The Smart Ticketing Market size is expected to grow from USD 17.39 million in 2023 to USD 29.71 million by 2028, at a CAGR of 11.31% during the forecast period (2023-2028).
Smart tickets, as a substitute for traditional paper-based ticketing, gained traction recently due to the emphasis on digitizing ticketing processes. Smart tickets can save a passenger's time by eliminating the need to wait in line to buy a ticket. Also, covering both smartcards and apps on mobile phones, the technology evolved significantly and emerged as a better alternative to paper tickets.
The smart ticketing market is moderately concentrated, and with the increasing government initiatives supporting this market, more global players are expected to enter this market. Product launches, high expenses on research and development, partnerships and acquisitions, etc., are the prime growth strategies these companies adopt to sustain the intense competition. Some global players are Cubic Corporation, Infineon Technologies AG, and HID Global. Some of the recent developments in the market are:
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