Smart ticketing streamlines the process of buying a ticket, boarding a train, and travelling. When a ticket is purchased from your account, there is no need to stand in line at the station to obtain it. Your travel time within the station might be shortened if you proceed directly to the right platform and touch your card on the barrier reader to link the ticket to your Smartcard. You are not required to pick up your ticket at the station, so you can purchase it whenever is most convenient and board the train much more quickly
The value of the Smart Ticketing market is projected to grow to $24.5 billion with an estimated CAGR of 14.8% by 2030
Covid-19 Impact & Market Status
As a result of the cancellation of sporting and entertainment events, hotel and restaurant closures, and travel restrictions brought on by the COVID-19 epidemic, it is anticipated that the expansion of the smart ticketing industry would be hampered. The U.S. and European nations that rely on travel, tourism, hospitality, and entertainment suffer the most damage. The world's transportation activity has significantly decreased as a result of travel restrictions designed to stop the spread of new coronaviruses. The government's attention is now on the implementation of preventative measures to protect residents. Demand for smart ticketing market is expected to increase over the next few years as the industry continues to recover from the third quarter of 2021.
Software Segment to Remain Atop
The smart ticketing market has been bifurcated into the following categories based on components: hardware, software, and services. Over the estimation period, the software segment is expected to witness significant growth. The lifetime and uses of smart cards or other smart media are frequently managed by smart card software. Additionally, this software automates consumer interactions with customer support representatives, thereby assisting in the efficient resolution of customer problems.
Smart Parking System to Arise as the Maximum Rewarding Sector
The market has been divided into e-kiosks, e-tickets, e-tolls, request trackers, smart parking systems, ticket machines, ticket validators, and others based on the products they offer. Over the projected period, the smart parking system sector is predicted to develop at the greatest rate. Drivers of vehicles may now use smart cards to pay parking fines thanks to ongoing developments in smart parking technology. The desire for better smart parking solutions is also being fueled by increasing traffic congestion. Global investments in smart parking systems by several governments are anticipated to spur demand for these ticketing solutions throughout the course of the forecast period.
Parking and Transportation to Ensure Revenue Maximization
The market has been divided into parking and transportation, sports, and entertainment based on end users. Due to the increasing usage of electronic ticketing in public transportation, including buses and trains, parking and transportation has the biggest market share of these. The transportation industry in large cities is going through a significant transition in this digital age. Mobile ticketing systems are replacing physical tokens or paper tickets on buses and trains in smart cities throughout the world because they provide passengers a speedy and enhanced travelling experience, which is expected to fuel market expansion over the coming years.
APAC to Dominate the Market
Over the course of the estimation period, the APAC region is projected to have the swiftest growth. Due to growing government attempts to adopt digital payment in developing nations like China and India, a number of industry participants are launching smart ticketing solutions in the Asia Pacific region. For instance, the Digital India program has been introduced by the Indian government. This initiative's main goal is to advertise digital payment options across the nation. There is a significant need for mobile-based ticketing software as a result of the Asia Pacific region's rapid smartphone use.
Convenient since it eliminates the need for cash. Flexible tickets may be purchased in advance and online. Quicker, it can cut down on the amount of time needed to board a vehicle, increasing timeliness. Easy to use can be used to several means of transportation for a door-to-door trip.
A travel ticket is electronically stored via the smart ticketing system on a microchip, which is then often inserted on a smartcard. Without needing to utilize conventional payment methods like cash or buy a paper ticket, smart ticketing might allow transit users to easily board and exit buses, trams, and trains. To approve your journey, the transport operator scans the contactless smart ticketing at a barrier, a static ticket machine, or both.
At a CAGR of 14.5 percent, the size of the worldwide smart ticketing market is predicted to reach USD 20.7 billion by 2029. 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. 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.
Over the course of the forecast period, market growth is predicted to be fired by the mounting use of block chain in smart ticketing. The worldwide market is also expected to be driven by growth of demand for smartphone applications and contactless debit/ credit cards for smart ticketing systems. These ticketing options can be simply integrated with the ticketing systems since they are compatible with the current smart systems and infrastructure.
The smart ticketing market is currently being led by Infineon Technologies AG, Scheidt & Bachmann, Gemalto NV, Cubic Corporation, HID Global Corporation, Rambus, Confidex Ltd., NXP Giesecke & Devrient GmbH, Vix Technology, Semiconductors, CPI Card Group, and Xerox Corporation. These are the universal market players in the smart ticketing sector.
Latest Innovations in the Smart Ticketing Market: A Snapshot
- To promote self-checkout options at gasoline retail locations, Scheidt & Bachmann teamed up with Pyramid Computer, a top developer and producer of IT solutions for the retail and hotel industry. Pyramid Computer's hardware self-checkout technology was used by Scheidt & Bachmann to create the SIQMA Smoove smart checkout system. The collaboration allowed the business to create simple SIQMA apps.
- SLC36/SLC37 security controller systems featuring mighty-performance 32-bit ARM SecurCore SC300 dual interface security processors were introduced by Infineon Technologies in 2021. The platforms boost contactless payments, ticketing, and provide access to application performance and flexibility.
Smart Ticketing Market Scope
|Revenue forecast in 2028
|USD 20.7 billion.
|CAGR of 14.5% during 2021-2028
|Component, Product, End Users, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Infineon Technologies AG, Scheidt & Bachmann, Gemalto NV, Cubic Corporation, HID Global Corporation, Rambus, Confidex Ltd., NXP Giesecke & Devrient GmbH, Vix Technology
Key Segments of the Smart Ticketing Market
Component Overview, 2022-2029 (USD Billion)
Product Overview, 2022-2029 (USD Billion)
- Smart Parking System
- Request Tracker
- Ticket Validators
- Ticket Machine
End Users Overview, 2022-2029 (USD Billion)
- Sports and Entertainment
- Parking and Transportation
Regional Overview, 2022-2029 (USD Billion)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and South Africa