Smart Ticketing Market Outlook 2031:
The global smart ticketing market size was valued at USD 15.63 Billion in 2022 and is projected to reach USD 41 Billion by 2031, expanding at a CAGR of 11.31% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing need for fast, safe, and efficient ticketing services for various events.
Smart ticketing is a type of ticketing system wherein a travel ticket is electronically stored on a smartphone or a smartcard. This system essentially allows the users to skip visiting the ticket counter at the station for getting tickets. Users can additionally buy tickets for a specific period in advance or load credit onto their account. Such ticketing system is widely applied for various purposes especially for sport events, parking tokens, and other transport related fields.
The COVID-19 pandemic has forced several governments around the world to impose emergency lockdown and close down offices, schools, and colleges. As a result, the dependence upon online platforms by businesses has increased dramatically for executing their various tasks and performing several functions. Moreover, increasing use of internet and mobile telecommunication platforms for daily business operations has ultimately led to increase online transactions.
Smart Ticketing Market Drivers, Restraints and Opportunities
- Cost-effectiveness of smart ticketing and massive convenience for maintenance of various tasks related to the auto and transportation sector are major driving factors of the smart ticketing market.
- Increasing efficiency of Artificial Intelligence (AI) and wide integration of advanced technologies for the ticketing system are another major drivers of the market.
- Growing number of sports’ events across the globe and rising number of fan based of several sport games present a key factor boosting the smart ticketing market growth.
- Threat of cyber-attacks and increasing concerns regarding data manipulations are major challenges that can hamper the smart ticketing market growth during the targeted period.
- Increasing demand for fast and efficient ticketing services to avoid long queue and hassle processes is expected to create lucrative opportunities of the market during the forecast period.
Scope of Smart Ticketing Market Report
The report on the global smart ticketing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Ticketing Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 –2021
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Forecast Period
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2023 – 2031
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Segmentation
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Systems (Smart Card, Open Payment System, and Near-field Communication), Components (Software, Hardware, and Services), Products (E-ticket, Request Tracker, Ticket Machine, E-kiosk, E-toll, Smart Parking System, Ticket Validators, and Others), and End-users (Parking, Transportation, Sports & Entertainment, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Giesecke & Devrient GmbH; Infineon Technologies AG; CPI Card Group Inc.; NXP Semiconductors; Cubic Corporation; Confidex Ltd.; and Gemalto NV.
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Smart Ticketing Market Segment Insights
NFC segment to grow at a considerable pace
Based on the systems, the smart ticketing market share is divided into smart card, open payment system, and Near-field Communication (NFC). The smart card segment dominated the market in 2020 and is projected to account for large market share in the coming years due to the inflated use of on-line payment strategies.
These cards alter customers’ preference as they provide reliable and secure payments. Moreover, continuous innovations for these cards facilitate safeguard of various payment services by preventing hacking or felony through card authentication and encryption. On the other hand, the near-field communication segment is expected to register high CAGR during the forecast timeline as the NFC systems guarantee a secure means to various payments.
Software segment is expected to hold major market share
On the basis of components, the global smart ticketing market share is fragmented into software, hardware, and services. The software segment is expected to hold major market share during the forecast timeline as software package is widely used for managing open-end credit or sensible media lifecycle and applications.
The services segment is anticipated to register a robust CAGR during the forecast period. Increasing digitalization in ticketing services to produce additional convenient travel expertise to passengers is anticipated to contribute to the segment expansion.
E-tickets segment provides enhanced security
Based on the products, the market is segmented into e-ticket, request tracker, ticket machine, e-kiosk, e-toll, smart parking system, ticket validators, and others. The e-ticket segment is anticipated to constitute a dominant market share in the coming years due to the widespread use of e-tickets in sports events. E-tickets provide high security as compared to normal paper tickets.
Sports & entertainment segment to account for substantial market share
Based on end-use, the global smart ticketing market share has been divided into parking, transportation, sports & entertainment, and others. The sports & entertainment segment is projected to account for substantial market share in the coming years owing to rising number of sports events and wide adoption of e-ticketing system for booking tickets for entertainment houses.
During the sports events, smart ticketing methods are extensively adopted to allow convenient and hassle-free options for buying tickets.
Market of Europe to exhibit huge growth rate
In terms of regions, the global smart ticketing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe dominated the market in 2018 with market size of USD 5.21 billion and is anticipated to exhibit huge growth rate in the coming years as governments in the region are specializing in sustainable transport policies and wide adoption of smart ticketing system in public transit.
The consolidation of the European market is further attributed to the presence of distinguished market players such as Giesecke & Devrient GmbH, Gemalto NV, and Infineon Technologies AG. The Asia Pacific market, however, is expected to register a fast-growth rate during the forecast period. Various market players are introducing good ticketing solutions within the region, thanks to increasing government initiatives to use digital payment in rising countries such as China and India.
Segments
The global smart ticketing market has been segmented on the basis of
Systems
- Smart Card
- Open Payment System
- Near-field Communication
Components
- Software
- Hardware
- Services
Products
- E-ticket
- Request Tracker
- Ticket Machine
- E-kiosk
- E-toll
- Smart Parking System
- Ticket Validators
- Others
End-users
- Parking
- Transportation
- Sports & Entertainment
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global smart ticketing market are Giesecke & Devrient GmbH; Infineon Technologies AG; CPI Card Group Inc.; NXP Semiconductors; Cubic Corporation; Confidex Ltd.; and Gemalto NV. Market players are focusing on increasing their presence in the regional markets by offering integrated payment solutions and through strategic partnerships.
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