The global smart ticketing market size is anticipated to account for USD 33.7 billion by the end of 2026 and is estimated to grow at compound annual growth rate of 14.9% during the forecast period 2019 to 2026, according to the new report by Million Insights. In travel & tourism, rising demand for e-ticketing tools due to its greater convenience is projected to spur market growth. In addition, the growing adoption of online transaction system and intelligent transportation system are expected to boost market growth.
In subway and metros, smart ticketing solutions help in rapid transit access at affordable costs. The ticket is stored on the microchip embedded along with smart card. Smart card system enables passengers to buy tickets from loaded or saved credit or money, this saves time & makes the process faster. Thus, several public authorities are installing these solutions to control traffic & deliver efficient transportation services. In addition, these solutions provide high reliability and longer life when compared with paper-based solutions.
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To enhance the consumer experience, companies in the industry focus on continuous innovation for developing new solutions to meet consumer needs. For example, in U.K., South & Western rail has introduced a Tap2 Go service that eliminates buying of tickets. In this process, passengers only need to touch card at entry/exit gates. The system automatically calculates fare amount & payment get deducted from consumers account.
Smart ticketing solutions provide improved security for fraud which is projected to support market growth. This system utilizes magnetic stripes technology that needs lower maintenance costs. In addition, it offers fast payment options and flexible travel passes especially in part-time seasons.
Key manufacturers in the smart ticketing market areCubic Corporation; CPI Card Group,ConfidexLtd, Giesecke&Devrient GmbH, Gemalto NV, NXP Semiconductors and Infineon Technologies AG.
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Further key findings from the report suggest:
• Depending on component, software segment is anticipated to grow at asignificant rate of CAGR, due to rising demand for connected devices.
• E-ticketing solution provides greater convenience, high flexibilityand security in transportation services.
• Smart card solutions help in reducing cash flow and also offer high convenience to consumers at gateways. For instance, at gates, boarding bus points. Thus, these systems are projected to increase the adoption of smart tickets solutions.
• Sports & entertainment type segmentis projected to expand at fastest CAGR from 2019 to 2026.
• Europe is projected to grow at the fastest rate due to growing adoption of smart ticketing systems at various rail stations & other gateways.
Million Insights has segmented the global smart ticketing market based on component, product, system, end use and region:
Smart Ticketing Component Outlook (Revenue, USD Billion, 2015 – 2026)
Smart Ticketing Product Outlook (Revenue, USD Billion, 2015 – 2026)
• Request Tracker
• Smart Parking System
• Ticket Machine
• Ticket Validators
Smart Ticketing System Outlook (Revenue, USD Billion, 2015 – 2026)
• Open Payment System
• Smart Card
• Near-field Communication
Smart Ticketing End Use Outlook (Revenue, USD Billion, 2015 – 2026)
• Sports & Entertainment
Smart Ticketing Regional Outlook (Revenue, USD Billion, 2015 – 2026)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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