Global Smart Ticketing Market to Grow at a CAGR of 13% During 2024-2032, Driven by the Growing Demand in the Travel and Tourism Industry

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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.

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