Global smart ticketing market expected to reach USD 25.33 billion by 2026

 

The global smart ticketing market was valued at USD 12.36 billion in 2020, and it is expected to reach USD 25.33 billion by 2026, registering a CAGR of 12.9%, during the period of 2021-2026.

Smart ticket, as a substitute to the traditional paper-based ticketing, gained traction in recent times, owing to the emphasis on the digitization of ticketing processes. Smart tickets can save a passenger's time by eliminating the need to wait in line to buy a ticket.

Widely used across different forms of transportation, the use cases are increasing across sports and entertainment events. One such example of a use case is the city of Rio de Janeiro, which hosted the Olympic Games and anticipated 500,000 foreign visitors. The public transport ticketing displayed the contactless technology of Gemalto. The company supplied its waterproof 'Celego Contactless Wristband' and its 'Celego Contactless Sticker,' embedded with a contactless chip from Gemalto and certified by Visa and MasterCard. Activated with a wave of the wristband near the contactless readers, the solution was one of the major innovations introduced in the region to improve the infrastructure.

Regional governments are even reaching new milestones in terms of the usage of smart tickets. For instance, according to the Rail Delivery Group (RDG), a British rail industry membership body, more train journeys were made with smart tickets, with the number reaching 65 million. Compared to a four-week period from August to September 2019, with the same period in 2018, about 8.4 million more journeys were made with a smart ticket. The RDG data also reveals that passengers chose smart tickets for 50% of all journeys, which significantly increased from 37% a year ago.

Rambus, a prominent company in the market, predicts that mobile may become a critical factor for the future of public transport. Furthermore, utilizing smart and mobile ticketing may help support a better transport experience and improve efficiencies during peak times. For instance, the iMOVE testbed in Melbourne, Australia, aims to create a user-focused transport system and more responsive to disruption, which can be possible by collecting data from cars, cyclists, public transport, traffic infrastructure, and pedestrians. Other cities, including those in the United Kingdom, are also expected to take a similar approach in the future.