The sector that deals with the creation, deployment, and administration of ticketing systems for public transportation services is known as the transit ticketing market. This market includes a range of products and services that help in ticketing and collecting fares in public transport vehicles such as buses, trains and subways.
With a 15% CAGR from 2022 to 2032, the transit ticket market, which was valued at US$ 10 billion in 2022, is predicted to reach US$ 40.46 billion in 2032. Due to the service’s affordability and ease of purchasing or booking tickets, the market is expanding.
Ticketing is a source of frustration for people who travel on a regular basis. The purchasing procedure has been unpleasant, and financial issues for lower-income users have been widespread. The introduction of high-speed solutions such as smart cards, as well as the usage of smart phones in transportation ticketing, has propelled this sector to new heights.
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The people now want to buy these prepaid or easy-to-use options because of the simple process and most importantly for saving time and energy rather than standing in queues.
The transit ticketing solutions are seeing more developments in the system category like for palm-scan fast-track lanes at airports, and such other devices are slowly being commercialized in the transit ticketing market.
The Transit Ticketing Market is Growing Due to Cost-Effectiveness
Transit ticketing systems, which include various technologies such as smart cards, mobile ticketing, and contactless payments, offer several advantages over traditional ticketing methods. These advantages contribute to their increasing popularity and adoption in transportation systems worldwide.
One key factor driving the growth of the transit ticketing market is the cost-effectiveness of these systems. Traditional paper-based tickets require printing, distribution, and handling, which can be expensive for transit authorities. In contrast, electronic ticketing systems eliminate the need for paper tickets, reducing printing and operational costs.
Furthermore, transit ticketing systems can enhance revenue collection and minimize fare evasion. By implementing electronic ticketing systems, transit operators can track and monitor fare payments more effectively, reducing instances of fare evasion.
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Transit Ticketing Market: Market Participants
Examples of some of the market participants in the global transit ticketing market identified across the value chain include Rambus Incorporated, Infineon Technologies AG, AEP Ticketing Solutions, Accenture Plc, Gemalto NV, NXP Semiconductors, HID, CPI Card Group Inc., Cubic Corp., Xerox Corp., and others of transit ticketing market.
Transit Ticketing Market: Segmentation
The Transit Ticketing market can be segmented on the basis of product, system, application, and region.
On the basis of component, the transit ticketing market can be segmented into:
- Ticket Machine
- E-Ticket
- E-Kiosk
- E-Toll
On the basis of system, the transit ticketing market can be segmented into:
- Smart Card
- Smart Phone
On the basis of application, the transit ticketing market can be segmented into:
- Railways & Metros
- Buses
- Personal Vehicles
- Airlines
- Ships
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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