The smart ticketing market is forecasted to grow at a high rate owing to the shift towards cashless transactions across the globe
The Global Smart Ticketing Market was valued at USD 6.8 Bn in 2020 is expected to reach USD 17.2 Bn by 2027, with a growing CAGR of 14.1% during the forecast period.
The smart ticketing market is majorly driven by its significant adoption in several public transportation companies. For instance, in August 2021, the Conduent Transportation, a global business unit of Conduent Incorporated announced successful implementation and released a contactless payment system that allows direct purchase of tickets on trams managed by Tramvie Elettriche Bergamasche (TEB), a bus and cable car railroad affiliate managed by Azienda Trasporti Bergamo (ATB) in Italy. Similar to Italy, smart ticketing is growing with the significant rate in many other regions along with the advancements in innovations such as ‘open loop concept’ where passengers can utilize their debit and credit cards or mobile devices with payment functionalities, like wearables, for ticket payments. One such open loop system is named as ‘National Public Transport Card’ using which people can pay ticket fares for all the public transport.
For instance, in July 2021, Canterbury government announced that Environment Canterbury (ECan) will be the first ever region to launch National Public Transport Card, starting from early months of the year 2022. However, the smart ticketing demand has not only adopted by transportation industry but also several other industries such as entertainment, BFSI, sports, and healthcare. For instance, the Manchester city announced that it will introduce mobile ticketing in Etihad stadium and academy stadium from 2021-2022 sessions, to gain maximum attraction of sports fans, lessening the necessity to meet in person for ticket purchasing.
Moreover, the increasing demand for blockchain in smart ticketing to control and safeguard the transactions is further driving the smart ticketing market. The usage of blockchain is estimated to be beneficial as it allows network participants to exchange data with a high degree of reliability and transparency without the need for a centralized administrator. Many of the companies are looking forward to work with technology in the forecast period. For instance, in July 2021, the Sacramento Kings collaborated with LAVA and Flow, a NBA Top Shot supporting Blockchain and announced the launch of its first ever smart ticket non-fungible token (NFT) experience pass for lucky fans during California Classics.
Global Smart Ticketing Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the European region is the anticipated to be the largest market region for the market. The region was holding a dominating market size of USD 4.3 billion in the year 2020. The European governments are focussing on sustainable transport policies and the digitization of public transit, leading to an increased usage of smart ticketing systems in the region. For instance in May 2021, Brescia Mobilità, a city situated in Italy introduced a contactless payment services option on all busses, which provides services to approximately USD 40 Million passengers annually. The city claims to be the first one in Italy to do so.
Moreover, the Asia Pacific region is expected to witness the fastest market growth rate in the forecast period for the global smart ticketing market. The smart ticketing growth is majorly attributed to the adoption of technological backgrounds in several industries in the developing nations like China and India. For instance, the government in India has launched the Digital India programme, with the primary objective of promoting the digital payment methods across the country.
The Global Smart Ticketing Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the global market includes: