forecast Years- 2022-2030
Global Smart Ticketing Market 2022- USD 17.79 billion
Global Smart Ticketing Market 2030- USD 45.33 billion
Global Smart Ticketing Market CAGR- 12.40%
Key Segments covered-
- By system (open payment system, smart card, near-field communication, and Others).
- By component (software, hardware, and Others).
- By product (ticket machine, e-ticket, e-kiosk, request tracker, and others).
- By application (sports and entertainment, transportation, and others).
- North America (U.S., Canada, and Mexico)
- South America (Brazil, Argentina, and Colombia)
- Europe (Germany, U.K., France, Italy, Spain, and Russia)
- Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
- Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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