Smart Ticketing 2023 Industry Size, Demands, Growth and Top Key Players Analysis Report

 

Smart Ticketing Industry Overview

The global smart ticketing market size was valued at USD 10.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2023 to 2030.

The primary factor leading to the growth in adopting smart ticketing solutions is the increasing incorporation of emerging technologies. The introduction of innovative means for purchasing and paying for tickets, such as contactless payment systems, virtual tickets (E-tickets), and smart cards, enables smooth and efficient transit. In addition, the availability of multi-modal disbursement channels through online ticketing systems, smartphones, E-kiosks, and smart ticketing machines is supplementing effective crowd management and making smart ticketing systems preferable over traditional paper-based ticketing systems.

Gather more insights about the market drivers, restrains and growth of the Smart Ticketing Market

Moreover, changing customer preferences for digital channels to access transport services is driving market growth. Various benefits in the form of reduced waiting time compared to waiting in queues during peak hours, subsidized fares, real-time route updates, and a personalized mobility experience make a strong appeal among customers for online ticketing systems. Moreover, the advantages of smart ticketing solutions for transport operators include reduced maintenance costs, access to an integrated ticketing infrastructure, and cost-effective use of resources, such as employees, energy, and paper. Thus, the use of smart ticketing systems is expected to rise over the forecast period contributing to the growth of the overall market.

In addition to its application in transportation operations, smart ticketing solutions are also gaining traction to meet ticketing needs in the sporting and entertainment industry. Smart ticketing systems allow scalability when integrated with point-of-sale and self-service kiosks. Smart ticketing systems also provide real-time customer data and improve customer engagement and experience. For instance, in March 2023, Major League Soccer (MLS) selected Ticketmaster as its official ticketing partner through a multi-year agreement seeking to personalize the entire customer experience using next-generation interactive tools, such as 3D stadium views. The ability to leverage technology to connect to various smart & connected devices and provide a unified experience is also driving the market growth.

For instance, in September 2021, a French fairground known as Fabrikus World delegated the digital transformation of its theme park to CONNECT&GO, a global leader in Radio Frequency Identification (RFID). CONNECT&GO would help build an omnichannel ticketing platform, including online, physical ticketing offices, and cashless payments. The partnership also helped Fabrikus World launch its currency, Fabcoin, which would be available on chip cards. Data security concerns are one of the restraints hindering market growth. Smart ticketing systems are open-loop and typically require users to provide personal information, such as their name, contact details, and payment information. They also inherit risks of such data being accessed or misused if the system’s security measures need to be improved. Companies are upgrading to use technology, such as blockchain, to overcome these restraints.

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Global Smart Ticketing Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this report, Grand View Research has segmented the global smart ticketing market report based on component, product, system, end-use, and region.

Component Outlook (Revenue, USD Billion, 2017 - 2030)

·         Hardware

·         Software

·         Service

Product Outlook (Revenue, USD Billion, 2017 - 2030)

·         E-kiosk

·         E-ticket

·         E-toll

·         Request Tracker

·         Smart Parking System

·         Ticket Machine

·         Ticket Validators

·         Others

System Outlook (Revenue, USD Billion, 2017 - 2030)

·         Open Payment System

·         Smart Card

·         Near-field Communication

End-use Outlook (Revenue, USD Billion, 2017 - 2030)

·         Parking

·         Sport & Entertainment

·         Transportation

·         Others

Regional Outlook (Revenue, USD Billion, 2017 - 2030)

·         North America

o    US

o    Canada

·         Europe

o    UK

o    Germany

o    France

·         Asia Pacific

o    China

o    Japan

o    India

o    South Korea

o    Australia

·         Latin America

o    Brazil

o    Mexico

·         Middle East & Africa

o    Kingdom of Saudi Arabia (KSA)

o    UAE

o    South Africa

Key Companies & Market Share Insights

Companies are adopting numerous strategies to gain a competitive advantage and drive growth. Several companies are focusing on partnering with other businesses to build innovative systems or acquiring startups or smaller firms to gain access to their expertise and customer base. This approach allows companies to expand their capabilities and offer more comprehensive solutions to their customers. Moreover, companies are also investing in research and development to innovate and differentiate their offerings.

Smart ticketing solution providers are leveraging participation in various exhibitions and conferences to showcase their offerings. For instance, in March 2023, Conduent, Inc., a smart mobility technology solutions provider, displayed its range of fare collection solutions at the Transport Ticketing Global Conference. As the world’s largest event related to public transport, the Transport Ticketing Global Conference gathered industry representatives and transport operators from over 70 countries. Some of the prominent players in the global smart ticketing market include.

·        Confidex Ltd.

·        CPI Card Group Inc.

·        Cubic Corporation

·        Thales

·        Giesecke & Devrient GmbH

·        HID Global Corporation (ASSA ABLOY)

·        Infineon Technologies AG

·        NXP Semiconductors

·        IDEMIA

·        Xerox Corporation

Order a free sample PDF of the Smart Ticketing Market Intelligence Study, published by Grand View Research.

 

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