Northbrook, IL 60062 -- (SBWIRE) -- 09/01/2023 -- The global Smart Ticketing Market size is projected to grow from USD 7.2 billion in 2020 to USD 16.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period, according to research report by MarketsandMarkets™.

The smart ticketing market is gaining traction due to affordable access to rapid transit with the help of smart transit systems, huge demand for smart ticketing from sports, entertainment, and tourism industries, advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies.

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Hardware segment to account for largest market share during the forecast period

Hardware segment accounts for the largest market share during the forecast period. Major hardware components of the smart ticketing system include ticketing mobile terminals/ticket machines, readers, and validators. Many transit projects are implemented to expand and improve public transportation services. Smart card programs for transportation ticketing are deployed in many countries. As transit operators are deploying new contactless ticketing systems, there is an increasing demand for contactless payment readers and validators. The popularity of using wearable devices to pay fares for sports and other entertainment events is also rising.

Sports and Entertainment segment is expected to grow at the highest CAGR during the forecast period

Sports and Entertainment is expected to exhibit a higher CAGR during the forecast period. Event providers are exploring their unique ideas to improve the ticketing experience of attendees by using software such as SAP solution that engages fans and customers in real time. The giant player—Amazon (US)—is setting its footstep in the ticketing business by announcing its global expansion of ticketing services in Europe, APAC, and the US. The trend of adopting mobile ticketing in arenas such as American Football stadiums facilitate mobile access provisions to fans while entering into the arena and accepts NFC-enabled smartphones as a contactless smart card. Further, smart ticketing options can also reduce fraudulent activities and reselling of tickets outside the stadium at extortionate prices by verified e-tickets purchased from authentic team app on exclusive mobile devices.

Europe region holds the largest market share in the smart ticketing market in 2020

Europe is expected to hold the largest market share during the forecast period. Western European countries such as the UK, Germany, and France which have well-established transportation infrastructure, and several transportation operators in the region use smart ticketing solutions across bus and rail services. European countries have been investing majorly in the modernization and upgradation of rail infrastructure as the dynamics of the rail industry in Europe is changing rapidly with new passenger management systems. Europe has been hosting many international sporting events, such as 2019 Cricket World Cup (England and Wales) and 2019 FIFA Womens World Cup (France). To comply with the standard ticketing requirements for hosting these events, countries and respective sports associations deploy various advanced smart ticketing technologies.

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Key and innovative vendors in the smart ticketing market include ACT (England), Atsuke (France), Cammax (England), Conduent (US), Confidex (Finland), Corethree (England), Cubic (US), Flowbird Group (France), Giesecke+Devrient (Germany), HID Global (US), Hitachi Rail (Italy), IDEMIA (France), Indra (Spain), Infineon Technologies (Germany), INIT (Germany), LIT Transit (Slovenia), Masabi (England), NXP Semiconductors (Netherland), PayiQ (Finland), Scheidt & Bachmann (Germany), SecuTix (Switzerland), Siemens (Germany), Thales (France), Ticketer (England), and Xerox (US).

Key Dynamic Factors For Smart Ticketing Market:

Technological advances: Smart ticketing system advances have been fueled by ongoing developments in technologies like Near Field Communication (NFC), RFID (Radio-Frequency Identification), QR codes, and mobile apps. These innovations improve user convenience by enabling seamless and contactless transactions.

Rise of Contactless Payments: The demand for smart ticketing systems that interface with contactless payment choices has increased as contactless payment methods, such as mobile wallets and contactless credit/debit cards, are increasingly used. The COVID-19 epidemic and the emphasis on touchless transactions both played a significant role in the acceleration of this trend.

Urbanisation and Transportation Challenges: As urban populations increase and public transportation systems face more difficulties, governments and transportation authorities are investing in smart ticketing technologies to increase productivity, ease congestion, and give commuters more convenient options.

Integration of multimodal transportation: Smart ticketing systems that can be used on various transportation systems (such as buses, trains, trams, etc.) and even on various service providers help to create a more seamless travel experience. Integration and interoperability between different transport networks are becoming necessities.

Data analytics and insights: The data gathered by smart ticketing systems can offer insightful information on a variety of topics, including travel patterns, peak hours, and passenger behaviour. Transportation authorities can use this data to improve the efficiency of their systems generally and to plan better routes and schedules.

Personalised Travel Experience: By integrating user accounts and mobile apps with smart ticketing systems, personalised services such as customised travel suggestions, real-time updates, and loyalty programmes are made possible.

Security and privacy issues are crucial with any technology that uses people's personal information or conducts financial transactions. Maintaining user confidence in smart ticketing systems requires ensuring the security of user data and payment information.

Governmental Initiatives and Regulations: Through regulations and policies that promote or require the use of contemporary ticketing systems, governments and regulatory organisations have a considerable impact on the smart ticketing business. Public-private partnerships are frequently used to put these systems into place.

Partnerships and Collaborations: To develop complete and efficient smart ticketing systems, collaboration is essential between technology suppliers, payment processors, transportation providers, and mobile network operators.

Sustainability and environmental concerns: Environmentally friendly transit options are given top priority in many areas. Smart ticketing can encourage people to take public transit instead of driving their own cars, which can help to ease traffic and cut carbon emissions.

User Education and Acceptance: The widespread adoption of these systems depends on user acceptance as well as user awareness of the advantages of smart ticketing and user-friendly interfaces.

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Competitive and Segmentation Analysis:

The smart ticketing market is characterised by fierce competition that is supported by a mix of well-established firms and cutting-edge startups. Leading businesses in this space are concentrating on utilising cutting-edge technology like NFC, RFID, and mobile apps to provide simple and practical ticketing solutions. Hardware (smart cards, readers, validators), software (ticketing platforms, mobile apps), and services (consulting, integration, maintenance) are some of the components used to segment the market.

Additionally, segmentation by application includes a number of industries, including those related to transportation (airlines, railroads, and public transportation), entertainment (theatres, theme parks), and sports. The market is geographically split into areas like North America, Europe, Asia-Pacific, and the rest of the globe.

Companies are working to offer comprehensive solutions that improve user experiences while addressing security and privacy concerns, with an increasing emphasis on contactless payments, interoperability between various modes of transportation, and data-driven insights. Adaptability and differentiation are crucial tactics for maintaining competitiveness in the smart ticketing industry in this dynamic environment that is driven by strategic partnerships, legislative efforts, and technical innovation.

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