Smart Ticketing Market: Current Analysis and Forecast (2022-2028)

Smart Ticketing Market: Current Analysis and Forecast (2022-2028)

Smart ticketing offers contactless payment methods, in addition, to go cards and paper tickets to pay for public transport. Moreover, it helps with a ticketing system and allows IT support to track, manage, speed up, and deal effectively with incidents. Smart transit systems, the enormous demand for smart ticketing from the sports, entertainment, and tourist industries, cutting-edge technologies in smart ticketing systems, the growing popularity of contactless payments, and others are some of the key factors driving the market for smart tickets. Furthermore, the global key players are working on the advancement of technology that helps to increase the growth of the market. For instance, In April 2021, Calypso Networks Association (CNA) collaborated with NFC Forum to deliver secure, sustainable, and innovative mobile ticketing solutions.

• Based on components, the market is segmented into hardware and software. The hardware category is to witness higher CAGR during the forecast period owing to a growing demand for e-ticketing in parking and transportation and sports and entertainment sectors. The hardware consists of IR sensors, GPS, WI-FI module ticketer compact, and others. The factors like ease to use, availability of flexible design, and fully equipped with contactless and contact credit card device facilities are driving the growth of the market.
• On the basis of technology, the market is categorized into Near field communication (NFC), radio frequency identification (RFID), quick response code (QR Code), and others. Among these, radio frequency identification (RFID) to hold a significant share in the market in 2020. As e-ticketing can be easily accessed through smartphones, pads, and tablets. Moreover, it is a non-contact and wireless technology that enables the user to pay without entering the password up to the 100 m range.
• Based on the offering, the market has been classified into smart cards, ticket validators, ticketing machine, e-tool, and others. The smart cards category is to witness higher growth during the forecast period. Passengers in both smart cities and small towns are increasingly using smart cards because they provide them the option to pay with a contact or contactless card and get the best deal on tickets and e-tolls for each trip. Moreover, easy to carry, has contactless payments, is time-saving, best offers and etc are the factors driving the growth of the market.
• Based on the application, the market has been classified into parking and transportation and sports and entertainment. The parking and transportation category is to witness higher growth during the forecast period. With the increasing preference for comfort, the populace tries to book traveling tickets for buses and trains, through online mode without standing in any queue as well as to save their time. Moreover, it is very convenient to get the tickets from home as well.
• For a better understanding of the market adoption of the smart ticketing market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is estimated to hold the largest market share during the forecast period due to its enhancement in the European tourism industry and the need for more possible ticketing systems across the country. The leading companies in Europe are also trying to increase their presence in the smart ticketing market by offering integrated payment solutions with the help of partnerships with smart ticket developers. In addition, APAC is anticipated to grow at a substantial CAGR during the forecast period due to the development in urbanization and technology, and growth in population. For instance, according to the Indian Railway Catering and Tourism Corporation, a total of 4174.49 lakhs e-tickets have been booked in 2021-22 as compared to 1740.44 lakhs in 2020-21.
• Some of the major players operating in the market include Xerox Holdings Corporation, Cubic Corporation, Thales Group, Rambus, Confidex Ltd, NXPsemiconductors N.V., CPI Card Group, Infineon Technologies AG, Vix Technology, Scheidt & Bachmann