Smart Ticketing Market Business Developing Strategies, Growth Key Factors and Forecast to 2026

The global Smart Ticketing Market value is expected to exceed US$ 25,330 million by the year 2026, according to a new report published by Persistence Market Research (PMR). The report also projects that the global Smart Ticketing Market will have a CAGR of 15.2% between 2022 and 2026.

The increasing adoption of smart tickets to replace paper along with the integration of smart technologies is driving the growth of the market. Smart tickets can save passengers' time by eliminating the need to stand in line to purchase a ticket. The technology has evolved tremendously in the last few years and come across as a superior replacement to paper tickets, including both - smartcards and applications for smartphones.

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Another factor that is expected to boost the growth of the Smart ticketing market in the near future is the ease of accessibility provided by Smart tickets. Contactless fare payments have become the norm since the Covid-19 pandemic. The growing acceptance of smarter payments has enabled secure, easy travel for everybody, which is likely to continue in the near future, thereby increasing the demand for smart tickets.

Europe to Hold the Largest Market Share

The leading smart ticketing solution providers are based in Europe, and they are expanding their position in this market by offering integrated payment solutions through partnerships with smart ticket producers and operators. The rising tourism sector, the simplified digital ecosystem, and the need to design more potential ticketing systems throughout metropolitan regions are driving the demand for smart ticketing in Europe.

Smart ticketing technological improvements have prompted businesses in Europe to use technologies such as RFID, NFC, QR code, and barcode. The rise of smartphones equipped with NFC technology has created the infrastructure required for smart ticketing throughout the region's sectors. Hence, Europe is expected to hold the largest market share throughout the forecast period.

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Competitive Landscape

The smart ticketing industry is highly concentrated, and more global firms are projected to enter this market as government initiatives in favor of this sector are expected to expand. Product launches, high expenditure on R&D, partnerships, acquisitions, etc. are the primary growth methods used by organizations to stay ahead of the competition.

Keolis, a French public transportation operator, chose Paragon ID to implement Tap and Pay solutions throughout its bus networks in Menton and the French Riviera. The system was tested in August 2021, and 70,000 people in the region were able to utilize the function with their contactless bank cards. The system employs the Paragon ID's P One validator to pay for bus tickets conveniently.

Cubic Transportation Systems (CTS), a part of Cubic Corporation, announced in May 2021, that the Chicago Transit Authority (CTA) and Pace Suburban Bus (Pace) have introduced the virtual Ventra card to improve the consumer payment experience for tap and fair. This virtual card is available on Google Pay for Android smartphone users in the Chicagoland region to use for contactless fare payment on Pace buses and CTA trains and buses.
Infineon Technologies introduced 40 nm SLC36/SLC37 security controller systems with high-performance 32-bit ARM SecurCore SC300 dual interface security processors in February 2021. These crypto controller systems provide an improved performance and flexibility for contactless payment, ticketing, and access applications.

Smart Ticketing Market Categorization

Smart Ticketing Market by Offering

Smart Cards
Wearables
Readers
Others

Smart Ticketing Market by Application

Transportation
Sports & Entertainment
Healthcare
Parking
Others

Smart Ticketing Market by Application

North America
Latin America
Europe
Japan
Asia Pacific
Middle East & Africa (MEA)

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This release was published on openPR.