The smart Ticketing Market is majorly driven by its significant adoption in several public transportation companies. For instance, in August 2021, the Conduent Transportation, a global business unit of Conduent Incorporated announced successful implementation and released a contactless payment system that allows direct purchase of tickets on trams managed by Tramvie Elettriche Bergamasche (TEB), a bus and cable car railroad affiliate managed by Azienda Trasporti Bergamo (ATB) in Italy.
Similar to Italy, smart ticketing is growing with the significant rate in many other regions along with the advancements in innovations such as ‘open loop concept’ where passengers can utilise their debit and credit cards or mobile devices with payment functionalities, like wearables, for ticket payments, says Prashil Sawale of AllTheResearch. One such open loop system is named as ‘National Public Transport Card’ using which people can pay ticket fares for all the public transport.
The Global Smart Ticketing Market was valued at US$6.8 Bn (€5.94 Bn) in 2020 is expected to reach US$17.2 Bn (€15.03 Bn) by 2027, with a growing CAGR of 14.1% during the forecast period.
Moreover, the increasing demand for blockchain in smart ticketing to control and safeguard the transactions is further driving the smart ticketing market. The usage of blockchain is estimated to be beneficial as it allows network participants to exchange data with a high degree of reliability and transparency without the need for a centralised administrator.
Many of the companies are looking forward to work with technology in the forecast period. For instance, in July 2021, the Sacramento Kings collaborated with LAVA and Flow, a NBA Top Shot supporting Blockchain and announced the launch of its smart ticket non-fungible token (NFT) experience pass for lucky fans during California Classics.
The key players operating in the market are:
- Hitachi Rail
- HID Global Corporation
- Gemalto NV
- NXP Semiconductors
- Giesecke & Devrient GmbH
- Infineon Technologies AG
- CPI Card Group Inc.
- Inside Secure
- Xerox Corporation
- Confidex Ltd.
- Cubic Corporation
In terms of geography, the European region is the anticipated to be the largest market region for the market. The region was holding a dominating market size of US$4.3 billion (€3.76 billion) in the year 2020.
Asia Pacific region is expected to witness the fastest market growth rate in the forecast period for the global smart ticketing market. The smart ticketing growth is majorly attributed to the adoption of technological backgrounds in several industries in the developing nations like China and India.
The Global Smart Ticketing Market Segmentation:
- Request Tracker
- Smart Parking System
- Ticket Machine
- Ticket Validators
- Open Payment System
- Smart Card
- Near-field Communication
- Sports & Entertainment
- Parking and Transportation
- Others (Healthcare, Essential Stores)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Based on the component, the software segment is expected to witness the highest market growth in the forecast period
- Based on product, E-ticket segment accounted for the largest market share in 2020 in global smart ticketing market
- Based on system, the smart card segment is estimated to hold the largest segment in terms of value
- Application wise, the sports & entertainment segment is anticipated to experience fastest CAGR in smart ticketing market throughout the forecast period
- Geographically, the European region is anticipated to hold the largest market share, while Asia Pacific region is the fastest growing region
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The author is Prashil Sawale of AllTheResearch.