Smart Ticketing Market Size, Share, Growth Analysis, By Component(Hardware, Software), By System(Open Payment System, Smart Card) - Industry Forecast 2024-2031

Smart Ticketing Market size was valued at USD 10.15 billion in 2022 and is poised to grow from USD 11.72 billion in 2023 to USD 37.13 billion by 2031, growing at a CAGR of 15.50% during the forecast period (2024-2031).

Companies are implementing a wide range of techniques to acquire a competitive edge and spur growth. A number of businesses are concentrating on forming creative business partnerships or buying startups or smaller businesses to acquire their knowledge and clientele. By using this strategy, businesses can increase their capabilities and provide clients with more complete solutions. In order to innovate and differentiate their products, businesses are also investing in research and development. 'Cubic Corporation (United States)', 'NXP Semiconductors N.V. (Netherlands)', 'HID Corporation (United States)', 'Gemalto NV (Netherlands)', 'Infineon Technologies AG (Germany)', 'Giesecke+Devrient GmbH (Germany)', 'Xerox Corporation (United States)', 'CPI Card Group Inc. (United States)', 'Rambus Inc. (United States)', 'Oberthur Technologies (France)', 'Scheidt & Bachmann GmbH (Germany)', 'Advanced Card Systems Ltd. (Hong Kong)', 'Conduent Inc. (United States)', 'Atos SE (France)', 'Indra Sistemas, S.A. (Spain)', 'Vix Technology (Australia)', 'Parkeon (France)', 'Samsung SDS Co., Ltd. (South Korea)', 'Confidex Ltd. (Finland)', 'Siemens AG (Germany)', 'Thales Group (France)', 'Telvent GIT, S.A. (Spain)'

The pandemic has accelerated the adoption of contactless payment methods, including smart ticketing. Consumers are increasingly seeking touch-free and hygienic payment options, making smart ticketing an attractive alternative to traditional ticketing systems.

Account-based Ticketing: Account-based ticketing (ABT) is gaining prominence in the smart ticketing market. ABT systems allow users to link their payment methods or travel accounts to a central system, eliminating the need for physical tickets or smart cards. Passengers can simply tap or validate their journeys, and the fare is automatically calculated based on the travel data recorded.

With a greater than 34.0% sales share in 2022, Europe dominated the market. One of the main factors influencing the need for smart ticketing systems is the European Commission's rising emphasis on the development of intelligent transport systems to address the region's congestion and emission issues. To help the European Commission create policy measures aimed at multimodal travel, the Multimodal Passenger travel Forum was founded in February 2023. Furthermore, the presence of notable businesses like Thales and Giesecke & Devrient GmbH is encouraging for the expansion of the area market.