Press release
Smart Ticketing Market Report 2022 SWOT Analysis, Key Indicators, Forecast 2030
Smart Ticketing Market
Smart ticketing is a ticketing system in which a travel ticket is stored electronically in a microchip which is implanted in a smartcard.
Passengers use this smartcard to travel via buses, trains, trams, and metros without standing in a queue for purchasing a paper ticket.
This system is a paper-free solution and hence makes it easier for the passengers to maintain it.
The smart ticketing solution also helps in managing the long queue of passengers in peak hours.
Global Smart Ticketing Market: Overview
The Global Smart Ticketing market is presently worth USD 17.79 billion and is poised to amplify at a CAGR of 12.4% over 2022-2030, thereby amassing a valuation of USD 45.33 billion by end of the assessment timeline.
The smart ticketing market is gaining grip due to affordable access to rapid transit with the help of smart transit systems, enormous demand for smart ticketing from sports, entertainment, and tourism industries.
Advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies is also driving the market for smart ticketing.
Key Trends: Growth Determinants and Challenges
• Huge demand for smart ticketing from sports, entertainment, and tourism industries
In the sports, transit, and entertainment industries, smart ticketing is emerging as a ticketing system innovation. Smart tickets are a low cost and efficient way for passengers to manage their public transportation travel. Passengers can also pre load credit into their tickets for future travel. Users may recover and transfer the money to another smart card if the smart ticket is stolen or lost, making it a convenient and safe ticketing application for travellers.
The use of smart technology in the travel and tourism business, such as virtual philanthropy, smartphones, contactless smart cards, maps, variables, and Artificial Intelligence, has aided many countries.
• Data safety and security issues
One of the biggest hurdles affecting the market's growth is data safety and security risks related with the use of smart ticketing systems. Pn mobile devices, user data held in smart cards might be misused. A few credentials are required when utilising smart ticketing systems for transportation. These include secret cryptographic keys for authentication with the point-of-service terminal to avail travel tickets.
The conventional smart card stores user credentials for a longer time in tamper-resistant hardware. Security professionals require certain levels of certification for tamper-resistant hardware used in standard solutions to keep valuable information assets safe.
Competitive Landscape:
• CPI Card Group Inc.
• Cubic Corporation
• Confidex Ltd.
• Gemalto NV
• Giesecke & Devrient GmbH
• Infineon Technologies AG
• NXP Semiconductors
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Segmental Analysis of Global Smart Ticketing Market:
Based on Component
• Hardware
• Software
• Service
The software segment is expected to witness significant growth over the forecast period. The smart card software is widely used for managing smart card or smart media lifecycle and applications.
Based on Product
• E-kiosk
• E-ticket
• E-troll
• Request Tracker
• Smart Parking System
• Ticket Machine
• Ticket validators
• Others
The e-ticket segment dominated the market in 2018, owing to the increased use of e-tickets in sports events. E-tickets offer high security as compared to traditional paper tickets. The growth of this segment is also driven by the increasing adoption of smartphones across the globe.
Based on System
• Open Payment System
• Smart Card
• Near- Field Communication
The smart card segment dominated the market owing to the increased use of online payment methods. These cards enable consumers to make reliable and secure payments. Moreover, continuous innovations for these cards help safeguard confidential information by preventing hacking or theft through card authentication and encryption.
Based on End-user
• Parking
• Sports and Entertainment
• Transportation
• Others
Smart ticketing solutions are widely used in transport networks that allow travellers to purchase, store, and validate transport tickets using their contactless credit cards or debit cards. These ticketing solutions offer various benefits, such as increased customer satisfaction, cost savings, and business intelligence.
Based on Region:
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)
Europe dominated the market with market size of USD 4.1 billion. European governments are focusing on sustainable transport policies and the digitization of public transit. The growth of the European market can also be attributed to the presence of prominent market players such as Giesecke & Devrient GmbH, Gemalto NV, and Infineon Technologies AG in the region.
Major Developments:
In February 2021, Infineon Technologies launched 40 nm SLC36/SLC37 security controller platforms with high-performance 32-bit ARM SecurCore SC300 dual interface security chips. These crypto controller platforms provide better performance and flexibility for contactless payments, ticketing, and access applications.
In February 2021, Cubic's CTS business division signed a contract with New York Metropolitan Transportation Authority to upgrade the fare payment system for Metro-North Railroad and Long Island Rail Road to a new account-based contactless fare payment system.
Major questions answered in the report:
• What are the major growth factors, challenges, and trends in the global smart ticketing market?
• Which regional segment accounts for the largest revenue in the global smart ticketing market
• Which top players are contributing in the growth of global smart ticketing market?
Key takeaways from the report:
• Deep analysis of regional segment along with other segmental analysis.
• Market growth factors, trends and challenges.
• The Global Smart Ticketing market is presently worth USD 17.79 billion and is poised to amplify at a CAGR of 12.4% over 2022-2030, thereby amassing a valuation of USD 45.33 billion by end of the assessment timeline.
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About We Market Research
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
About We Market Research
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
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