The new report by Expert Market Research titled, ‘Global Smart Ticketing Market Demand, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart ticketing market, assessing the market based on its segments like components, products, connectivity, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 18.26 Billion
- Forecast CAGR (2023-2028): 13%
- Forecast Market Size (2028): USD 38.05 Billion
The global smart ticketing market is being driven by the rapid demand from the travel and tourism industry and the proliferating use of smart cards to make payments while travelling.
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The technological advancements in the industry have further propelled the industry growth. In the sports and entertainment sector, the consumers are preferring hassle-free options to avoid long queues at events. Thus, the demand for smart ticketing solutions is increasing owing to their cost effectiveness and time saving feature. Over the forecast period, the implementation of smart ticketing in various public transportation companies and the rising number of cashless transactions are further slated to spur the market growth.
Smart Ticketing Industry Definition and Major Segments
Smart ticketing is a digital system that is used to book tickets electronically. It has replaced the traditional paper based ticketing system in the modern times. It is a digitalised process which stores data electronically on a microchip and offers contactless payment options to consumers.
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Based on component, the market is bifurcated into:
- Hardware
- Software and Services
Based on product, the market is divided into:
- Smart Cards
- Reader
- Wearable
- Smart Parking System
- Ticket Machine
- Ticket Validators
- Others
By connectivity, the industry comprises of:
- NFC
- Barcode
- Wifi
- Cellular Network
- RFID
- Others
Based on application, it is categorised into:
- Transportation
- Sports and Entertainment
- Parking
- Others
On the basis of regional markets, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Smart Ticketing Market Trends
The global smart ticketing market is expected to be driven by the rapid technological advancements and favourable government initiatives. For Instance, in India, the smart ticketing market is expected to grow significantly owing to the launch of Digital India programme by the government to promote cashless online payment methods. This is expected to significantly boost the market growth. It will be further aided by the advancements in technology such as the introduction and implementation of RFID, NFC, QR code, and barcode by various market players. The increasing acceptance of technology, particularly in developing nations, is projected to favour the industry growth over the forecast period.
Key Market Players
The major players in the market are Cubic Corporation, Confidex Oy, Rambus Group, Infineon Technologies AG, and HID Global Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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