Smart Ticketing Market Trends, Size, Share and Growth Forecast 2021-2028
Smart Ticketing Market
The Smart Ticketing Market was valued at USD 7198 million in 2020 and is projected to expand at a robust CAGR of 14.1% over the forecast period (2021-2028).
The factors driving the growth of Smart Ticketing Market includes increasing application of smart ticketing in end-use industries such as transportation, sports, entertainment, and healthcare, rising technological innovations in ticketing systems and growing popularity of blockchain. According to the report published by Bloomberg, the Global Event Tickets Market is anticipated to reach USD 39.87 billion over the forecast period (2020-2024), which is expected to boost the Smart Ticketing Market size in the approaching years. Moreover, the growing adoption of contactless payment systems, rising smartphone penetration and advancement in technologies such as QR Code and RFID, barcode, are some of the additional factors supplementing the market growth. According to the survey conducted by Statista, the household using QR Code in the United States have significantly increased from 9.76 million in 2018 to reach 11 million in the year 2020, which will boost the application of smart ticketing systems in the upcoming years.
However, the growth of Smart Ticketing Market is hindered attributed to high installation cost of smart ticketing systems.
The major players operating in the market are HID Global Corporation/ASSA ABLOY AB, Infineon Technologies AG, Conduent and Flowbird, HID Global, Thales Group, Giesecke+Devrient GmbH, Scheidt & Bachmann, Cubic Corporation, Confidex Ltd., and CPI Card Group Inc. among others.
Component – Segment Analysis
Based on component, the software segment is expected to grow at a significant CAGR over the forecast period because the software is widely used for managing smart card and they helps in automating customer interactions with customer service executives.
Regional – Segment Analysis
Based on region, the European region is anticipated to capture remarkable CAGR during the forecast period during the forecast period. The presence of the leading market players such as Infineon Technologies, and Giesecke+Devrient (Germany), increasing number of contactless payments, adoption of electronic ticketing systems in the transportation sector, high disposable incomes and improved standard of living, are some of the important factors propelling the market growth in Europe. According to Statista, the total digital transaction in Germany is anticipated to increase from 232.50 billion in 2022 to reach 384.80 billion by the end of 2026, while exhibiting a CAGR of 13.2 % during the forecast period (2022-2026).
Market Segmentation
Global Smart Ticketing Market by Component
Hardware
Software
Services
Global Smart Ticketing Market by Application
Parking
Sports & Entertainment
Transportation
Others
Global Smart Ticketing Market by Region
Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
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