Smart Ticketing Market

Global Smart Ticketing Market Size (2024 to 2029)

The global smart ticketing market is predicted to reach USD 26.12 billion in 2024 and USD 50.29 billion by 2029, growing at a CAGR of 14% during the forecast period.

Smart ticketing is the billing system where a ticket is saved electronically on a microchip rather than issued as a paper ticket. In most smart invoice-issuing systems, the microchip in which an invoice is stored is embedded in a smart card. For this reason, smart ticketing schemes are often referred to as smart card schemes, although this application extends far beyond such cards. Smart ticketing uses government-approved ITSO specifications to enable smooth travel on intra-regional and inter-regional routes compatible with different modes of transport. It's fast, more efficient, and saves a lot of paperwork. Governments encourage patronage of public transport by investing in new infrastructure because of its benefits.

Current Scenario of the Global Smart Ticketing Market

Therefore, with the implementation of smart ticketing, governments can significantly influence the demand for public transport by understanding the travel data generated by travelers. One recent example is the Queensland government's month-long test of its smart express ticketing gates at Brisbane Central Station in October 2019. The government wants to understand customers' behavior at the gates, and these ideas will be used for future improvements. In addition, the government aims to fully implement the smart ticketing system in South East Queensland by 2022.

MARKET DRIVERS

The implementation of the smart ticket market is not only limited to the transportation industry but is also gaining popularity in sports, entertainment, BFSI, and healthcare.

The growing demand for transparency solutions through which actors in the transport, entertainment, and sports industries digitize their existing billing systems is driving market growth. Technologies like QR code, NFC, RFID, and open payment systems allow companies in the smart ticketing business to deliver smart solutions in various industries, providing numerous payment options to their users. However, the smart card has a high transaction time compared to the paper ticket, and the difficulty of organizing and managing the entire system limits the rapid development of the market.

The emergence of smart card ticketing results from a global trend towards cashless transactions during transport. With this current change, major credit card companies such as Visa and MasterCard are incorporating smart chips into their cards, which allow them to perform the functions of a public transportation ticket and regular functions. For example, in October 2019, Visa Inc. acquired the Rambus Payments and Ticketing businesses. With these acquisitions, Rambus would complement Visa's efforts, particularly in the transportation sector. Therefore, the switch to multifunction cards would positively affect the global market.

In addition, government and regulatory institutions such as the Competition and Markets Authority are working to protect consumers from excessive prices, fraud, and losses in the secondary market for sports tickets. The implementation of smart cards minimizes the risk associated with fraud. In August 2019, Rangers Football Club (RFC) launched its new smart card ticketing system. These smart cards would be valid for all turnstiles within their designated area. The hike in the implementation of smart cards is foreseen to promote the global market in the future.

Impact of COVID-19 on the Global Smart Ticketing Market

COVID-19 can affect the global economy by immediately affecting production and demand, creating supply chain and market disruption, and financially impacting businesses and financial markets. The COVID-19 outbreak has had effects in many ways, such as flight cancellations, travel bans, and quarantines; restaurants closed all restricted interior events; more than forty countries have announced a state of emergency, massive downturn in the supply chain, stock market volatility, declining business confidence, growing panic among the population and uncertainty about the future. The end of the COVID-19 pandemic is still uncertain, and there are many restrictions.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Smart Ticketing Market Analysis By System

According to the system, the market is divided into smart cards, open payment systems, and near-field communication. Of these, the smart card segment is foreseen to progress with a notable CAGR in the coming years.

Global Smart Ticketing Market Analysis By Component

Based on the components, the market is divided into software and hardware.

Global Smart Ticketing Market Analysis By Product Type

Depending on the product, it is categorized into ATM, electronic ticket, electronic kiosk, request tracking, and others.

Global Smart Ticketing Market Analysis By Application

Applications covered by the study include sports and entertainment, transportation, and others.

REGIONAL ANALYSIS

Europe is home to the leading smart ticket solution providers in Europe, such as Infineon Technologies, Gemalto, and Giesecke + Devrient (Germany), which are also strengthening their presence in this market by providing comprehensive payment options through collaborations with various smart ticket developers and operators. In addition, these companies are also developing blockchain and big data analytics to track travelers' travel habits and can then provide secure and personalized services.

KEY PARTICIPANTS IN THE GLOBAL SMART TICKETING MARKET

The major companies operating in the global smart ticketing market include HID Global Corporation, Gemalto NV, NXP Semiconductors, Giesecke & Devrient GmbH, Infineon Technologies AG, CPI Card Group Inc., Inside Secure, Xerox Corporation, Confidex Ltd., Cubic Corporation, ASK, and Oberthur Technologies.

RECENT HAPPENINGS IN THE GLOBAL SMART TICKETING MARKET

• In October 2017, Cubic Corporation launched the next-generation Cubic NextBus platform to select customers. This new NextBus platform is designed for multimodal transport agencies, authorities, and operators. It introduces a new model of Traffic Management as a Service (TMaaS), which uses the latest technology, including public cloud architecture and machine learning capabilities, to improve further PSTN, proactive traffic fleet operations, and the mobile user experience.

• In July 2017, Rambus introduced a new mobile ticketing solution for a pilot with the help of a national rail operator in Scotland, namely ScotRail. The new all-in-one solution is fully incorporated with ScotRail's existing ticketing application. It will allow customers to skip the line at ticket machines and take advantage of the gates by purchasing and downloading tickets directly on their smartphones.

• In October 2019, Delhi Metro Rail Corporation (DMRC) plans to install a new biometrics-based ticketing system to support biometrics-based smart cards. These will be integrated into the automatic fare collection gates in the stations. These initiatives should encourage other operators in the region to implement them. In addition, smart city projects across the country would also complement the growth in smart ticket sales.

• In August 2019, Hitachi Rail announced that it is testing its new smart ticketing system. This system uses sensors on trains to detect an app on passengers' smartphones when boarding, removing ticket barriers. It would automatically charge passengers the correct fare. This technology is still in the testing phase in Italy.

DETAILED SEGMENTATION OF THE GLOBAL SMART TICKETING MARKET INCLUDED IN THIS REPORT

This research report on the global smart ticketing market has been segmented and sub-segmented based on the system, component, product, application, and region.

By System

• Smart Card              

• Open Payment System      

• Near-Field Communication  

By Component

• Software  

• Hardware

By Product Type

• Ticket Machine      

• E-Ticket    

• E-Kiosk      

• Request Tracker   

By Application

• Sports & Entertainment    

• Transportation      

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus