Due to its major driving factors, the global smart ticketing market will grow at a CAGR of 8%. It will reach approximately USD 11 billion by the end of the ongoing forecast period. An increase in the number of cashless transactions across the globe will drive the smart ticketing market in the forecast period.
The arrival of the COVID-19 pandemic is hampering the smart ticketing market growth. Various global governments across the globe imposed strict lockdown and social distancing norms. Due to this reason, travelling was strictly prohibited. The restaurants and bars were closed. Also, serious implications regarding the conductions events and fairs were imposed. Offices, schools, businesses, corporate sector, and universities were also closed, due to which there were no places to travel. Hence, the travelling sector was immensely affected. But it is expected that post the pandemic, this sector may witness colossal growth.
Smart ticketing is a ticketing system in which a travel ticket is stored electronically in a microchip implanted in a smartcard. Passengers use this smartcard to travel via buses, trains, trams, and metros without waiting to purchase a paper ticket. This system is a paper-free solution, making it easier for passengers to maintain it. The smart ticketing solution also helps manage the long queue of passengers in peak hours
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The smart ticketing market size is segmented into four major parts. They are by component type, application type, system type, and product type. The sub-segments based on which the market has been segmented is mentioned as follows:
According to the smart ticketing market analysis, the market has been segmented into various regions such as North America, Latin America, Asia Pacific, Europe, the Middle East and Africa. The European region is estimated to hold the largest market share during the forecast period due to its enhancement in the European tourism industry and the need for more possible ticketing systems. The prominent market companies in Europe are also trying to increase their presence in the smart ticketing market by offering integrated payment solutions with the help of partnerships with smart ticket developers.
On the other hand, Asia Pacific is expected to grow at a high-speed rate during the forecast period. The significant market growth will be because of the increased use of smartphones in that region and various technological advancements.
The trends highlight the prominence of the following market companies:
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Smart Ticketing Market By Component (Software, Hardware), Product (Ticket Machine, E-Ticket, E-Toll, Smart Parking System, Request Tracker), System (Smart Card, Open Payment, NFC) and Application (Railways, Metros, Airlines, Buses) – Forecast 2027
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