Global Smart Ticketing Market To Be Driven By The Rapid Technological Advancements In The Forecast Period Of 2023-2028

SHERIDAN, WYOMING, UNITED STATES, September 4, 2023/EINPresswire.com/ -- The new report by Expert Market Research titled, ‘Global Smart Ticketing Market Size, Share, Demand, Report and Forecast 2023-2028’, gives an in-depth analysis of the global smart ticketing market, assessing the market based on its segments like components, products, connectivity, applications, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2018-2028)

Historical Market Size (2022): USD 18.26 Billion
Forecast CAGR (2023-2028): 13%
Forecast Market Size (2028): USD 38.05 Billion

The global smart ticketing market is being driven by the rapid demand from the travel and tourism industry and the proliferating use of smart cards to make payments while travelling.

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The technological advancements in the industry have further propelled the industry growth. In the sports and entertainment sector, the consumers are preferring hassle-free options to avoid long queues at events. Thus, the demand for smart ticketing solutions is increasing owing to their cost effectiveness and time saving feature. Over the forecast period, the implementation of smart ticketing in various public transportation companies and the rising number of cashless transactions are further slated to spur the market growth.

Smart Ticketing Industry Definition and Major Segments

Smart ticketing is a digital system that is used to book tickets electronically. It has replaced the traditional paper based ticketing system in the modern times. It is a digitalised process which stores data electronically on a microchip and offers contactless payment options to consumers.

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Based on component, the market is bifurcated into:

Hardware
Software and Services

Based on product, the market is divided into:

Smart Cards
Reader
Wearable
Smart Parking System
Ticket Machine
Ticket Validators
Others

By connectivity, the industry comprises of:

NFC
Barcode
Wifi
Cellular Network
RFID
Others

Based on application, it is categorised into:

Transportation
Sports and Entertainment
Parking
Others

On the basis of regional markets, the industry is divided into:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Smart Ticketing Market Trends

The global smart ticketing market is expected to be driven by the rapid technological advancements and favourable government initiatives. For Instance, in India, the smart ticketing market is expected to grow significantly owing to the launch of Digital India programme by the government to promote cashless online payment methods. This is expected to significantly boost the market growth. It will be further aided by the advancements in technology such as the introduction and implementation of RFID, NFC, QR code, and barcode by various market players. The increasing acceptance of technology, particularly in developing nations, is projected to favour the industry growth over the forecast period.

Key Market Players

The major players in the market are:

Cubic Corporation
Confidex Oy
Rambus Group
Infineon Technologies AG
HID Global Corporation
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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Expert Market Research
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