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Global Smart Ticketing Market to Grow at a CAGR of 13% During 2021-2026, Driven by the Growing Demand in the Travel and Tourism Industry

According to a new report by EMR titled, ‘Global Smart Ticketing Market Report and Forecast 2021-2026’, the market attained a value of about USD 14.3 billion in 2020. The industry is further expected to grow at a CAGR of 13% in the forecast period of 2021-2026 to reach a value of USD 29.8 billion by 2026.

The global smart ticketing industry is being aided by the increasing growth of smart cards used for contactless transactions and bookings through smartphones, smart devices, and latest technology wearables. The enhancement in technology such as the introduction of RFID, NFC, QR code, and barcode by various market players is projected to create growth opportunities for the industry over the forecast period. Based on product, the smart card segment dominates the market owing to the rising use of online payments. Region-wise, the Asia Pacific is expected to witness a robust growth in the forecast period owing to the growing initiatives by the government to promote digitalised payments and transactions in countries such as India and China. Within the Asia Pacific, India is expected to be a significant market for the product owing to the launch of Digital India programme to promote digitalisation across the country.

The growing innovations and investments by major market players to attract more consumers are expected to significantly contribute to the market growth. In December 2020, Cubic Corporation (NYSE: CUB), one of the key players in the industry, announced to unveil its smart ticketing technology of its Cubic Transportation System in the Gold Coast Light Rail network in Queensland and Australia. This strategy is expected to attract more consumers to adopt their smart ticketing technology, and, thus, boost its demand in the forecast period.

Market Analysis by Component, Product, Connectivity, Application, and Region:

  • The market on the basis of component can be divided into hardware and software and services.
  • On the basis of product, the market comprises of smart cards, reader, wearable, smart parking system, ticket machine, and ticket validator, among others.
  • The industry is segmented on the basis of connectivity into NFC, barcode, Wi-Fi, cellular network, RFID, and others.
  • Based on application, it is divided into transportation, sports and entertainment, parking, and others.
  • The regional markets for smart ticketing include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for smart ticketing is being driven by the increasing demand from the travel and tourism industry. 
  • The increasing acceptance of technology, particularly in developing nations, and the upsurge in the smart transportation are further contributing to the market expansion. 
  • The growing number of cashless transactions across the globe and reduction in cost in comparison to paper-based tickets are further slated to aid the market growth. 
  • The time saving factor for passengers and the proliferating use of smart cards to book tickets are expected to significantly boost the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart ticketing for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the components, products, connectivity, applications, and regions of smart ticketing.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart ticketing market are Cubic Corporation, Confidex Oy, Rambus Group, Infineon Technologies AG, and HID Global Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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