The global smart ticketing market size is projected to grow from USD 7.2 billion in 2020 to USD 16.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The smart ticketing market is gaining traction due to affordable access to rapid transit with the help of smart transit systems, huge demand for smart ticketing from sports, entertainment, and tourism industries, advanced technologies in the smart ticketing systems, rising adoption of contactless payments, upsurge in the intelligent transportation market, and growing adoption of wearable technologies.
The major vendors covered in the smart ticketing market include ACT (England), Atsuke (France), Cammax (England), Conduent (US), Confidex (Finland), Corethree (England), Cubic (US), Flowbird Group (France), Giesecke+Devrient (Germany), HID Global (US), Hitachi Rail (Italy), IDEMIA (France), Indra (Spain), Infineon Technologies (Germany), INIT (Germany), LIT Transit (Slovenia), Masabi (England), NXP Semiconductors (Netherland), PayiQ (Finland), Scheidt & Bachmann (Germany), SecuTix (Switzerland), Siemens (Germany), Thales (France), Ticketer (England), and Xerox (US). These players have adopted growth strategies, such as partnerships, contracts, acquisitions, and new product launches to expand their presence in the smart ticketing market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
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Thales (France) is one of the leading vendors of the smart ticketing market. Thales has adopted an inorganic growth strategy to enhance its position in the smart ticketing market. In February 2019, the company acquired Gemalto, an international digital identification and data protection company, enabling them to incorporate the expertise of Gemalto to develop secure solutions for data and network security, and financial transaction security. The company offers a multi-modal and multi-operator transport ticketing solution called TRANSCITY, support services, maintenance services, consultancy services, and cybersecurity services for high system availability and to minimize service disruptions in daily operations.
Indra (Spain) is another top player in the smart ticketing market. The company offers a suite of smart ticketing and multi-model back-office solutions, called Mova Collect, which has schemes, such as account-based ticketing, pay-as-you-go, and be-in-be-out. The company’s business model emphasizes on innovating new applications using technologies to meet challenges. Its clients include airports, ports, railways, and transit agencies around the world.
Smart Ticketing Market by Component (Hardware, Software, and Services), Application (Parking and Transportation (Roadways, Railways, and Airways), and Sports and Entertainment), Organization Size, and Region - Global Forecast to 2026
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