Categories: IT & Communication Technology

Smart Ticketing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Hitachi Ltd., Siemens Mobility GmbH, NEC Corporation, Thales Group S.A., Infineon Technologies AG

The Smart Ticketing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Ticketing Global Market Report 2024, The smart ticketing market size has grown rapidly in recent years. It will grow from $15.4 billion in 2023 to $17.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to urbanization and population growth, focus on seamless travel experience, government initiatives for public transport, congestion and traffic management, rise in digital payment adoption.

The smart ticketing market size is expected to see rapid growth in the next few years. It will grow to $29.98 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to demand for contactless solutions, integration with mobility services, focus on sustainable transportation, data analytics for optimization. Major trends in the forecast period include dynamic pricing models, integration with smart cities initiatives, biometric authentication for ticket access, environmental sustainability in ticketing, data analytics for user insights.

The revival of the travel and tourism industry will significantly contribute to the growth of the smart ticketing market. Due to the COVID-19 pandemic, the tourism industry was the worst-affected industry, with all sectors, including airlines and hospitality, being severely impacted. To combat the effects of COVID-19, travel-dependent economies around the world are devising creative solutions, such as activities aimed at instilling confidence, such as the SG Clean and Qatar Clean initiatives, as well as activities aimed at attracting tourists, such as safe travel bubbles, pilot projects, and offering incentives. Smart ticketing eliminates the need for cash payment for travel and helps to safeguard passengers and drivers from dangerous infections. For instance, according to World Tourism Organization (UNWTO) report, global tourism grew by 4% in 2021. In addition, the total number of global travelers grew from 400 million passengers in 2020 to 420 million in 2021. Therefore, the growth of the travel and tourism industry will positively impact the smart ticketing market growth.

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The smart ticketing market covered in this report is segmented –

1) By Product: Ticket Machine, E-Ticket, E-Kiosk, Request Tracker
2) By Component: Hardware, Software
3) By System: Open Payment System, Smart Card, Near-Field Communication
4) By Organization Size: SMEs, Large Enterprises
5) By Application: Railways, Airways, Roadways, Sports And Entertainment

Major companies operating in the smart ticketing market are focusing strategic collaborations approach to strengthen their market position. Collaborations enhance smart ticketing by integrating payment providers, ticket developers, and transportation operators for more comprehensive solutions. For instance, in June 2023, O-CITY, a Switzerland -based leading banking and payment firm, and Teknologi Karya Digital Nusa PT Tbk, an Indonesia-based Transportation service join forces to roll out Account-Based Ticketing Solution in Indonesia. The transportation infrastructure of Indonesia is about to undergo a transformation thanks to this cutting-edge ticketing system, which will also enable PT TKDN to offer a wider range of services related to mobility, such as parking, paid road systems, mass public transportation, and automated toll gates. Notably, PT TKDN wants to make this advanced fare collection system available throughout the entire nation, advancing the country’s transition to multi-provider vital city services.

The smart ticketing market report table of contents includes: