Smart Ticketing Market

Smart Ticketing Market Outlook (2022 - 2026)

Smart Ticketing market witnessed a CAGR of 12.9% between 2012 and 2021. The global Smart Ticketing Market is expected to scale through at a rate of 15.2% CAGR between 2022 and 2026. In 2021, the global Smart Ticketing Market size was US$ 14,400 Mn, which is projected to reach US$ 25,330 million by the year 2026.

Smart Ticketing Market Demand Analysis (2012-2021) v/s Market Outlook (2022-2026)

Smart ticketing is a billing or ticketing system wherein the ticket is electronically saved on a microchip rather than being issued on paper. It enables users to travel on public transportation such as buses, trams, or trains without having to utilize traditional payment methods such as cash. The smart ticketing industry is expanding not just in the transportation sector, but also in sports, entertainment, banking and finance, and healthcare. The smart ticketing market is gaining momentum as a result of massive demand for smart ticketing, increased use of the contactless payment, rise in the intelligent transportation industry, and increasing adoption of wearable technology.

What is expected to keep the Hopes High for Smart Ticketing Market?

• Increasing demand for smart ticketing from the sports, entertainment, and tourism industries

Because of its rapid, secure, and user-friendly characteristics, public transportation networks, sports, and entertainment businesses are heavily using smart ticketing systems to lure customers. The Smart Ticketing system provides a cost-effective and efficient solution for users to manage their public transport journey. It also allows customers to pre-load credit amounts for future tickets. Furthermore, if the smart ticket is lost or stolen, the user can retrieve the loaded amount and transfer it to another smart card. These characteristics make it a safe and simple method to purchase tickets. The current emphasis on transportation, sports, and entertainment industries is likely to fuel this market's growth at a quick rate throughout the forecast period.

• Technological advancements, integration of blockchain technology, and increased use of digital bank cards

Key players are using blockchain technology with smart ticketing to enhance customer experiences and provide greater flexibility while reducing paper waste. In addition, they provide smart ticketing with biometric authentication algorithms and ultra-touch fingerprint sensors. This, along with the facility of using mobile devices or debit or credit cards for making payments, is driving the demand for smart ticketing. Moreover, technological advancements such as the emergence of QR codes, NFC, barcodes, open payment systems, etc. are expected to drive market growth in the coming years.

What restraints is the Smart Ticketing Market subject to?

“High installation costs of smart ticketing systems”

Smart ticketing systems are widely used in public transportation networks and sporting events, but the network installation cost is very high due to complicated hardware installation and battery powered RFID tags that must be distributed to customers, making the system financially unfeasible for most businesses. The demand for a high initial investment is projected to hinder market growth.

How has Covid-19 affected the Smart Ticketing Market?

“Slowdown in usage of smart ticketing during the lockdown.”

The outbreak of the Covid-19 pandemic affected the growth of the smart ticketing market by causing hotel and restaurant closures, cancellation of sports and entertainment events, and travel restrictions. Transportation activity was significantly reduced as a result of restrictions imposed to prevent the virus's spread between March 2020 and September 2021. However, the relaxation of lockdown by the end of 2021 fuelled the expansion of this sector.

Competitive Landscape

The smart ticketing industry is highly concentrated, and more global firms are projected to enter this market as government initiatives in favor of this sector are expected to expand. Product launches, high expenditure on R&D, partnerships, acquisitions, etc. are the primary growth methods used by organizations to stay ahead of the competition.

• Keolis, a French public transportation operator, chose Paragon ID to implement Tap and Pay solutions throughout its bus networks in Menton and the French Riviera. The system was tested in August 2021, and 70,000 people in the region were able to utilize the function with their contactless bank cards. The system employs the Paragon ID's P One validator to pay for bus tickets conveniently.
• Cubic Transportation Systems (CTS), a part of Cubic Corporation, announced in May 2021, that the Chicago Transit Authority (CTA) and Pace Suburban Bus (Pace) have introduced the virtual Ventra card to improve the consumer payment experience for tap and fair. This virtual card is available on Google Pay for Android smartphone users in the Chicagoland region to use for contactless fare payment on Pace buses and CTA trains and buses.
• Infineon Technologies introduced 40 nm SLC36/SLC37 security controller systems with high-performance 32-bit ARM SecurCore SC300 dual interface security processors in February 2021. These crypto controller systems provide an improved performance and flexibility for contactless payment, ticketing, and access applications.

Smart Ticketing Industry Report Scope

Smart Ticketing Market Categorization

Smart Ticketing Market by Offering

• Smart Cards
• Wearables
• Readers
• Others

Smart Ticketing Market by Application

• Transportation
• Sports & Entertainment
• Healthcare
• Parking
• Others

Smart Ticketing Market by Application

• North America
• Latin America
• Europe
• Japan
• Asia Pacific
• Middle East & Africa (MEA)

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