Major players in the smart ticketing market are Cubic Corporation, Confidex Ltd. , NXP Semiconductors, CPI Card Group, Infineon Technologies AG, Scheidt & Bachmann, HID Global Corporation, Giesecke+Devrient, Verimatrix, Hitachi Ltd.
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Ticketing Global Market Report 2022" - https://www.reportlinker.com/p06284263/?utm_source=GNW
, Xerox Holdings Corporation, Vix Technology, Atsuke, and Siemens Mobility GmbH.
The global smart ticketing market is expected to grow from $11.6 billion in 2021 to $13.89 billion in 2022 at a compound annual growth rate (CAGR) of 19.7%. The smart ticketing market is expected to grow to $25.07 billion in 2026 at a compound annual growth rate (CAGR) of 15.9%.
The smart ticketing market consists of sales of the smart ticketing by entities (organizations, sole traders, and partnerships) that refers to a ticketing system where travel tickets are electronically stored on smartphones or smartcards.Smart ticketing is a system that stores a travel ticket digitally on a microchip, which is then typically embedded on a smartcard.
Passengers on public transportation could use a smartcard to seamlessly board and disembark from buses, trams, or trains without having to use cash or purchase a paper ticket. To authorize the travel details, the transport operator scans the contactless smartcard at a static or handheld ticket machine or barrier.
The main types of products in smart ticketing are ticket machines, e-tickets, e-kiosk, and request trackers.An e-kiosk is a touch-screen device that allows passengers to check-in and pays for their tickets using their credit or debit cards for free.
The various components used are hardware and software that are employed in various applications such as open payment systems, smart cards, and near-field communication. The systems are used by SMEs (small and medium enterprises) and large enterprises for railways, airways, roadways, sports, and entertainment applications.
Europe was the largest region in the smart ticketing market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in smart ticketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The revival of the travel and tourism industry will significantly contribute to the growth of the smart ticketing market.Due to the COVID-19 pandemic, the tourism industry was the worst-affected industry, with all sectors, including airlines and hospitality, being severely impacted.
To combat the effects of COVID-19, travel-dependent economies around the world are devising creative solutions, such as activities aimed at instilling confidence, such as the SG Clean and Qatar Clean initiatives, as well as activities aimed at attracting tourists, such as safe travel bubbles, pilot projects, and offering incentives.Smart ticketing eliminates the need for cash payment for travel and helps to safeguard passengers and drivers from dangerous infections.
For instance, according to World Tourism Organization (UNWTO) report, global tourism grew by 4% in 2021.In addition, the total number of global travelers grew from 400 million passengers in 2020 to 420 million in 2021.
Therefore, the growth of the travel and tourism industry will positively impact the smart ticketing market.
Technological advancements in smart ticketing systems are a key trend gaining popularity in the smart ticketing market.Major companies operating in the smart ticketing sector are focused on developing new technological solutions to strengthen their market position.
For instance, in February 2021, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched 40 nm SLC36/SLC37, a new wat of online ticketing.The 40nm platform products offer best-in-class contactless performance based on a powerful and energy-efficient 32-bit ARM SecurCore SC300 dual-interface security crypto controller in combination with the SOLID Flash memory concept.
Customers can book fast tickets by using the 40nm technology.This reduces new product design work by allowing for easy Software migration from the 65nm SLC32 platform, which enables for a quick approval and short lead times owing to unique logistical approaches.
Furthermore, the new 40nm technology platform serves as the foundation for SECORATM’s next-generation payment and ticketing solutions.
In October 2019, Visa, a US-based financial services corporation, acquired the token services and ticketing businesses of Rambus Inc. for an undisclosed amount. Through this acquisition Visa’s tokenization capabilities will be expanded outside Visa’s network to encompass domestic card networks, account-based, and real-time payments, providing token security and simplicity to a wider range of transactions. Rambus Inc. is a US-based technology company that offers smart ticketing solutions.
The countries covered in the smart ticketing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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