Press release
Smart Ticketing Market: Technological Advancements, Market Size, Share, Demand, Growth Segments, and Future Outlook
Smart Ticketing Market
Smart Ticketing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $29.98 billion In 2028 At A CAGR Of 14.3% :
The smart ticketing market size has grown rapidly in recent years. It will grow from $15.4 billion in 2023 to $17.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to urbanization and population growth, focus on seamless travel experience, government initiatives for public transport, congestion and traffic management, rise in digital payment adoption.
The smart ticketing market size is expected to see rapid growth in the next few years. It will grow to $29.98 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to demand for contactless solutions, integration with mobility services, focus on sustainable transportation, data analytics for optimization. Major trends in the forecast period include dynamic pricing models, integration with smart cities initiatives, biometric authentication for ticket access, environmental sustainability in ticketing, data analytics for user insights.
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Smart Ticketing Market Major Segments
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
Key Driver - Smart Ticketing's Crucial Role In The Revival Of Travel And Tourism Post-COVID-19
The revival of the travel and tourism industry will significantly contribute to the growth of the smart ticketing market. Due to the COVID-19 pandemic, the tourism industry was the worst-affected industry, with all sectors, including airlines and hospitality, being severely impacted. To combat the effects of COVID-19, travel-dependent economies around the world are devising creative solutions, such as activities aimed at instilling confidence, such as the SG Clean and Qatar Clean initiatives, as well as activities aimed at attracting tourists, such as safe travel bubbles, pilot projects, and offering incentives. Smart ticketing eliminates the need for cash payment for travel and helps to safeguard passengers and drivers from dangerous infections. For instance, according to World Tourism Organization (UNWTO) report, global tourism grew by 4% in 2021. In addition, the total number of global travelers grew from 400 million passengers in 2020 to 420 million in 2021. Therefore, the growth of the travel and tourism industry will positively impact the smart ticketing market growth.
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Prominent Trend - Innovative Technological Advancements Drive The Evolution Of Smart Ticketing Systems
Technological advancements in smart ticketing systems are a key trend gaining popularity in the smart ticketing market. Major companies operating in the smart ticketing sector are focused on developing new technological solutions to strengthen their market position. For instance, in February 2021, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched 40 nm SLC36/SLC37, a new way of online ticketing. The 40nm platform products offer best-in-class contactless performance based on a powerful and energy-efficient 32-bit ARM SecurCore SC300 dual-interface security crypto controller in combination with the SOLID Flash memory concept. Customers can book fast tickets by using the 40nm technology. This reduces new product design work by allowing for easy Software migration from the 65nm SLC32 platform, which enables quick approval and short lead times owing to unique logistical approaches. Furthermore, the new 40nm technology platform serves as the foundation for SECORATM's next-generation payment and ticketing solutions.
Smart Ticketing Market Players
Major companies operating in the smart ticketing market report are 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., Verimatrix Inc., AEP Ticketing Solutions Srl, Masabi Ltd., Softjourn Inc., Corethree Ltd., Confidex Ltd., Atsuke Co Ltd., Parkeon Ltd., Ticketer Limited, Cammax Limited
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the smart ticketing market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Ticketing Market Report Structure
3. Smart Ticketing Market Trends And Strategies
4. Smart Ticketing Market - Macro Economic Scenario
5. Smart Ticketing Market Size And Growth
…..
27. Smart Ticketing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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