Smart Ticketing Market is Projected to Reach USD 17.2 Bn by 2027, with a growing CAGR of 14.1% - AllTheResearch

The smart ticketing market is forecasted to grow at a high rate owing to the shift towards cashless transactions across the globe

PLEASANTON CA, Nov. 10, 2021 (GLOBE NEWSWIRE) -- An in-depth analysis of all the data on 'Smart Ticketing market' is covered in a latest published research report added by AllTheResearch. The report is mainly focusing on current market trends influencing the business across assorted regions. Also, provides briefing about market size, share, applications, types and Forecast 2021-2027. The research further focuses on the analysis of key players of the Smart Ticketing Industry (like Hitachi Rail, Indra, Gemalto NV, NXP Semiconductors, Xerox Corporation Thales, etc.) and discusses aspects such as company profiles, production, revenue, sales, product specification, potential, and other essentials. in addition to this report highlights growth strategies embraced by market leaders.

The Global Smart Ticketing Market was valued at USD 6.8 Bn in 2020 is expected to reach USD 17.2 Bn by 2027, with a growing CAGR of 14.1% during the forecast period.

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the increasing demand for blockchain in smart ticketing to control and safeguard the transactions is further driving the smart ticketing market. The usage of blockchain is estimated to be beneficial as it allows network participants to exchange data with a high degree of reliability and transparency without the need for a centralized administrator. Many of the companies are looking forward to work with technology in the forecast period. For instance, in July 2021, the Sacramento Kings collaborated with LAVA and Flow, a NBA Top Shot supporting Blockchain and announced the launch of its first ever smart ticket non-fungible token (NFT) experience pass for lucky fans during California Classics.

Major Key Players Covered in Report are: Hitachi Rail, Indra, 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, Oberthur Technologies, INIT, LIT Transit, Masabi, PayiQ, Scheidt & Bachmann, SecuTix, Siemens, Thales, Ticketer, ACT, Atsuke, Cammax, Conduent, Confidex Ltd., Corethree, Flowbird Group, IDEMIA, and more

The global Smart Ticketing market is segmented by Company, by Component; by Product; by System; by Application; and by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) The industry Professionals in the global Smart Ticketing business will be able to gain the upper hand as they use the report as a powerful resource.

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The Global Smart Ticketing Market Segmentation:

By Component

  • Software
  • Hardware
  • Service

By Product

  • E-kiosk
  • E-ticket
  • E-toll
  • Request Tracker
  • Smart Parking System
  • Ticket Machine
  • Ticket Validators

By System

  • Open Payment System
  • Smart Card
  • Near-field Communication

By Application

  • Sports & Entertainment
  • Parking and Transportation
  • Others (Healthcare, Essential Stores)

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Global Smart Ticketing Market by Region Outlook (Revenue, USD Million, 2021-2027)

  • North America
  • Latin America
  • Europe
  • Middle East & Africa

In terms of geography, the European region is anticipated to be the largest market region for the market. The region was holding a dominating market size of USD 4.3 billion in the year 2020. The European governments are focussing on sustainable transport policies and the digitization of public transit, leading to an increased usage of smart ticketing systems in the region. For instance, in May 2021, Brescia Mobilità, a city situated in Italy introduced a contactless payment services option on all busses, which provides services to approximately USD 40 Million passengers annually. The city claims to be the first one in Italy to do so.

Moreover, the Asia Pacific region is expected to witness the fastest market growth rate in the forecast period for the global smart ticketing market. The smart ticketing growth is majorly attributed to the adoption of technological backgrounds in several industries in developing nations like China and India. For instance, the government in India has launched the Digital India programme, with the primary objective of promoting digital payment methods across the country.

Key Findings in Smart Ticketing Market Research Report: 

  • Based on the component, the software segment is expected to witness the highest market growth in the forecast period
  • Based on product, E-ticket segment accounted for the largest market share in 2020 in global smart ticketing market
  • Based on system, the smart card segment is estimated to hold the largest segment in terms of value
  • Application wise, the sports & entertainment segment is anticipated to experience fastest CAGR in smart ticketing market throughout the forecast period
  • Geographically, the European region is anticipated to hold the largest market share, while Asia Pacific region is the fastest-growing region

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COVID-19 Impact on the Smart Ticketing Market Analysis

The impact of COVID-19 has greatly affected the smart ticketing market. The impact on the market is negative as the outbreak has dramatically imposed restrictions on varied activities such as travelling, ground sports tournaments, offline entertainment sector and much more. The restrictions on such activities had simultaneous effect on usage of smart ticketing systems thus declining the smart ticketing statistics in recent years. Some of the regions which are majorly depended on tourism for their income sources are estimated to experience a decline in their GDP due to the decline in tourism activity. Moreover, public transits are anticipated to be affected at the most. For instance, In March 2020, Washington DC witnessed a decline of 90% in metro-rail ridership, and a decline of 75% in buses ridership.

Chapters Include in Global Smart Ticketing Market Research Report 2021-2027

  1. Introduction
  2. Smart Ticketing Market Pricing Analysis
  3. Smart Ticketing Market by Component
  4. Smart Ticketing Market by Product
  5. Smart Ticketing Market by System
  6. Smart Ticketing Market by Application
  7. Regional Analysis
  8. Key Strategic Insights
  9. Key Market Trends / Recent Developments
  10. Competitive Scenario
  11. Key Global Players

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