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Transport Ticketing Market To Realize A 10% CAGR By 2023 | Growth opportunities, Company Profiles, Financial Overview, Competitive Scenario And Investment Analysis 2023

Transport Ticketing

iCrowdNewswire   Jan 13, 2021  4:00 AM ET

Market Research Future published a research report on “Transport Ticketing Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Market Analysis

Transport ticketing system is the latest technology which offers chip solutions based on open standards. The transport ticketing market is steadily approaching a market value of USD 11 billion by the end of 2023 due to the market growth at a CAGR of 10% during the review period from 2018 to 2023.

Smart transport ticketing system includes entitlement to travel, where ticket is stored electronically on a micro chip rather than printing on a paper ticket. In most of smart ticketing systems, the microchip on which ticket details are stored is embedded in a smartcard. transport ticketing solution that offers smart ticketing solution, allows passengers to check top-up value, purchase and load tickets and view the contents of their wallet, which can be accessed even if a smartphone is offline. Such specifications of transport ticketing system allow seamless travel between and within cities, regions and countries with different modes of transport.

Transport Ticketing Market: Drivers & Constraints

Growing need to access the smart transit system has led the transport ticketing market to an upsurge in demand for smart ticketing. Replacement of paper tickets, the transport ticketing market has also created opportunities for tourism and transport industry to expand widely. Other important factors driving the growth of Transport Ticketing Market is easy and affordable access to smart transit systems owing to rapid adoption of smart technologies and successful implementation of smart ticketing system.

Existing frequencies of revenue loss and theft has led the manufacturers to integrate advanced features such a s smart locking technology, security authentication, water-resistant. These impactful features in transport ticketing system has propelled the global transport ticketing market to achieve higher valuation in the coming years.

The advanced features of smart transport ticketing system enable long life expectancy as compared to a typical paper ticket. In addition, the existing manufacturers of transport ticketing system are increasingly integrating intelligent technology in smart ticketing systems to increase their customer base with offering features such as fingerprint recognition algorithm and ultra-touch fingerprint sensors which will continue the transport ticketing market to grow substantially as a lion’s share in the years to come.

On the other hand, surge in the number of collaborations and partnerships among the market players will continue to impact growth of the global transport ticketing market positively.

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The global Transport Ticketing Market is segmented on the basis of product, system, application, and region. 

By product, the global transport ticketing market is segmented into ticket machines, e-tickets, e-kiosks, and e-toll. Ticket machines are the oldest form of transport ticketing systems and hold a considerable share in the global transport ticketing market. Many countries employ legacy technologies such as ticket machines to facilitate convenient ticketing for passengers. This is a major driver for the ticket machines segment. The e-kiosks segment is expected to grow at the highest growth rate over the forecast period due to the higher convenience of e-kiosks.

By system, the global transport ticketing market is segmented into smart cards and smartphones. 

By application, the global transport ticketing market is segmented into railways and metros, buses, personal vehicles, airlines, and ships. 

Regional Analysis:

North America holds the largest share in the global transport ticketing market and is likely to remain dominant over the forecast period. The growing use of mobile devices in North America is a major driver for the regional transport ticketing market. Asia Pacific is expected to exhibit the highest growth rate over the forecast period. 

Competitive Leaderboard:

Leading players in the global transport ticketing market include Infineon Technologies AG, Rambus Inc., AEP Ticketing Solutions (Signa), Xerox Corp., Cubic Corp., CPI Card Group Inc., Accenture plc, NXP Semiconductors, Gemalto NV, and HID. 

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