The Global Smart Ticketing Market size is expected to reach $21.1 billion by 2027, rising at a market growth of 15.6% CAGR during the forecast period. The smart ticketing system refers to a system that helps in securely saving tickets in electronic format in a microchip. A smart card refers to a pepper card in which the microchip is integrated. Protection from fraud, offering passengers credit or pre-loaded ride travels in case of an advance journey, cut down, or eliminate long queues are some of the prime benefits of smart ticketing systems. By deploying smart ticketing systems, operators and sellers can offer their customized or personalized tickets based on the needs of different people and fulfill their specific needs.
The transportation industry is highly adopting the smart ticketing system. Effective application of a broad array of smart technology is expected to boost the growth of the smart ticket market. Moreover, the growth of the market would witness bright prospects due to the factors like growing application of the technology in the tourism and travel industry and applications of systems that are easily manageable by users and can be accessed and easily utilized by people belonging to every age group. However, the growth of the market is inhibited by the high price of installation and a centralized operating unit for smooth functioning of smart ticketing systems to operate efficiently. In addition to it, various governments around the world are deploying measures like demonetization and supporting cashless transactions. This factor creates many profitable growth opportunities for the global smart ticketing market during the forecast period.
The global pandemic has wreaked havoc in Europe; thereby the region becomes the most vulnerable due to the pandemic. As Italy grappled with the increasing number of COVID-19 deaths in the country, other nations across Europe deployed stringent measures including stay-at-home. The transportation sector has been hit hard by the pandemic due to the imposition of various stringent restrictions, thereby putting a huge financial burden on the sector. With the relaxation of lockdown restrictions and resumption of businesses, the public transport riders began the operations for people from essential industries like the food supply chain and healthcare. In addition to it, they had to adopt stringent physical distancing, thus the occupancy in buses and rails was quite low. Even with the relaxation in a greater number of norms, restricted transport services were allowed in various countries.
Based on Component, the market is segmented into Hardware, Software and Services. The service segment would exhibit the maximum growth rate during the forecast period. Some of the drivers for the growth of this segment are growing digitalization in ticketing services to offer an improved travel experience to passengers. Ticketing as a Service (TaaS) estimates the genuine fare and enables passengers to travel across multi-modal transport systems effectively.
Based on Application, the market is segmented into Parking & Transportation and Sports & Entertainment. Parking & Transportation Type is further bifurcated across Roadways, Railways and Airways & Others. There is a broad application of smart ticketing solutions in transport networks that enable travelers to buy, store, and confirm transport tickers with the help of their contactless debit cards or credit cards. Higher customer satisfaction, cost savings, and business intelligence are some of the major advantages of ticketing solutions. This, as a result, would boost the adoption of smart ticketing solutions specifically in the transportation industry.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 7.1 Billion |
| Market size forecast in 2027 | USD 21.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 15.6% from 2021 to 2027 |
| Number of Pages | 202 |
| Number of Tables | 341 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis |
| Segments covered | Component, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would show a promising growth rate during the forecast years. This is credited to the presence of countries like China, India, Malaysia, Indonesia, and Thailand. These countries aim to develop smart cities due to the robust economic development, the surge in population, and fast urbanization. APAC nations are also getting investments, supporting advanced technologies, and creating unique solutions to enhance the quality of life. These improvements are boosting the growth of the regional smart ticketing market. There is a high significance on the growth of innovative and interoperable automated free collection systems, like smart cards and NFC-enabled devices, to boost the efficiency of transport systems as well ridership by giving commuters a streamlined travel experience. Established countries like Japan and Singapore are aiming to adopt technology-enabled transport systems by initiating hefty technology funding.
Free Valuable Insights: Global Smart Ticketing Market size to reach USD 21.1 Billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG is the major forerunner in the Smart Ticketing Market. Companies such as Hitachi, Ltd., IDEMIA SAS, Assa Abloy AB, Confidex Ltd., and NXP Semiconductors N.V. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy AB, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd.
By Component
By Application
By Geography
The smart ticketing market size is projected to reach USD 21.1 billion by 2027.
Adoption of blockchain is set to propel the smart ticketing market are driving the market in coming years, however, Huge installation cost of these smart ticketing systems have limited the growth of the market.
Siemens AG, Thales Group S.A., NXP Semiconductors N.V., Infineon Technologies AG, Hitachi, Ltd., IDEMIA SAS (Advent International, Inc.), Assa Abloy AB, Giesecke & Devrient GmbH, Atsuke, and Confidex Ltd.
The expected CAGR of the smart ticketing market is 15.6% from 2021 to 2027.
The Europe emerged as the leading region in the global market in 2020.
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