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 prominent players in the transport ticketing market are- HID (U.S.), Gemalto NV (Netherlands), NXP Semiconductors (U.S.), Accenture Plc (Ireland), CPI Card Group Inc. (U.S.), Cubic Corp. (U.S.), Xerox Corp. (U.S.), AEP Ticketing Solutions (Signa), Rambus Incorporated (U.S.), Infineon Technologies AG (Germany) among others.
Global Transport Ticketing Market Segmentation
By analysis of MRFR’s reports, the transport ticketing market has been segmented on the basis of product, system and application.
The product segment is further branched as e-toll, e-ticket, parking system, request tracker, e-kiosk and others. Of these, the e-kiosk segment is expected to grow at the highest CAGR during the forecast period as it helps in reducing the manual operations and proves to be very efficient during peak hours of transportation.
In product segment, ticket machine is the oldest form of smart transport ticketing, which helps in maintaining and managing flow of passengers during peak hours. Hence it is expected to hold the largest market share during the forecast period.
North America has achieved a leadership role in the global transportation ticketing market, whereas Asia-Pacific is projected to grow faster during the forecast period by 2023 attributing to the technical advancements and increasing use of mobiles devices in these regions.
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