Market Overview:
The transport ticketing market has gained a lot of popularity recently as it is a substitute for traditional paper-based ticketing. With the increasing digitalization and advancement in technology, the transport ticketing market is flourishing. It covers both smartphone apps and smartcard apps.
Due to fewer printed tickets, it indirectly leads to a healthy environment atmosphere. The use of transport ticketing also saves time, and now nobody has to stand in long queues for collecting tickets. The transport ticketing system has to flourish its roots all across the globe in no time.
Moreover, the transport ticketing market is expected to grow at a higher CAGR of 10% during the forecasted period to account for the higher market value of approximately USD 11 billion in the global market.
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Market Segmentation:
The transport ticketing market in the global market has been divided based on the product, system, and application.
Based on the Product:
The global market has been divided based on the product into the ticket machine, E-Ticket, E-Kiosk, E-Toll, and many others. The largest market share is held by the E-Kiosk as it has a higher CAGR in the global market. The oldest form of smart ticketing is a ticket machine.
Based on the System:
The global market has been divided based on the system into a smartphone, smart card, and others.
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Based on the Application:
The global market has been divided based on the application into ships, airlines, personal vehicles, buses, railways and metros, and many others.
Regional Analysis:
The transport ticketing market in the global market has been divided based on the region into North American region, European region, Asia-Pacific region, and the rest of the world. The largest market share in the global market is held by the North American region owing to increasing advancement in technology which also results in more usage of smartphones.
Since the Asia-Pacific region is the fastest-growing region, it holds the second-largest market share in the global market. The presence of highly populated countries like India and China, coupled with advancement in technology, drives the demand for the market in the Asia-Pacific region.
The third-largest market share in the global market is held by the European region. The growing advancement in technology and increasing demand for the internet of things drive the demand for the transport ticketing market in the European region. The rest of the world includes the Latin American region and the Middle East and African region. Both the regions show bleak growth in the market owing to poor infrastructural development in these regions.
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Industry News:
- In February 2021, a global provider of RFID handheld readers, namely, TSL UK LTD has been acquired by HID Global. It will provide a one-stop-place for integrational tools and hardware.
- In February 2021, a 10-year contract was made between a French company having a specialty in mobility in payment methods, namely Conduent and Flowbird, and Comutitres that has next-generation technologies.
- In February 2021, for promoting self-checkout solutions at fuel, Pyramid Computer partnered with Scheidt& Bachmann. It will help in the development of SIQMA.
- In February 2021, a security controller platform, namely 40 nm SLC36/SLC37 has been launched by Infineon Technologies. It will provide flexibility for contactless payments for better performance.
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