Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Smart Ticketing Market Size, Share & Trends Analysis Report By Component (Software, Service), By Product (E-toll, E-kiosk), By System (Smart Card, NFC), By End-use (Parking, Transportation), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart ticketing market is expected to witness substantial growth, reaching a projected size of USD 31.65 billion by 2030, with an impressive CAGR of 15.5% from 2023 to 2030. With the widespread adoption of smartphones, mobile ticketing channels have gained significant traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the market's expansion. Smart ticketing systems also generate vast amounts of data on passenger journeys, travel patterns, and ticket usage, enabling operators to gain valuable insights for optimization and improving the passenger experience.
Key Market Drivers:
- Data Analytics for Enhanced Efficiency: Operators leverage the data generated by smart ticketing systems to gain valuable insights, optimize operations, and improve the overall passenger experience. Techniques such as predictive modeling and real-time monitoring are applied to enhance efficiency, manage capacity, and offer personalized services.
- Sustainability and Reduced Paper Waste: Smart ticketing systems contribute to sustainability goals by reducing paper waste and supporting efficient transportation planning. They also enable the implementation of dynamic pricing strategies, incentivize off-peak travel, and encourage the use of public transportation, ultimately reducing carbon emissions and traffic congestion.
- Increased Demand for Contactless Solutions: The COVID-19 pandemic has accelerated the demand for contactless ticketing solutions, such as contactless smart cards, mobile ticketing applications, and QR code-based ticketing systems. These solutions have become popular, replacing traditional paper tickets and cash transactions.
Key Highlights from the Smart Ticketing Market Report:
- Hardware Segment Dominated the Market: The hardware segment led the market in 2022 due to the increased efforts of transportation operators to incorporate digital ticketing solutions. The transition to digital requires deploying smart ticketing hardware, such as contactless smart card readers, barcode scanners, or Near-Field Communication (NFC) devices, to validate and process digital tickets.
- E-ticket Segment Dominated the Market: The e-ticket segment dominated the market in 2022 due to its various security features, such as unique barcodes, QR codes, or digital signatures, which help prevent fraud and unauthorized duplication. E-tickets offer higher security levels compared to physical tickets, reducing the risk of theft, counterfeit tickets, and unauthorized access.
- Smart Card Segment Led the Market: The smart card segment led the market in 2022, driven by innovative products and solutions introduced by smart ticketing companies and transport operators worldwide. The multi-utility capability of smart cards outside transportation also contributes to segment growth.
- Transportation Was the Dominant Segment: Transportation was the dominant segment in 2022, as smart ticketing systems play a crucial role in integrating various transportation services and providers. Passengers can access and pay for different modes of transportation through a unified platform, making planning, booking, and paying for their entire journey more straightforward.
- Europe Led the Market in 2022: Europe led the market in 2022, owing to the presence of smart automotive and transportation technology companies, which directly contribute to the region's growth. Municipal councils in European cities, such as Birmingham, are also emphasizing sustainable and green public transport solutions.
The report provides a comprehensive analysis of market trends, key market drivers, challenges, and opportunities. It includes detailed market segmentation by component (hardware, software, and service), product (e-kiosk, e-ticket, e-toll, request tracker, smart parking system, ticket machine, ticket validators, and others), system (open payment system, smart card, and near-field communication), end-use (parking, sport & entertainment, transportation, and others), and region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa). The report also offers an in-depth analysis of key market players, their financial performance, product benchmarking, and market positioning.
Companies Mentioned:
- Confidex Ltd.
- CPI Card Group Inc.
- Cubic Corporation
- Thales
- Giesecke & Devrient GmbH
- HID Global Corporation (ASSA ABLOY)
- Infineon Technologies AG
- NXP Semiconductors
- IDEMIA
- Xerox Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $10.14 Billion |
| Forecasted Market Value (USD) by 2030 | $31.65 Billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/t2gtiy
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