Smart Ticketing Market Current and Future Trends, Leading Players, and Regional Forecast By 2033

Posted by Ashish on February 2nd, 2023

The global Smart Ticketing Market value is expected to exceed US$ 25,330 million by the year 2026, according to a new report published by Persistence Market Research (PMR). The report also projects that the global Smart Ticketing Market will have a CAGR of 15.2% between 2022 and 2026. The increasing adoption of smart tickets to replace paper along with the integration of smart technologies is driving the growth of the market.

Smart tickets can save passengers’ time by eliminating the need to stand in line to purchase a ticket. The technology has evolved tremendously in the last few years and come across as a superior replacement to paper tickets, including both - smartcards and applications for smartphones. Another factor that is expected to boost the growth of the Smart ticketing market in the near future is the ease of accessibility provided by Smart tickets.

Contactless fare payments have become the norm since the Covid-19 pandemic. The growing acceptance of smarter payments has enabled secure, easy travel for everybody, which is likely to continue in the near future, thereby increasing the demand for smart tickets.

Europe to Hold the Largest Market Share

The leading smart ticketing solution providers are based in Europe, and they are expanding their position in this market by offering integrated payment solutions through partnerships with smart ticket producers and operators. The rising tourism sector, the simplified digital ecosystem, and the need to design more potential ticketing systems throughout metropolitan regions are driving the demand for smart ticketing in Europe.

Smart ticketing technological improvements have prompted businesses in Europe to use technologies such as RFID, NFC, QR code, and barcode. The rise of smartphones equipped with NFC technology has created the infrastructure required for smart ticketing throughout the region's sectors. Hence, Europe is expected to hold the largest market share throughout the forecast period.

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