Research report 2024 | The smart ticketing market is expected to grow to $16.51 billion by 2031, boosted by technological advances and contactless payments

Smart Ticketing Market Size and Forecast

Dublin, Oct. 2, 2024 (GLOBE NEWSWIRE) — The report “Smart Ticketing Market Size and Forecast, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component, Payment System, End User, and Geography” has added became ResearchAndMarkets.com Offer.

The size of the smart ticketing market is expected to grow from $6.85 billion in 2023 to an estimated $16.51 billion in 2031, at a CAGR of 11.6%.

The industry is being boosted by the widespread adoption of advanced transportation systems, increasing demand in the entertainment and tourism sectors, and technological improvements in ticketing solutions. The increasing trend towards contactless payments also plays a crucial role in shaping market dynamics and signals a shift towards leaner and more efficient payment methods in various industries.

Geographical analysis shows that Asia Pacific is poised for the fastest growth due to robust economic progress, population growth and advances in smart city development in countries such as China, India, Indonesia, Thailand and Malaysia. These factors, coupled with government initiatives and investments in new technologies, are driving the smart ticketing market. Developed countries in the region, including Japan and Singapore, are making concerted efforts to improve their transportation systems with technologies such as Near Field Communication (NFC) and automated fare collection.

Strategic partnerships and industry collaborations

Recent strategic alliances, such as the February 2021 partnership between Scheidt & Bachmann and Pyramid Computer, highlight the industry's collective efforts to refine checkout solutions and improve the overall customer experience at gas stations through the use of touchless, efficient technologies.

Component segments and technological integration

The market is divided into components, payment systems and end-user categories, with hardware, software and services forming the backbone of available technologies. The convergence of digital payment systems in public transport highlights the industry's drive for innovation, with blockchain technology expected to introduce a number of new market trends in the near future.

Payment systems, an integral part of the smart ticketing market, are divided into open payment systems, smart cards and NFC-enabled devices, each offering different benefits in terms of convenience and security. Open payment systems in particular are becoming increasingly important due to their user-friendliness and operational efficiency.

Key market players and competitive landscape

The smart ticketing space is diverse, with key players such as Infineon Technologies AG, NXP Semiconductors, Xerox Corporation and others continually innovating and shaping the market landscape through development and strategic initiatives.

Market outlook and strategic insights

The findings and subsequent analysis of the smart ticketing market include key insights on growth sectors, market leaders and forecast trends, enabling stakeholders to formulate strategies aligned with current and future market developments. These insights provide companies with a compass to navigate the complexity of the market and take advantage of opportunities for expansion and increased market presence.

The Smart Ticketing market forecast is underpinned by comprehensive research methodologies that integrate insights from various data points and interactions with industry experts. This robust analytical approach ensures a comprehensive understanding of the market, its determinants and potential obstacles, thereby facilitating informed decision-making by industry players.

Overall, the emerging smart ticketing market represents a blend of technological advancements, growing consumer need for convenience and strategic industry partnerships, all of which paint a dynamic and evolving landscape poised for significant growth in the coming years.

Key attributes:

The story continues

Featured Companies

For more information about this report, please visit https://www.researchandmarkets.com/r/iqmtz8

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900