Transport Ticketing System Market Trend Analysis By Component & Type Forecast 2023
Market Scope
The need for smart techniques to meet the rising demand for convenient traveling is growing. This is expected to boost the adoption of transport ticketing solutions. Market Research Future (MRFR) identified the mentioned factor as the chief factor that is expected to contribute effectively to the expansion of the Transport Ticketing System Market. MRFR, in its report states that the worldwide Transport Ticketing System Market is expected to thrive at a CAGR of 10% across the forecast period (2018 to 2023). MRFR also states that it is poised to value at USD 11 billion by 2023.
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Key Players
MRFR listed renowned players that are operating in the Transport Ticketing System Market. They are; Gemalto NV (Netherlands), HID (U.S.), Accenture Plc (Ireland), NXP Semiconductors (U.S.), Cubic Corp. (U.S.), CPI Card Group Inc. (U.S.), AEP Ticketing Solutions (Signa), Xerox Corp. (U.S.), Infineon Technologies AG (Germany), Rambus Incorporated (U.S.), and others.
Segmental Analysis
The global Transport Ticketing System Market is segmented by system, application, and product. By product, the market is segmented into e-ticket, e-toll, ticket machine, e-kiosk, and others. The e-kiosk segment is expected to gain considerable traction for the transport and ticketing market. The segment is expected to register a high CAGR across the review period because e-kiosks offer the benefit of reduction of manual operations with high efficacy of transport and ticketing management during peak hours. By system, the market is sectioned into smart cards and smartphones. By application, the market is segmented into railways & metros, buses, personal vehicles, airlines, and ships.
Market Drivers and Constraints
The upscaling need for smart ticketing systems is expected to propel the growth of the Transport Ticketing System Market. Continuous replacement of tradition techniques, such as paper tickets, is observed to created potential growth opportunities for investors that can generate substantial revenue in the years to come. The expansion of the tourism and transport industry can also contribute significantly to the growth of the market. The rapid adoption of smart transport and ticketing technologies is anticipated to drive the market growth. An increase in cases of revenue loss has resulted in encouraging manufacturers to incorporate advanced features, such as secure authentication, smart locking technology, and water-resistant. These causes are expected to positively influence the market. Technologies, such as ultra-touch fingerprint sensors and fingerprint recognition algorithms are rigorously integrated into the transport ticketing systems. This is expected to bolster the market expansion. In addition, the global Transport Ticketing System Market growth to embark on the increase in number of partnerships and collaborations among companies.
Regional Outlook
The growing popularity of smart transport ticketing systems in North America is expected to generate a decent value for the regional market. In the US, smart transport and ticking technologies are being exploited in the field of entertainment and sports. Event providers are deploying techniques, such as SAP solution, for availing improved ticketing experience to customers. In addition, the giant e-commerce, Amazon is observed to set its footstep in providing ticking services. These factors are expected to boost the North America Transport Ticketing System Market growth in the years to come. The rising trend of adopting mobile ticketing in countries, such as Europe and Asia Pacific is expected to contribute significantly to the expansion of the Transport Ticketing System Market. In the Asia Pacific region, the expansion of the Transport Ticketing System Market can be attributed to the ever-increasing growth of the travel and tourism sector. The growing adoption of e-ticket and e-kiosk in APAC is likely to improve the health of the Transport Ticketing System Market in the years to come.
LIST OF TABLES
TABLE 1 TRANSPORT TICKETING SYSTEM MARKET, BY PRODUCT
TABLE 2 TRANSPORT TICKETING SYSTEM MARKET, BY SYSTEM
TABLE 3 TRANSPORT TICKETING SYSTEM MARKET, BY APPLICATION
TABLE 4 TRANSPORT TICKETING SYSTEM MARKET, BY REGION
TABLE 5 NORTH AMERICA TRANSPORT TICKETING SYSTEM MARKET, BY PRODUCT
Continued……
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 TRANSPORT TICKETING SYSTEM MARKET: BY PRODUCT (%)
FIGURE 3 TRANSPORT TICKETING SYSTEM MARKET: BY SYSTEM (%)
FIGURE 4 TRANSPORT TICKETING SYSTEM MARKET: BY APPLICATION (%)
FIGURE 5 TRANSPORT TICKETING SYSTEM MARKET: BY REGION (%)
Continued……
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