Growth opportunities in the smart ticketing market look promising over the next six years. This is mainly due to the escalating demand in the tourism and healthcare sector and the rising popularity of blockchain.
Smart Ticketing Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The stimulating demand for smart ticketing, primarily from the entertainment, tourism, and sports sector, is the most prominent driver contributing to the growth of the global smart ticketing market. Also, it is accounted as a remarkable revolution in the ticketing system as it is highly economical and effective for passengers to administer their travel in public transport. An individual can stack a credit amount on their tickets in advance of their travel and can pass on or recover if the ticket is lost. The surging prominence of blockchain in smart ticketing further promotes the smart ticketing market size.
The augmenting demand for contactless bank cards and mobile applications is strengthening the smart ticketing market share. These solutions are reconcilable with current systems and infrastructure. It assists in improving customer involvement through a range of value-added services and permits the passenger to examine data. In accordance with the UN, nearly 55% of the total population in 2019 resided in urban areas. The number is predicted to reach 68% by 2050, with approximately 2.5 billion people more. Governments across various nations are focussing on executing these solutions, especially in smart cities. According to the Rail Delivery Group (RDF), the boost in train journeys was led by the launch of smart tickets, with the total number reaching 65 million. However, the excessive cost associated with the setup of these systems is curbing the market size. The incorporation of different organizations in the application of solutions requires enormous investment.
Deployment Segment Drivers
Based on the component, the software is projected to witness a faster CAGR during the forecast period. This is attributed to the expanding demand to manage smart cards or smart media lifecycle. The software unmanned the individual interactions with the customer service executives, thus solving the query in less amount of time.
Smart Ticketing Market’s leading Manufacturers:
- Conduent and Flowbird
- Infineon Technologies AG
- Giesecke+Devrient GmbH
- Cubic Corporation
- Confidex Ltd.
- HID Global
- Scheidt & Bachmann
- HID Global Corporation/ASSA ABLOY AB
- Thales Group
- CPI Card Group Inc.
Smart Ticketing Market Segmentation:
Segmentation by Component
- Hardware
- Software
- Services
Segmentation by Application
- Parking
- Sports & Entertainment
- Transportation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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