According to our latest study on "Smart Ticketing Market Forecast to 2031 - Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Payment System, End User," the market was valued at US$ 6.85 billion in 2023, and the Smart Ticketing market size is projected to reach US$ 16.51 billion by 2031. The Smart Ticketing market is expected to record a CAGR of 11.6% from 2023 to 2031.
Rising Investments in Smart Stadiums to Provide Lucrative Opportunities for Smart Ticketing Market Growth During the Forecast Period
In recent years, the global need for contactless experience systems has accelerated the use of smart ticketing in stadium and event sales processes. Smart ticketing provides an easy way for stadium and event organizers to run their operations more efficiently, avoiding overhead costs and procedural bottlenecks. This is crucial since traditional paper-based ticketing needs more labor and resources, rendering it an unsustainable method of organizing sporting events. The implementation of a smart ticketing system can dramatically enhance ticket sales by allowing fans to check the availability of their favorite seats and order tickets that match their preferences. The significant data acquired from these bookings allows organizers to determine which areas fans are most interested in, resulting in the development of targeted ticketing strategies that appeal to specific audience segments. With smart ticketing taking care of ticket validation, the stadium staff may be reallocated to improve fan experiences, assist with crowd management, provide information and guidance, or support key areas that require human intervention. Smart ticketing makes the best use of workers by streamlining ticketing operations, boosting both operational efficiency and the entire stadium experience for attendees. For instance, RFID tickets were utilized by millions of supporters during the FIFA Confederations Cup in 2013, the FIFA World Cup in 2014, the FIFA Confederations Cup in 2017, the FIFA World Cup in 2018, the FIFA Arab Cup in 2021, and the FIFA World Cup 2022 in Qatar. FIFA had appointed HID as its official ticket producer. Thus, increasing investments in smart stadiums to make the user payment experience seamless is expected to create lucrative opportunities for the smart ticketing market expansion.
Key Findings of Smart Ticketing Market Study:
The smart ticketing market analysis has been carried out by considering the following segments: component, payment system, and end user. In terms of component, the smart ticketing market is bifurcated into hardware and software & services. Based on payment system, the smart ticketing market is categorized into open payment system, smart card, and NFC. By end user, the smart ticketing market is divided into transportation, sports and entertainment, parking, and others. The sports and entertainment segment held the largest smart ticketing market share in 2023.
On the basis of component, the smart ticketing market is bifurcated into hardware and software & services. Hardware devices and equipment enable transport operators to offer efficient and convenient ticketing solutions to passengers. Examples of hardware used in smart ticketing systems include contactless smart card readers, barcode scanners, NFC devices, ticket machines, and ticket validators. Software are digital programs and applications that facilitate the management, processing, and integration of smart ticketing systems. This includes the development and maintenance of ticketing platforms, payment gateways, and user interfaces for electronic ticketing solutions in transportation, parking, and entertainment industries.
Moreover, factors such as rising demand for digital payment in public transport propel the smart ticketing market growth. Also, blockchain technology in smart ticketing is expected to bring new smart ticketing market trends in the coming years.
The scope of the Smart Ticketing market report is primarily divided into North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). Asia Pacific accounted for the largest Smart Ticketing market share in 2023.
Infineon Technologies AG, NXP Semiconductors, Xerox Corporation, Cubic Corporation, IDEMIA, HID Global Corporation (ASSA ABLOY), CPI Card Group Inc., Confidex Ltd., Thales Group, and Giesecke & Devrient GmbH are among the key players profiled in the smart ticketing market report.
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