At 10.2% CAGR, Middle East & Africa Smart Ticketing Market is Projected to be Worth US$ 897.67 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa smart ticketing market was valued at US$ 411.27 million in 2023 and is expected to reach US$ 897.67 million by 2031, registering a CAGR of 10.2% from 2023 to 2031. Rising demand for digital payments in public transport and advancements in AI and ML technology are among the critical factors attributed to drive the Middle East & Africa smart ticketing market growth.

Modern cities offer a variety of transportation options, such as buses, trains, and metros. Each public transportation system has its own ticketing system. Managing multiple smart cards or applications for different modes of transportation might be overwhelming for commuters. A centralized method is necessary to combine all transportation networks. In this direction, the public transport infrastructure across the world is being upgraded. The upgrades also aim at improving the commuter experience via a seamless payment interface. For instance, in 2024, the Roads and Transport Authority (RTA) of Dubai plans to revolutionize the digital payment environment in the city. A US$ 95.3 million contract was granted to upgrade the current Nol card-based ticketing system to the Account-Based Ticketing System, a cutting-edge central wallet technology. As cities evolve into smart, connected, and digital-first environments, digital payments for public transportation services will remain at the forefront of the agenda, thereby driving the smart ticketing market growth.

On the contrary, data safety and security issues hampers the growth of Middle East & Africa smart ticketing market.

Based on component, the Middle East & Africa smart ticketing market is categorized into hardware, software, and services. The hardware segment held 43.9% market share in 2023, amassing US$ 180.70 million. It is projected to garner US$ 405.25 million by 2031 to register 10.6% CAGR during 2023–2031.

By payment system, the Middle East & Africa smart ticketing market is divided into open payment system, smart card, and NFC. The smart card segment held 40.9% share of Middle East & Africa smart ticketing market in 2023, amassing US$ 168.16 million. It is projected to garner US$ 360.56 million by 2031 to expand at 10.0% CAGR from 2023 to 2031.

In terms of end user, the Middle East & Africa smart ticketing market is categorized into transportation, sport and entertainment, parking, and others. The transportation segment held 40.9% share of Middle East & Africa smart ticketing market in 2023, amassing US$ 168.04 million. It is predicted to garner US$ 370.69 million by 2031 to expand at 10.4% CAGR between 2023 and 2031.

Based on country, the Middle East & Africa smart ticketing market is categorized into the KSA, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the KSA captured 35.8% share of Middle East & Africa smart ticketing market in 2023. It was assessed at US$ 147.29 million in 2023 and is likely to hit US$ 347.58 million by 2031, registering a CAGR of 11.3% during 2023–2031.

Key players operating in the Middle East & Africa smart ticketing market are Infineon Technologies AG, NXP Semiconductors NV, Xerox Holdings Corp, IDEMIA France SAS, Thales SA, and Siemens Energy AG, among others.

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