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The global smart ticketing market size is forecast to increase by USD 13.02 billion at a CAGR of 11.8% between 2023 and 2028. Smart ticketing solutions offer convenience for users by allowing them to purchase, store, and validate tickets digitally using their smartphones or smart cards. Contactless payment methods, such as NFC (Near Field Communication) and QR codes, are commonly used in smart ticketing systems.
The growth of the market depends on several factors such as the rise in global travel and tourism, the partnerships between MaaS service providers and transportation companies, and the successful application of various technologies. This market research and growth report includes an in-depth analysis of the key market drivers, trends, and challenges during the forecasted period.
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In the realm of transportation and payment systems, mobile ticketing and contactless payments have emerged as prominent solutions, offering convenience and efficiency to commuters. Digital wallets play a pivotal role in facilitating seamless transactions, while fare collection systems leverage RFID technology for quick and secure payment processing. Ticket validation and transit access control are streamlined through innovative technologies, driving transit ticketing innovations and enhancing the overall commuting experience. Embracing electronic fare collection methods, including NFC technology adoption and ticketing app developments, further modernizes transportation systems. Market analysts conduct comprehensive market growth analysis and market research and growth, providing valuable insights into emerging trends and opportunities for strategic decision-making based on accurate market forecasting.
The transportation segment is estimated to witness significant growth during the forecast period. There is an increasing use of smart-ticketing in various modes of transportation as it offers convenience, flexibility, and security. In addition, it helps passengers easily buy tickets online. Passengers can manage purchases and renewals without waiting in long queues. Furthermore, low reliance on cash has provided convenience to passengers.
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The transportation segment was the largest segment and was valued at USD 6.76 billion in 2018. Moreover, it offers additional security to passengers. For instance, if a smart card is lost or stolen, it can easily be canceled, and the ticket or credit can be replaced. Hence, smart tickets are more durable than paper tickets. In addition, the growing implementation of modern technology is fuelling the adoption in the railway sector. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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Europe is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. There is significant growth in the market across several countries in Europe including France, Germany, the UK, Spain, and Italy. In addition, the rise in tourism fuelling the market in the region. Furthermore, several live entertainment events are conducted in the region by numerous artists and stage performers. In addition, Europe also hosts various sports events, such as the UEFA Champions League, the FIFA World Cup, and the Cricket World Cup. Furthermore, Europe is an early adopter of innovative products and services. For instance, The Government of the UK introduced Oyster cards in June 2003. Hence, such factors drive the market growth in Europe during the forecast period.
In the realm of modern payment and ticketing systems, contactless payment systems and mobile ticketing solutions are witnessing rapid adoption, fueled by advancements in technology. Digital ticketing platforms offer convenient alternatives to traditional paper tickets, while transit ticketing innovations streamline the commuting experience. Embracing electronic fare collection methods enhances efficiency and reduces operational costs for transportation providers. NFC technology adoption and ticketing app developments further facilitate seamless transactions and improve user experiences. The proliferation of mobile-ticketing and contactless payments is bolstered by the widespread use of digital wallets and the integration of RFID technology. Market analysts conduct thorough market growth and forecasting, offering insights into emerging trends and opportunities for strategic decision-making based on accurate market forecasting.
One of the key factors driving the market growth is the successful application of various technologies. Factors such as dynamic technological innovations including mobile ticketing, radio frequency identification (RFID), and near-field communication (NFC) are significantly contributing to the market growth. In addition, NFC helps in connecting electronic devices that are used in these systems.
Moreover, RFID is another significant technology that is used in these systems for identification, payment, and security purposes. In addition, the use of RFID technology, along with embedded systems and RFID tags, leads to an improved and efficient automated train ticketing system. Furthermore, a majority of stations globally have RFID reader circuits that facilitate the calculation of ticket charges. Hence, such factors drive the market growth during the forecast period.
A key factor shaping the market growth is the use of blockchain technology in ticketing systems. Factors such as the increasing fraud and extortionate secondary market (resale) tickets are some of the significant challenges faced by the ticketing industry. Thus, there is a significant adoption of blockchain technology as it helps in recording each transaction and tracking ticket buyers. In addition, it enables event managers to maintain a track record and detailed history of payment transactions.
Moreover, the technology helps identify whether a ticket has been resold and the price of the same. Therefore, the blockchain has helped ticketing technology providers in fraud prevention. In addition, the blockchain has also resulted in the standardization of the ticketing protocol. Hence, such factors are positively impacting the market. Therefore, it is expected to drive market growth during the forecast period.
The high cost of setting up and implementing smart ticketing is one of the key challenges hindering the market growth. Their implementation comprises high costs in the installation of the required infrastructure. In addition, it is a huge drain on the financial resources of a country as the old system needs to be replaced with a new infrastructure.
Moreover, the cost of setting up and maintaining the access gates, contactless readers, AFC systems, and validation equipment is high. In addition, the implementation of technology needs funds from the public sector, which is often associated with budget overruns and delays. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ASSA ABLOY AB: The company offers smart ticketing solutions such as Smart paper tickets, incedo business, and CLIQ.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Smart Ticketing Market is witnessing a revolution with the advent of Mobile Ticketing Solutions and Digital Ticketing Platforms. These innovations have transformed the landscape of Transit Ticketing, enabling seamless Electronic Fare Collection and enhancing the overall commuter experience.
The widespread adoption of NFC Technology has further streamlined the process, allowing for swift and contactless transactions. Ticketing App Developments have made it convenient for passengers to purchase tickets on the go and store them in their Digital Wallets.
Fare Collection Systems leveraging RFID Technology ensure efficient management of ticketing operations, while Ticket Validation and Transit Access Control mechanisms enhance security and prevent unauthorized usage.
With the integration of advanced ticketing systems, both commuters and transit authorities benefit from improved efficiency and reduced operational costs. As the market continues to evolve, the focus remains on enhancing accessibility and convenience through innovative Electronic Fare Collection solutions and Transit Ticketing Innovations.
This market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.8% |
Market Growth 2024-2028 |
USD 13.02 Billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.08 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 40% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ASSA ABLOY AB, Atsuke SAS, Conduent Inc., Corethree Ltd., CPI Card Group Inc., Cubic Corp., Giesecke Devrient GmbH, Hitachi Ltd., IDEMIA France SAS, Infineon Technologies AG, iQ Payments Oy, NEC Corp., NXP Semiconductors NV, Scheidt and Bachmann GmbH, Siemens AG, Thales Group, Ticketer, VIX IP Pty Ltd., Cammax Ltd, and Flowbird SAS |
Market dynamics |
Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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