Global Smart Ticketing Market to Reach US$ 47.3 Billion by 2032, Bolstered by Growing Inclination Toward Public Transportation

March 09, 2022 | Technology & Media

The latest report by IMARC Group, titled “Smart Ticketing Market Report by Product (Ticket Machine, E-Ticket, E-Kiosk, Request Tracker, and Others), Component (Software, Hardware), System (Open Payment System, Smart Card, Near-Field Communication), Application (Sports and Entertainment, Transportation, and Others), and Region 2024-2032,” finds that the global smart ticketing market size reached US$ 19.9 Billion in 2023. Smart ticketing refers to a flexible, quick, convenient, and contactless system that electronically stores a ticket on a microchip embedded smartcard. The smartcard is then scanned by the transport operator at a static or handheld ticket machine or barrier to authorize the travel. It uses the government-backed ITSO specification to enable the passengers to seamlessly travel in buses, trams, and trains without using traditional payment systems. Compared to the traditional ticketing system, smart ticketing is fast, efficient and eliminates the need to buy paper tickets.

Global Smart Ticketing Market Trends:

The market is primarily driven by the growing inclination toward public transportation due to traffic congestion and rising environmental concerns. In addition, various initiatives undertaken by governments of numerous countries to promote smart technology and ticketing arrangements represent another major growth-inducing factor. Besides this, the market is further influenced by the increasing demand for mobile apps and the growing utilization of digital bank cards. Moreover, key players are integrating blockchain technology with smart ticketing to improve the passenger experience and offer greater flexibility while minimizing paper usage. They are also providing smart ticketing solutions based on fingerprint recognition algorithms and ultra-touch fingerprint sensors. This, coupled with the emergence of the open-loop concept that enables passengers to use their mobile devices or debit or credit cards with payment functionalities, is escalating the demand for smart ticketing. Furthermore, various technological advancements, such as the introduction of quick response (QR) code, near-field communication (NFC), barcode, local wireless ticketing, and open payment systems, and the adoption of smart ticketing solutions in the sports and entertainment industries are expected to propel market growth in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 47.3 Billion by 2032, expanding at a CAGR of 9.78% during the forecast period (2024-2032).

Market Summary:

  • On the basis of the product, the market has been segmented into ticket machine, e-ticket, e-kiosk, request tracker, and others.
  • Based on the component, the market has been bifurcated into software and hardware.
  • On the basis of the system, the market has been categorized into open payment system, smart card, and near-field communication.
  • Based on the application, the market has been segregated into sports and entertainment, transportation, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Confidex Ltd., Cubic Corporation, Hid Global Corporation (Assa Abloy AB), Hitachi Ltd., Indra Sistemas S.A., Infineon Technologies AG, NXP Semiconductors N.V., Rambus Incorporated, Scheidt & Bachmann GmbH, Softjourn Inc., Thales Group and Verimatrix, Inc.

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Global Smart Ticketing Market to Reach US$ 47.3 Billion by 2032, Bolstered by Growing Inclination Toward Public Transportation
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