Smart Ticketing Market Size

Smart Ticketing Market Size

Smart Ticketing Market size surpassed USD 7.5 billion in 2019 and is anticipated to grow at over 19% CAGR from 2020 to 2026. Growing penetration of digitalization across the transportation sector is fueling the industry growth.

Government and administrative authorities are establishing smart ticketing systems to liberalize the public transport sector and to increase cost-effectiveness. Smart ticketing facilitates easy accessibility to travellers/users for tracking several transit parameters and enables transport authorities to provide improved services to customers with the help of the latest technologies. An increase in the urban area population will, in turn, put tremendous pressure on the existing public transport systems, stressing the need for efficient transport solutions to streamline daily activities.
 

The ongoing coronavirus (COVID-19) pandemic will hinder the smart ticketing market statistics. The pandemic has impacted commerce in various countries, such as travel restrictions, closing of restaurants & bars, and the cancellation of important trade fairs & sporting events, all contributing to financial loss for global economies.
 

Countries that are reliant on the entertainment, tourism, travel, and hospitality industries have witnessed economic losses. The market will regain traction with normal resumption of public transport systems in the second half of 2020. Government organizations in several countries are supporting the adoption of smart ticketing and payment solutions to avoid the spread of virus through bank notes or coins.