New York, United States , March 09, 2023 (GLOBE NEWSWIRE) -- The Global Smart Ticketing Market Size to grow from USD 15.7 billion in 2021 to USD 34.8 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 15.6% during the forecast period. Smart tickets, as a substitute for traditional paper-based ticketing, gained traction recently due to the emphasis on digitizing ticketing processes. The trend of mobile ticketing is also becoming popular among several sports and entertainment events. The smart ticketing industry is gaining grip due to affordable access to rapid transit with the help of smart transit systems, enormous demand for smart ticketing from sports, entertainment, and tourism industries, advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies.
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The Smart Ticketing system is a billing and ticketing system that does not print out a ticket's authorisation to travel; instead, it electronically saves it on a microchip. The microprocessor where a ticket is kept in the majority of smart ticketing systems is frequently integrated into a smartcard. Consequently, Smart Ticketing schemes are sometimes referred to as smartcard schemes despite the fact that its application goes much beyond smartcard. Smart Ticketing makes use of the government backed ITSO specification to make travel on both intraregional and interregional modes of transportation easier. It lowers paperwork tremendously and is speedier and more effective. The Smart Ticketing Market is gaining popularity in a number of different sectors, including sports, entertainment, BFSI, and healthcare. Solutions for transparency have become more necessary. These cards allow travellers to securely pay online and buy tickets. Smart ticketing technology ties together back-office processing and analytics systems with smart cards, mobile applications, and web portals to offer comprehensive solutions to local governments and transportation companies. This technology makes it easy to manage transaction data. These ticketing platforms also help customers combine multiple tickets for different modes of transportation. This is then expected to create opportunities for market expansion over the course of the forecast period. One of the key barriers preventing industry expansion is data safety and security issues associated with the use of Smart Ticketing systems. With the aid of blockchain technology, it is possible to achieve transparency in ticket booking processes and establish consistency among diverse participants, which presents a chance to grow the global smart ticketing market.
Browse key industry insights spread across 202 pages with 108 market data tables and figures & charts from the report “Global Smart Ticketing Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Service), By Product (E-Ticket, Smart Parking System), By System (open payment system, smart card, and near-field communication (NFC), By End Use (parking, sports and entertainment, transportation, and others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”. in detail along with the table of contents.
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The Software segment holds the highest market share over the forecast period.
Based on the component, the global smart ticketing market is segmented into Hardware, Software, Service. Among these, the software segment holds the highest market share over the forecast period. Smart card software often controls the lifecycle and applications of smart cards or other smart media. Additionally, this software streamlines consumer contacts with customer service agents, facilitating the prompt settlement of client issues.
The e-Ticket segment is dominating the market over the forecast period.
On the basis of product, the global smart ticketing market is segmented into e-kiosk, e-ticket, e-toll, request tracker, smart parking system, ticket machine, ticket validators, and others. Because more individuals are using e-tickets for athletic events, this category is expected to dominate the market during the projected period. Paper tickets are less secure than electronic tickets in comparison. Another element influencing the growth of this market is the rising use of smartphones worldwide.
The Smart Card segment holds the largest market share over the forecast period.
On the basis of system, the market has been segmented into an open payment system, smart card, and near-field communication (NFC). A surge in online payment options caused the smart card category to dominate the market. These cards allow users to make trustworthy and secure payments. By preventing theft or hacking through card verification and encryption, continual credit card developments also help to protect private data. They also have a variety of other benefits, including ease of usage and minimal human intervention.
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The Transportation segment dominates the market over the forecast period.
On the basis of end-use, the smart ticketing market has been segmented into parking, sports and entertainment, transportation, and others. Due to the extensive use of smart ticketing technology in transportation networks, passengers can purchase, store, and validate transportation tickets using their contactless credit cards or debit cards. These ticketing solutions offer a variety of benefits, such as increased customer satisfaction, cost savings, and business information. As a result, more people are expected to use smart ticketing systems, especially in the transportation sector.
Asia Pacific holds the largest market share over the forecast period.
The Asia Pacific region saw the biggest market growth in the global smart ticketing sector. Chinese and Indian governments are putting more effort into promoting the use of digital payment methods. The market expansion has also been aided by the rising smartphone penetration and technological aptitude of the Asia Pacific region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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