Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Smart Ticketing market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Smart Ticketing Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The global smart ticketing market size was US$ 12.8 billion in 2021. The global smart ticketing market is forecast to grow to US$ 40.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.9% during the forecast period (2022-2030).
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Smart ticket is an alternative to traditional paper-based ticketing. The technology is gaining significant traction and has changed the outlook of the ticketing processes. Smart tickets eliminate the risk of losing paper tickets and help users book tickets with convenience. Users don’t need to stand in long queues to purchase a ticket.
Factors Influencing the Market
The growing adoption of smart technology across all sectors is outlining the scope of the smart ticketing market. The technology is forecast to witness notable growth due to growing investments in the transportation sector, such as railways and roadways. Apart from that, improving transportation infrastructure in different modes of transportation, such as railways and roadways will benefit the overall market.
Various organizations have started accepting contactless modes of payment and booking tickets. For instance, the Metropolitan Transportation Authority (MTA) allows contactless credit and debit cards, which is forecast to benefit the market. In addition, The Uttar Pradesh Road Transport Corporation (UPSRTC) in India also unveiled its plan in 2019 to install ETMs (Electronic Ticketing Machines) on all buses. Thus, such advancements are forecast to benefit the smart ticketing market during the forecast period.
On the flip side, the high setup costs of smart ticketing systems may limit the growth of the market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has upscaled the need to adopt contactless methods. COVID-19 disease can easily be transmitted even through minor contact. As a result, it became necessary for governments to invest in technology. However, the initial phase of the pandemic drastically hampered the growth of the market as travel activities were reduced to an extent. Governments imposed travel restrictions, which declined the demand for tickets. However, the market has strong potential in the coming years due to the growing demand for advanced contactless ways.
Regional Analysis
Based on the region, Asia Pacific is forecast to dominate the smart ticketing market owing to the rising deployment of advanced and interoperable automated fare collection (AFC) systems. Moreover, the growing use of smartcards and near-field communication (NFC)-enabled devices increases transport systems’ efficiency and ridership by giving commuters a smooth travel experience. Such benefits are expected to boost the growth of the market,
Cities with legacy systems are improving their AFC systems because many of the most recent products on the market are smart and efficient. NFC-based smart ticketing is becoming more popular in the area. The implementation of this technology in Bangkok, Beijing, Hong Kong, Jakarta, Manila, Shanghai, Singapore, and Tokyo, has contributed to the expansion of the market for smart tickets.
Competitors in the Market
• Cubic Corporation
• Hid Global
• Infineon Technologies
• Confidex Ltd
• Thales Group
• Giesecke+Devrient
• Rambus Incorporated (Visa Inc.)
• Paragon ID (Paragon Group Limited)
• Softjourn, Inc
• Indra Sistemas
• NEC Electronics (NEC Corporation)
• Conduent Inc.
• Vix Technology
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Smart Ticketing industry experienced notable growth in its workforce. Starting in January, employment within the Smart Ticketing sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Smart Ticketing output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Smart Ticketing output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Smart Ticketing market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Smart Ticketing market.
Market Segmentation
By Offerings Outlook
• Smart Cards
• Wearables
• Readers
• Other Offerings
By Application Outlook
• Transportation
· railways
· airways
· roadways
• Sports and Entertainment
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Contents:
Chapter 1: Introduction to the Global Smart Ticketing Industry
Chapter 3: Dynamics of the Market
Chapter 4: Profiles of Leading Companies
Chapter 5: Competition in the Global Smart Ticketing Market among Players
Chapter 6: Market Size across Global Regions
Chapter 7: Application Segments in the Global Market
Chapter 8: Segment Analysis of the Global Smart Ticketing Industry
Chapter 9: Market Chain, Sourcing Strategies, and Downstream Buyers
Chapter 10: Strategies and Key Policies by Distributors/Suppliers/Traders
Chapter 11: In-depth Analysis of Key Marketing Strategies by Market Vendors
Chapter 12: Evaluation of Market Impact Factors
Chapter 13: Forecasted Global Smart Ticketing Market Size (2023-2032)
Reasons to Acquire This Report
(A) This research imparts invaluable insights tailored for senior management, policymakers, industry professionals, product innovators, sales executives, and stakeholders within the market. It equips them with the information needed to make well-informed decisions and craft effective strategies.
(B) The report delivers a comprehensive analysis of global, regional, and country-level Smart Ticketing market revenues, extending projections until 2032. This dataset empowers companies to gauge their market presence, recognize avenues for growth, and explore emerging markets.
(C) Through meticulous segmentation of the Smart Ticketing market encompassing types, applications, technologies, and end-uses, this study empowers leaders to blueprint their products and allocate resources based on the projected growth trajectories of each segment.
(D) Investors stand to gain from the market analysis by gaining insights into market scope, positioning, key drivers, challenges, limitations, expansion prospects, and potential risks. Armed with this knowledge, they can make well-considered investment choices.
(E) The report conducts an intricate analysis of competitors, unraveling their pivotal strategies and market positioning. This intelligence equips businesses with a profound understanding of the competitive landscape, enabling them to chart their own strategies accordingly.
(F) The study facilitates the assessment of Smart Ticketing business projections delineated by region, key countries, and prominent companies, bestowing invaluable information for investment strategizing and decision-making.
Why is our study consequential?
Our study holds paramount importance for various reasons, a few of which include:
• Assisting businesses in gauging the viability of new or existing products or services.
• Facilitating business enterprises in the identification and cultivation of novel market segments.
• Providing a preemptive understanding of consumer demand prior to introducing new products, services, or features.
• Enhancing the overall efficacy of marketing, advertising, and promotional initiatives.
• Analyzing market trends to aid businesses in devising adaptive strategies.
• Guiding businesses in the optimal placement of their products.
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