Smart Ticketing Market Size Worth $16.51 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

US & Canada, Oct. 07, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the advancements in smart card technology utilized in smart ticketing systems is boosting the growth of the smart ticketing market demand. Contactless solutions facilitated by smartphones and cutting-edge wearable devices are gaining significant traction, as these solutions help optimize time and curb friction at physical ticket counters with flexible payment options. Additionally, most device manufacturers are integrating payment services, including Samsung Pay, Fitbit Pay, Apple Pay, Garmin Pay, and Google Pay, into their mobile wallet offerings which is further expected to fuel the growth of the smart ticketing market.


Global smart ticketing market share report experiences significant growth due rising demand for digital payments in public transport. Browse More Insights: https://www.theinsightpartners.com/reports/smart-ticketing-market


The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the smart ticketing market comprises of component, payment system, and end user which are expected to register strength during the coming years.


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Overview of Report Findings:

      1.   Market Growth: The smart ticketing market share is expected to reach US$ 16.51 billion by 2031 from US$ 6.85 billion in 2023, at a CAGR of 11.6% during the forecast period.

      2.   Digital Payments in Public Transport: A centralized method is necessary to combine all transportation networks. In this direction, the public transport infrastructure across the world is being upgraded. The upgrades also aim at improving the commuter experience via a seamless payment interface. For instance, in May 2023, Conduent Transportation announced that its subsidiary, a partnership between Conduent and Convergint, has been chosen by the State of Victoria (Australia) to provide the next generation of the state's public transport ticketing system, known as myki.

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      3.   Investments in Smart Stadiums: Smart ticketing provides an easy way for stadium and event organizers to run their operations more efficiently, avoiding overhead costs and procedural bottlenecks. The implementation of a smart ticketing system can dramatically enhance ticket sales by allowing fans to check the availability of their favorite seats and order tickets that match their preferences. The significant data acquired from these bookings allows organizers to determine which areas fans are most interested in, resulting in the development of targeted ticketing strategies that appeal to specific audience segments.

      4.   Advancements in AI and ML Technology: As technology advances, artificial intelligence (AI) and machine learning (ML) are progressively becoming important components of these systems. One of the most significant benefits of incorporating AI into ticketing systems is the potential to provide tailored experiences to attendees. AI systems analyze massive amounts of data, such as previous ticket purchases, browser behavior, and social media interactions, to comprehend individual preferences.

      5.   Geographical Insights: Europe dominated the smart ticketing market demand in 2023. North America is the second largest contributor to the global smart ticketing market, followed by APAC, Middle East and Africa, and South America.

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Market Segmentation:

  • Based on component, the smart ticketing market forecast is segmented into hardware, software, and services. The hardware segment held the largest share in the smart ticketing market in 2023. Hardware devices and equipment enable transport operators to offer efficient and convenient ticketing solutions to passengers. Examples of hardware used in smart ticketing systems include contactless smart card readers, barcode scanners, NFC devices, ticket machines, and ticket validators.
  • Based on payment system, the smart ticketing market is segmented into open payment system, smart card, and NFC. The smart card segment held the largest share in the smart ticketing market forecast in 2023. Smart cards are considered to be the most convenient option among users for making payments in transit. Contactless cards accounted for 84% of the 2.6 billion smart cards and modules produced globally by SPA members and advisory council participants in 2022, up by 8% from 76% in 2021, according to the Smart Payment Association.
  • Based on end user, the smart ticketing market is segmented into transportation, sport and entertainment, parking, and others. The transportation segment held the largest share in the smart ticketing market in 2023. Smart ticketing applications offer numerous benefits for both passengers and transportation authorities by leveraging advanced technologies, such as mobile ticketing and contactless payment systems. A number of transport authorities across the globe are investing in and launching smart ticketing solutions to enable swift transit on public transport routes.


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Competitive Strategy and Development:

  • Confidex Ltd., CPI Card Group Inc., Cubic Corporation, Siemens Mobility, Giesecke & Devrient GmbH, HID Global Corporation (ASSA ABLOY), Infineon Technologies AG, NXP Semiconductors, IDEMIA, and Xerox Corporation.

  • Trending Topics: Mobile Ticketing Market, Contactless Ticketing Solutions Market, 3D Interactive Ticketing Solutions Market, and Others.

Global Headlines on Smart Ticketing Market:

  • “Giesecke+Devrient patented a smart card design with a decorative part embedded in the card body, enhancing its appearance and individuality. The innovative design includes a base layer and multiple decorative pieces for a unique and three-dimensional effect, elevating the smart card’s aesthetic appeal."

  • "Cubic Corporation announced its Cubic Transportation Systems (CTS) business division’s new ticketing system in the Australian state of Queensland reached a major milestone, with Translink passengers now beginning to use credit and debit cards and smart devices to pay for travel on the Ferny Grove line of the passenger rail system"

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Conclusion:

Smart tickets have gained significant traction as a modern replacement for traditional paper-based ticketing, driven by the increasing emphasis on digitizing ticketing processes. This innovative technology saves passengers' time by eliminating the need to queue for ticket purchases. It has also evolved to encompass smartcards and mobile apps, offering a superior alternative to paper tickets. Furthermore, smart ticketing is widely utilized across various modes of transportation and has seen growing applications in sports and entertainment events. A notable example is Rio de Janeiro, which hosted the Olympic Games and expected half a million international visitors. The city's public transport ticketing system featured Gemalto's contactless technology, including the waterproof "Celego Contactless Wristband" and "Celego Contactless Sticker," both embedded with Gemalto's contactless chip and certified by Visa and MasterCard. These solutions, activated with a simple wave of the wristband near the contactless readers, represented a significant infrastructure enhancement introduced at a global level.


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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.


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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Ankit Mathur
E-mail: ankit.mathur@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/smart-ticketing-market


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10/07/2024 09:11 -0400

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