Global Smart Ticketing Market Grows at a Staggering CAGR of 12.47%

Introduction

A smart ticket is an electronic ticket typically contained on a smart card. Smart ticketing has revolutionized how we travel by increasing efficiency and safety for passengers and transportation providers. By storing and using tickets digitally on their smart cards or smartphones, travelers can avoid the hassle of carrying paper tickets; they need to tap their device or card on a validator upon entry. In addition to the transportation sector, smart ticketing is expanding in the leisure and hospitality sector, the banking and finance sector, and the healthcare sector. The growth of the intelligent transportation industry, the prevalence of contactless payments, and the rising acceptance of wearable technology are all driving the smart ticketing market.

Market Dynamics

Growing Adoption of Advanced Technologies in Smart Ticketing Solution Drives the Global Market

Smart ticketing systems are widely used for public transportation, concerts, and sporting events. The ticketing system's efficiency depends on modern technologies like near-field communication (NFC). Furthermore, near-field communication (NFC) technology allows for fast ticket purchases and contactless payments by simply waving a card over a reader or bringing it close to the reader. NFC-enabled smartphones are used for various purposes, including conducting secure contactless transactions, gaining access to digital content, and storing tickets at transportation gates and parking garages. Mobile ticketing for public transportation systems has also seen a rise in popularity due to the time and money it can save commuters.

The use of Blockchain Technology Creates Tremendous Opportunities

Stadiums, concert halls, and other large venues frequently use smart ticketing systems. Several issues plaguing the ticketing industry need to be addressed, including fraud, scalping, fake tickets, incomplete sales, and a lack of a consistent refund policy. Bot networks are making bulk purchases of tickets to resell on the secondary market at inflated prices. In any game, you'll notice that each player has a unique approach. Ticketing can be made more transparent and standardized with the help of blockchain technology. Smart ticketing enables event organizers to set their policies for buying, selling, refunding, and exchanging crypto-tickets.

Regional Analysis

North America is the most significant shareholder in the global smart ticketing market and is expected to grow during the forecast period. North America is expected to lead the smart ticketing market due to the region's increasing demand for process-streamlining solutions and the region's abundance of companies with experience developing such solutions. Key market players, such as Conduent, Inc., HID Global Corporation, Masabi Ltd., and others, are based in the region, which bodes well for the market's growth. Smart ticketing in various fields in the area has been made possible by the widespread availability of NFC-enabled smartphones.

Asia-Pacific is expected to grow during the forecast period. Rapid urbanization and the increasing prevalence of Internet of Things (IoT) devices like smartphones are the primary factors fueling the growth of the smart ticketing market in the Asia Pacific region. The market should also be bolstered by the fact that major players focus on expanding their operations in emerging economies such as India, China, and Indonesia. As smartphone adoption rises across the Asia-Pacific region, so does the demand for mobile-friendly ticketing apps. Smart ticketing is just one example of the innovative technology that the Japan Smart Community Alliance (JSCA) is working to develop to help Japanese cities become more self-sufficient. Because of this, initiatives of this kind are expected to drive the market forward in the coming years.

Europe has a disproportionately large market share because of the region's increasing investment in public transportation and government programs. The European Union (EU) intends to push the transportation market forward by promoting quick, easy, and safe electronic ticketing solutions. In addition, this system is widely used in Europe's sports and entertainment industry to facilitate the sale of tickets and reduce lines at events. Innovations in smart ticketing have prompted businesses in Germany to adopt RFID, NFC, QR codes, and barcode scanning.

LAMEA is a critical region in the smart ticketing market because of the recent massive investments in public transportation. The public transportation system in the Middle East includes metros, buses, road taxis, and water taxis. There are currently two operational lines in the fully automated metro system, with plans for three more. The total track length is 75 kilometers. The leading payment solution providers in the region are increasing their presence in this market by offering integrated payment solutions, and they are doing so by forming strategic alliances with smart ticket developers and operators.

Key Highlights

• The global smart ticketing market was valued at USD 9367.7 million in 2022. It is projected to reach USD 26975.15 million by 2031, growing at a CAGR of 12.47% during the forecast period (2023–2031).
• Based on product, the global smart ticketing market is bifurcated into ticket machines, e-tickets, e-kiosks, and others. The e-ticket segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on component, the global smart ticketing market is bifurcated into software and hardware. The hardware segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on the system, the global smart ticketing market is bifurcated into smart cards, open payment systems, and near-field communication. The smart card segment is the biggest contributor to the market and is expected to grow during the forecast period.
• Based on application, the global smart ticketing market is bifurcated into railways and metros, sports and entertainment, airlines, and buses. The railways and metros segment is the highest contributor to the market and is expected to grow during the forecast period.

Competitive Players

Competitive Players

The global smart ticketing market’s major key players are HID Global Corporation, Gemalto NV, NXP Semiconductors, CPI Card Group, Cubic, Xerox, Giesecke & Devrient, Infineon Technologies AG, Inside Secure, and Oberthur Technologies.

Recent Developments

Market News

• In May 2022, to broaden its selection of high-performance passive RFID tags, HID Global acquired Vizinex RFID.
• In October 2022, Infineon will bring sustainable and intelligent dwellings to the masses.

Segmentation

Global Smart Ticketing Market: Segmentation

By Product

• Ticket Machine
• E-Ticket
• E-Kiosk
• Others

By Component

• Software
• Hardware

By System

• Smart Card
• Open Payment System
• Near-Field Communication

By Applications

• Railways and Metros
• Sports and Entertainment
• Airlines
• Buses

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA