As per the report published by Fior Markets, the global smart ticketing market is expected to grow from USD 7 billion in 2020 and reach USD 21.41 billion by 2028, growing at a CAGR of 15% during the forecast period 2021-2028.
Smart ticketing is an innovation of the sports, transport, and entertainment ticketing system. Intelligent tickets provide users with an economical and efficient way to manage their public transport journeys. Passengers can also charge credit amounts in advance for their journeys on their tickets. If the clever ticket is robbed or lost, users can recover and transfer the cost to a new smart card and so make ticketing for travelers convenient and secure. Increasing economic development has been beneficial to countries such as China, India, Singapore, and the UAE in their integration of intelligent technologies such as virtual reality, smartphones, contactless smart cards, one carte, wearable, or artificial intelligence (AI), in the travel and tourism industry. Intelligent technology helps this industry to offer a wide range of services that attract worldwide visitors. Transport agencies in several regions like Europe and the APAC, via ambitious efforts to strengthen the adoption of intelligent ticketing systems, are supporting the growth of the travel and tourism industries.
The smart ticketing system is a system that allows tickets to be stored in a microchip electronically. The microchip is integrated into a pepper card and is called an intelligent card. Some of the main advantages of a smart ticking system are the safety of fraud, credit, or pre-loaded journeys for passengers when traveling in advance, and help to reduce or eliminate long queues. Another intelligent ticketing system allows salespeople and operators to supply customized or personalized tickets to meet the demands of a wide range of people. In the transport sector, the smart ticketing system is the most commonly used. Successful implementation of a broad spectrum of smart technology is one of the primary reasons driving the Smart Ticket industry. The increasing use of tourism, travel and user-friendly technologies that people from all age groups can easily access and utilize is driving the smart ticketing market expansion.
Key players operating in the smart ticketing market are Indra, Infineon Technologies, INIT, Conduent, Confidex, Core three, Cubic, Flowbird Group, Giesecke+Devrient, HID Global, Hitachi Rail, IDEMIA, ACT, Atsuko, Cammax, among others. The major players in the smart ticketing market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations, and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global smart ticketing market. Indra and ACT Systems are some of the biggest manufacturers and suppliers of the smart ticketing market worldwide.
The service segment dominated the market and held the largest market share of 34% in the year 2020
Based on the component segment, the global smart ticketing market includes hardware, software, and service system. The services segment dominated the market and held the largest market share of 34% in the year 2020. Increased digitization of passenger travel services will help to the expansion of the service category over the forecast period to offer passengers a more convenient travel experience. Calculate the exact price and allow customers to move easily across multi-modal transport networks through Ticketing as a Service (TaaS).
The smart parking system segment dominated the market and held the largest market share of 56.12% in the year 2020
Based on the product segment, the global smart ticketing market includes e-tickets and smart parking systems. The smart parking system segment dominated the market and held the largest market share of 56.12% in the year 2020. Increasing progress in smart parking technology allowed drivers to pay parking costs using smart cards. The increasing need for better smart parking solutions is also supporting the increase in traffic congestion. Many governments worldwide are investing in intelligent parking systems, with prospects for growth for these ticketing solutions projected in the foreseeable term.
The sports and entertainment segment dominated the market and held the largest market share of 55.46% in the year 2020
Based on the application segment, the global smart ticketing market includes parking and transportation (roadways, railways, and airways), and sports and entertainment. The sports and entertainment segment dominated the market and held the largest market share of 55.46% in the year 2020. Various event organizers in the sports business are focused on improving the ticketing experience of participants by giving convenient, unforgettable solutions. Smart tickets help to cut customers’ cash flow and wait time outside the stadiums. As a result, there is a fast rise in the use of these ticketing systems by the sports business.
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