According to a new report published by Persistence Market Research (PMR), the global smart ticketing market value is expected to exceed $25.33 billion by 2026. The report also forecasts that the global smart ticketing market will have a CAGR of 15.2% between 2022 and 2026.
Increasing adoption of smart tickets to replace paper along with integration of smart technologies is driving the growth of the market. Smart tickets save passengers time by eliminating the need to line up to buy tickets. The technology has evolved tremendously over the past few years and has emerged as an excellent alternative to paper tickets, including applications for both smart cards and smartphones.
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Another factor expected to fuel the growth of the smart ticket market in the near future is the ease of accessibility offered by smart tickets. Contactless payment has become the norm since the COVID-19 pandemic. The growing acceptance of smarter payments has made safe and easy travel possible for everyone, and this will continue in the near future, thus increasing the demand for smart tickets.
Europe holds the largest market share
A leading provider of smart ticketing solutions is based in Europe and is expanding its presence in this market by providing integrated payment solutions through partnerships with smart ticket producers and operators. The emerging tourism sector, simplified digital ecosystems and the need to design more potential ticketing systems across metropolitan areas are driving the demand for smart ticketing in Europe.
Advances in smart ticketing technology have enabled businesses in Europe to use technologies such as RFID, NFC, QR codes and barcodes. The advent of smartphones equipped with NFC technology has created the necessary infrastructure for smart ticketing across regions. Therefore, Europe is expected to hold the largest market share during the forecast period.
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Competitive landscape
The smart ticketing industry is highly concentrated and more global companies are expected to enter this market as government initiatives in this sector are expected to expand. Product launches, high spending on R&D, partnerships, and acquisitions are key growth methods that organizations use to maintain a competitive edge.
French public transport operator Keolis chose Paragon ID to implement a Tap and Pay solution across its bus networks in Menton and the French Riviera. The system was tested in August 2021 and 70,000 people in the area were able to use the function with contactless bank cards. The system uses Paragon ID’s P One validator to conveniently pay for bus tickets.
Cubic Transportation Systems (CTS), part of Cubic Corporation, announced in May 2021 that the Chicago Transit Authority (CTA) and Pace Suburban Bus (Pace) have introduced a virtual Ventra card to enhance the consumer payment experience for Tap and Pair.
This virtual card can be used with Google Pay for Android smartphone users in the Chicagoland area, which can be used for contactless fare payments on Pace buses, CTA trains and buses.
Infineon Technologies has launched a 40nm SLC36/SLC37 security controller system featuring a high-performance 32-bit ARM SecurCore SC300 dual interface security processor in February 2021. These cryptographic controller systems provide increased performance and flexibility for contactless payment, ticketing and access applications.
Company
- Xerox Corporation
- Cubic Corporation
- Gemalto Nevada
- Rambus
- Confidex Co., Ltd.
- NXP Semiconductor
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Smart Ticketing Market Segmentation
Smart ticketing market provided
Smart Card
Wearable
Reader
Other
Smart Ticketing Market by Application
Transportation
Sports & Entertainment
Medical
Parking
Other
Smart Ticketing Market by Application
North America
Latin America
Europe
Japan
Asia Pacific
Middle East & Africa (MEA)
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