What Factors Propelled The Growth Of The Smart Ticketing Market In The Past?
The smart ticketing market has seen considerable growth due to a variety of factors.
• The market size for smart ticketing has experienced swift expansion in the past few years. Expectations for growth project a surge from $17.19 billion in 2024 to $19.41 billion in 2025, equating to a compound annual growth rate (CAGR) of 12.9%.
Factors contributing to this growth during the historic period include urbanisation and population growth, the desire for a seamless travel experience, government initiatives devoted to public transportation, managing traffic congestion, and an increase in the utilisation of digital payment methods.
What Are The Predictions for The Smart Ticketing Market Size In The Coming Years?
The smart ticketing market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for smart ticketing is projected to experience substantial expansion in the near future, increasing to $34.97 billion by 2029 with a compound annual growth rate (CAGR) of 15.9%.
This expansion during the forecast period can be linked to the demand for touchless solutions, coordination with mobility services, an emphasis on environmentally friendly transportation, and the use of data analytics for enhancement purposes. Main trends predicted for the forecast period include adaptive pricing structures, unification with smart city initiatives, biometric verification for ticket access, environmentally responsible ticketing practices and data analytics for consumer insight.
What Key Factors and Trends are Driving the Growth of the Smart Ticketing Market?
The smart ticketing market's growth will see significant progression from the rejuvenation of the travel and tourism sector. The coronavirus pandemic had a drastic effect on the tourism sector, profoundly impacting all elements, encompassing airlines and hospitality. Innovative solutions are being implemented globally by economies heavily reliant on travel to counteract the COVID-19 impact. These include initiatives such as the SG Clean and Qatar Clean geared towards building confidence, and procedures intended to entice tourists, like safe travel bubbles, pilot projects, and presenting incentives. Smart ticketing dismisses the necessity for cash payments while traveling, protecting passengers and drivers from severe infections. For example, in May 2023, the UN Tourism, a Spain-based United Nations special agency promoting universally personalized tourism, reported that international arrivals reached 80% of the levels before the pandemic during 2023's first quarter. Approximately 235 million tourists opted for international trips during the first three months, which is twice the number in the corresponding period in 2022. The travel and tourism sector's progress, therefore, will lead to beneficial implications for the growth of the smart ticketing market.
What Are The Core Segments Of The Globa Smart Ticketing Market?
The smart ticketing market covered in this report is segmented –
1) By Product: Ticket Machine, E-Ticket, E-Kiosk, Request Tracker
2) By Component: Hardware, Software
3) By System: Open Payment System, Smart Card, Near-Field Communication
4) By Organization Size: SMEs, Large Enterprises
5) By Application: Railways, Airways, Roadways, Sports And Entertainment
Subsegments:
1) By Ticket Machine: Standalone Ticket Vending Machines, Multi-Functional Ticket Machines
2) By E-Ticket: Mobile E-Tickets, Web-Based E-Tickets
3) By E-Kiosk: Self-Service Kiosks, Interactive Kiosks
4) By Request Tracker: Online Request Tracking Systems, Mobile Request Tracking Apps
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Which Emerging Trends Are Reshaping The Smart Ticketing Market Size?
Prominent businesses in the smart ticketing industry are employing strategic alliances to consolidate their market standing. Such alliances amplify smart ticketing by bringing together payment suppliers, ticket creators, and transit operators for more comprehensive solutions. For example, in June 2023, O-CITY, a renowned banking and payment company in Switzerland, joined hands with Teknologi Karya Digital Nusa PT Tbk, a transit service in Indonesia, to introduce an Account-Based Ticketing Solution in Indonesia. This innovative ticketing system will instigate a significant change in Indonesia’s transportation infrastructure and allow PT TKDN to provide an expanded suite of mobility-related services, including parking, toll-based road systems, mass public transit, and automated toll booths. Significantly, PT TKDN aims to make this progressive fare collection system accessible nationwide, thus propelling the country's transition to multi-provider essential city services.
Who Are the Key Players in the Smart Ticketing Market?
Major companies operating in the smart ticketing market include:
• Hitachi Ltd.
• Siemens Mobility GmbH
• NEC Corporation
• Thales Group S.A.
• Infineon Technologies AG
• NXP Semiconductors N.V.
• Assa Abloy AB
• Xerox Holdings Corporation
• Indra Sistemas S.A.
• Conduent Incorporated
• Gemalto N.V.
• Cubic Corporation
• Giesecke+Devrient Group
• HID Global Corporation
• CPI Card Group Inc.
• Rambus Incorporated
• Flowbird Group Ltd.
• INIT Innovations in Transportation Inc.
• Paragon Group Limited
• Scheidt & Bachmann GmbH
• Vix Technology Ltd.
• AEP Ticketing Solutions Srl
• Masabi Ltd.
• Softjourn Inc.
• Corethree Ltd.
• Confidex Ltd.
• Parkeon Ltd.
• Ticketer Limited
• Cammax Limited
What are the Regional Insights into the Smart Ticketing Market?
Europe was the largest region in the smart ticketing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart ticketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
