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Global Smart Ticketing Market Expected to Achieve 14.8% CAGR by 2029: Growth Forecast Insights
Smart Ticketing
How Large Will the Smart Ticketing Market Size By 2025?
In recent times, there has been a swift expansion in the size of the smart ticketing market. It is projected to increase from $17.19 billion in 2024 to $19.17 billion in 2025, achieving a compound annual growth rate (CAGR) of 11.5%. The significant growth in the historic period is linked to the surge in urbanization and population, dedication to enhancing streamlined travel experience, government efforts towards improving public transportation, the management of congestion and traffic, and the uptick in the adoption of digital payments.
How Big Is the Smart Ticketing Market Size Expected to Grow by 2029?
The intelligent ticketing market is projected to witness accelerated expansion in the ensuing years, expanding to a value of $33.25 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%. The surge in this forecast period is due to the demand for contactless mechanisms, merging with mobility solutions, focus on eco-friendly transportation modes, and utilization of data analysis for enhancement. Key trends anticipated in the forecast period encompass variable pricing models, consolidation with smart city programs, use of biometric validation for ticket admission, environmental sustainability concerning ticketing, and application of data analytics for customer insights.
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Which Key Market Drivers Powering Smart Ticketing Market Expansion and Growth?
The revitalization of the tourism and travel industry will greatly aid in the expansion of the smart ticketing market. The tourism sector, inclusive of airlines and the hospitality industry, experienced the harshest impact due to the COVID-19 outbreak, with economies dependent on travel globally implementing creative strategies to counteract this. These include confidence-building measures such as the SG Clean and Qatar Clean drives, as well as initiatives designed to draw tourists, like secure travel bubbles, pilot programs, and provision of incentives. Smart ticketing alleviates the need for cash travel transactions, providing a protective measure for passengers and drivers against hazardous infections. For example, UN Tourism reported in May 2023 that in the initial quarter of 2023, global arrivals attained 80% of the numbers seen before the pandemic. A projected 235 million tourists undertook international travel in the first quarter, over double the figure from the equivalent period in 2022. Thus, the revival of the travel and tourism industry will have a direct positive influence on the growth of the smart ticketing market.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart Ticketing Market?
Leading brands in the smart ticketing industry are adopting a strategic collaboration method to reinforce their market stance. These collaborations promote smart ticketing by uniting payment providers, ticket creators, and transport operators for more inclusive solutions. For instance, in June 2023, O-CITY, a prominent banking and payment company based in Switzerland, partnered with Teknologi Karya Digital Nusa PT Tbk, a transportation service from Indonesia, to launch an Account-Based Ticketing Solution in Indonesia. This innovative ticketing system is set to revolutionize Indonesia's transportation infrastructure, while also broadening the range of mobility-related services PT TKDN can offer, including parking, charged road systems, public mass transportation, and automated toll booths. Importantly, PT TKDN is aiming to make this modern fare collection system accessible across the nation, propelling Indonesia's move towards multi-provider critical city services.
What Are the Emerging Segments in the Smart Ticketing Market?
The smart ticketingmarket 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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Smart Ticketing Industry?
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.
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