(MENAFN- GlobeNewsWire - Nasdaq) Westford,USA, Nov. 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the smart ticketing market will attain a value of USD 37.13 Billion by 2031, with a CAGR of 15.50% over the forecast period (2024-2031). The smart ticketing market growth is mainly because of the growing integration of emerging technology. The current ticketing and payment technologies include contactless payments, virtual tickets, and smart cards, among others. With such technologies, transport efficiency and smoothness are enhanced. Another reason is multi-modal distribution channels which exist through cellphones, e-kiosks, online ticketing systems, and smart ticketing machines, which enhance crowd management. Moreover, the increasing market share is being fueled by the changing demands of customers in acquiring transportation services through the digital-based channel. Download a detailed overview:
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Smart Ticketing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 11.72Billion |
| Estimated Value by 2031 | $ 37.13 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.50% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, System, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Expansion of Innovative Business Models |
| Key Market Drivers | Government Initiatives Toward Smart Transportation Solutions |
Rising New Infrastructure Developments Aids Hardware Segment to Dominate Smart Ticketing Market
The hardware segment accounted for the largest smart ticketing market share with over 51.0% revenue in 2023. With a single interface, specialized, and easily accessible hardware solutions, transport operators can issue and read tickets. Among the reasons for the growth of the hardware segment, one of the most prominent has been the usage of smart ticketing systems as a step toward making ticketing infrastructure more technologically advanced. The growth of the hardware segment is anticipated to increase with more new infrastructure developments, especially bringing outdated ticketing systems in transportation up to date.
Near-Field Communication is Anticipated to Rise Due to Penetration of Innovative Payment Solutions
The near-field communication segment is expected to grow significantly during the forecast period. Near-field communication systems have proved to be very critical in delivering smooth ticketing experiences. Transactions through near-field communication can even be authenticated in less than 120 milliseconds. Customers can now make a range of purchases conveniently through debit and credit cards, tap-and-go using Quick Response (QR) codes, and other innovative payment methods. This should be excellent for the smart ticketing industry expansion.
Europe's Commitment to Intelligent Transport Systems Led Region to Dominate Smart Ticketing Industry
As per the smart ticketing market forecast, Europe was the largest market in 2023, with a sales share of approximately 34.0%. Increased focus by the European Commission on developing smart transport systems to deal with regional pollution and traffic issues is also one of the main reasons driving demand for smart ticketing systems. The Multimodal Passenger Travel Forum was established in February 2023 to assist the European Commission in developing policy measures regarding multimodal travel. In addition, the presence of Thales and Giesecke & Devrient GmbH companies supports the growth in the local market.
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Smart Ticketing Market Insights
Drivers
Integration with Smart City Initiatives Data-Driven Insights Government Initiatives Toward Smart Transportation Solutions
Restraints
Limited Consumer Awareness Reliability and Security Issues Challenges with User Experience
Key Players Operating Within the Smart Ticketing Market
The following are the Top Smart Ticketing Market Companies
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
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Key Questions Covered in the Global Smart Ticketing Market Report
What are the factors restricting the growth of the market? What strategic approaches do the key players are adopting to remain in the competitive era? Which region is the largest shareholder of the market? What is the key market trend? What is the market size of the market?
This report provides the following insights:
Analysis of key drivers (data-driven insights, integration with smart city initiatives), restraints (high initial investments, technical complexity) opportunities (global market penetration, integration of AI and ML), and challenges (cultural barriers, changing consumer preferences) influencing the growth of the smart ticketing market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart ticketing market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart ticketing market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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Massachusetts 01886
USA (+1) 351-333-4748
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