Transport Ticketing 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:
1. 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.
2. 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.
3. In
February 2021, for promoting self-checkout solutions at fuel, Pyramid Computer
partnered with Scheidt& Bachmann. It will help in the development of SIQMA.
4. 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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