Smart Ticketing- Description
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.
The global market is also expected to be driven by rising demand for mobile apps and contactless bank cards for smart ticketing systems. These ticketing options can be simply integrated with the ticketing systems because they are compatible with the current smart systems and infrastructure.
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.
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Global Smart Ticketing Market- Key trends
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 assessmentBy system- Open payment system
- Smart card
- Near field communication
- Others
By component By product - Ticket machine
- E-ticket
- E-kiosk
- Request tracker
- Others
By application - Sports and entertainment
- Transportation
- Others
Global Smart Ticketing Market- Geographical landscape
The major regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and South America. Among these, Europe is projected to capture a substantial revenue share over 2022-2030, due to the increasing travel and tourism industry will help the region to grow further.
Global Smart Ticketing Market- Competitive landscape
The prominent companies defining the competitive terrain of this marketplace are CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.; Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and NXP Semiconductors.
Report scopeGlobal 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).
Major regions and countries reported-- 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)
Top players profiled- CPI Card Group Inc.; Cubic Corporation; Confidex Ltd.; Gemalto NV; Giesecke & Devrient GmbH; Infineon Technologies AG; and NXP Semiconductors.
