Contactless Ticketing Market Valued at US$ 17.3 Billion by 2032, Growing at 13.9% CAGR
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Published: 2024-01-15 01:42:14

The contactless ticketing market is poised for substantial growth, with a projected valuation of US$ 17.3 billion by 2032. Over the forecast period from 2022 to 2032, this market is expected to exhibit impressive growth at a CAGR of 13.9%. This substantial expansion is a testament to the increasing adoption of contactless ticketing solutions across various industries and sectors, including public transportation, events, and entertainment. As the world continues to embrace digitalization and seeks more convenient and secure ways of accessing services, contactless ticketing is set to play a pivotal role, making the process of purchasing and using tickets more efficient and hassle-free for consumers and businesses alike.

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To top up, by using contactless ticketing a passenger has to tap the mobile device on the NFC reader at the barrier or when boarding the bus or train. Many countries are already enjoying the benefits of near-field communication technology by using contactless ticketing. Due to the increase in fraudulent activities and the need to provide secure services to customers, contactless ticketing providers are offering security-based solutions to fulfill this huge demand in the contactless ticketing market. The introduction of reliable and safe contactless ticketing has brought about a wide range of applications of contactless ticketing in different sectors. Contactless ticketing solutions can also be used for fare collection via mobile ticketing and tolls.

Global Contactless Ticketing Market: Drivers and Challenges:
 Contactless payments are fast-paced without the requirement of any password or PIN to process the payment. Thus, these transactions are performed quickly without compromising on privacy or security. This is one of the major factors driving the growth of the contactless ticketing market. The increasing demand for mobile and web applications, and real-time information, are some of the major factors driving the growth of the contactless ticketing market. Faster and easier transactions by using contactless ticketing make the boarding of passengers’ smoother, and hence, is another factor anticipated to drive the growth of the contactless ticketing market during the forecast period. Moreover, the increased adoption of NFC payments is anticipated to foster the demand for the contactless ticketing market over the forecast period.

However, concerns regarding security and privacy have created a lack of trust among the public, and the absence of a pin facility during the transaction in contactless ticketing further increases the concerns of customers. This is one of the key factors hampering the growth of the contactless ticketing market. Moreover, contactless ticketing cards are accepted at fewer locations than magnetic striped cards, which is another factor restraining the growth of the contactless ticketing market.

Leading Key Players:
 Wirecard AG, CPI Card Group Inc., Atos SE, NXP Semiconductors N.V., Infineon Technologies AG, Giesecke & Devrient GmbH, Proxama PLC., Oberthur Technologies S.A., Texas Instruments, Inc., American Express Company