The global market for contactless ticketing is on a significant upward trajectory, with its value expected to surge from USD 10,741.1 million in 2024 to USD 30,437.6 million by the end of 2034. This impressive growth reflects a compound annual growth rate (CAGR) of 13.9% over the forecast period.
Contactless ticketing systems are revolutionizing how individuals access public transportation, events, and other services. By leveraging advanced technologies and protocols, these systems provide a seamless and secure method for entry, eliminating the need for physical tickets and reducing the risk of fraud and unauthorized access.
Key to the success of contactless ticketing is its use of smart cards, mobile apps, and wearable devices that communicate wirelessly with ticket readers. This technology not only enhances convenience but also ensures a high level of security through robust encryption and authentication protocols. As a result, users can swiftly and effortlessly access services while maintaining the integrity of their transactions.
Discover Historical Insights: Access the Old Source for This Report Now!
The contactless ticketing market’s growth is driven by increasing demand for efficient, user-friendly solutions in various sectors, including public transportation and large-scale events. The ongoing advancements in technology and the rising adoption of digital payment methods further bolster the market’s expansion.
Key Takeaways From the Contactless Ticketing Market:
- The global contactless ticketing industry grew at a CAGR of 12.6% from 2019 to 2023, increasing from USD 6,600.2 million to USD 9,741.9 million.
- In China, the demand for contactless ticketing is driven by rapid urbanization and strong government initiatives aimed at enhancing public transportation.
- In the USA, advancements in digital payment technologies and technologies like NFC and RFID are fueling the growth of contactless ticketing solutions.
- In India, the rise in government funding for public transportation infrastructure and a focus on digitalization are contributing to the growing adoption of contactless ticketing.
Competition Outlook
The key companies in the contactless ticketing market are focusing on forming partnerships with content developers. The corporations are also increasing their global reach in order to gain a foothold in a market that other providers have yet to conquer.
Key Players in the Contactless Ticketing Industry
- Cubic Corporation
- Thales Group
- Masabi
- Vix Technology
- Ximedes
- Indra Sistemas
- Conduent, Inc.
- Rambus
- Confidex Ltd.
- HID Global
- IDEMIA
- Giesecke+Devrient
- NXP Semiconductors
- Infineon Technologies
- Gemalto (Thales Group)
Industry Update
- In March 2024, Cubic announced the expansion of its contactless payment system across all public transport in Miami, enabling seamless tap-and-go payments with mobile devices and contactless cards.
- In February 2024, Thales launched its new contactless ticketing solution in collaboration with the Singapore Land Transport Authority, enhancing the efficiency and convenience of the city’s transit system.
- In January 2024, Conduent rolled out its contactless ticketing system for the Los Angeles Metro, allowing commuters to pay fares using NFC-enabled devices, significantly reducing wait times.
- In November 2023, IDEMIA partnered with London Transport to upgrade its contactless ticketing infrastructure, introducing biometric authentication for added security in fare collection.
Contactless Ticketing Market Segmentation
By Device Type:
In terms of service type, the segment is divided into smart cards, NFC chips, mobile handsets and others.
By Vertical:
In terms of Vertical, the industry is segregated into transportation, media and entertainment and others.
By Region:
A regional analysis has been carried out in key countries of North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube