ID: MRFR/SEM/2854-HCR | 100 Pages | Published By Ankit Gupta on March 2023
Transport Ticketing Market growth at USD 31.5 Billion with a CAGR rate of 15.70% by Forecast period 2022-2030
The transport ticketing market is projected to register a CAGR of 15.70% from 2022 to 2030. With the help of smart transit systems, rapid transit is becoming more affordable, and there is an enormous demand for smart tickets in the sports, entertainment, and tourism industries. Smart ticketing systems are gaining traction due to the increasing use of contactless payments, an upsurge in intelligent transportation, and a rise in wearable technologies. The transport ticketing market size is expected to reach approximately USD 31.53 billion by 2030. Moreover, a prominent driving force for the transit ticketing market has been the introduction and success of smart devices. Furthermore, smart ticketing has been implemented more frequently in the transit ticketing market due to the high adoption rate of smart technologies globally.
COVID-19 Impact Analysis
Due to travel and public health constraints, the COVID-19 pandemic has changed the accessibility and use of North America's transportation systems. Since March 2020, transportation activities have been substantially reduced in the US and Canada. Due to the steep decline in ridership during the crisis, public transportation systems across the US have been in dire financial straits. Due to travel restrictions to curb the spread of the novel Coronavirus, transportation activity has decreased significantly in the US and Canada since March 2020. To safeguard citizens, the government has focused on adopting preventive measures.
Moreover, the European region has also been severely affected by the Coronavirus, which is why they have imposed strict lockdowns to ensure their citizens are safe. Official U.K. data reported a 90% reduction in train travel in 2020 compared to normal levels. As lockdown restrictions were relaxed in 2020's second phase, public places, restaurants, public transportation, sports events, and stadium impositions were opened, which is expected to boost the growth of this market.
Transport Ticketing Market Dynamics
With an increasing need for access to smart transit systems, the market has seen an increase in the need for smart tickets. In addition to replacing paper tickets, transport has created opportunities for tourism and transport companies. The rapid adoption of smart technologies and the successful implementation of smart ticketing systems are other factors driving the growth of the market. Since there is a high incidence of revenue loss and theft, manufacturers have been integrating advanced features such as smart locking technology, authentication, and water resistance. As a result, the market is expected to grow in value in the coming years due to these impactful features.
As a result of increasing digitization and improved connectivity, transportation networks are undergoing a digital transformation. In urban areas worldwide, this transformation is being carried out to enhance service quality, improve operational efficiency, and increase customer satisfaction. Electronic ticketing systems are becoming increasingly popular among transportation networks and sports and entertainment industries to attract customers, as they are fast, secure, and user-friendly. The ticketing system allows passengers to manage their journeys on public transportation cost-effectively and efficiently. Additionally, it offers users the option of loading credit amounts in advance for their journeys and being durable and available in small sizes.
Public transportation networks and sports events are commonly equipped with electronic ticketing systems. It takes a combination of efforts from component manufacturers, the public sector, service providers, infrastructure providers, and user groups to deploy the network of this system. Multiple entities must be involved to implement ticketing systems, which requires sophisticated infrastructure successfully. This system is financially infeasible for most public transport operators because it requires complicated hardware installation and battery-powered RFID tags that passengers must receive. As a result of the high initial investment required for mobile ticketing, the market is expected to slow down
It is mainly used in public transportation, concerts, stadiums, and similar events to use smart ticketing systems. Ticketing systems can be enhanced by incorporating advanced technologies like near-field communication (NFC). NFC technology enables two electronic devices to communicate with each other with a range of approximately 4cm, including a card reader and an NFC card. A contactless smart card can also be placed near a smart card reader to purchase tickets quickly with NFC technology. Moreover, NFC-enabled smartphones can be used to access digital content, perform safe contactless transactions, and store tickets for accessing parking garages and transport gates.
Transport Ticketing Market Segmentation
The transport ticketing market segmentation, based on product, is ticket machine, e-ticket, e-kiosk, and e-toll. The transport ticketing market growth was prominently high under the e-ticket transport ticketing category in 2021, as e-tickets have become increasingly popular in sports events. They offer a higher level of security than paper tickets. The growth of this segment is also driven by the spread of smartphones worldwide.
The transport ticketing market segmentation, based on the system, is a smart card and smartphone. In 2021, smart card transport ticketing accounted for the largest market share of the market. Since online payment methods have become increasingly popular, consumers can use these cards to make secure and reliable payments. They also provide several additional benefits, such as being user-friendly, requiring minimal human intervention, and preventing hacking or theft through card authentication and encryption.
Based on application, the market is divided into railways & metros, buses, and personal vehicles. The railways & metros category dominated the market for transport ticketing in 2021. Contactless credit cards or debit cards allow travelers to purchase, store, and validate transportation tickets on transport networks. In addition to increasing customer satisfaction, these ticketing solutions offer business intelligence, cost savings, and cost savings.
Transport Ticketing Market Overview, by Region
By region, the transport ticketing market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. Increasing adoption of emerging technologies and the presence of major regional players, including Conduent, Inc., HID Corporation, Masabi Ltd., and others, are expected to drive the market's growth. Especially in the US and Canada, early adoption of transit ticketing for applications like rail transport has significantly contributed to the market's growth. In addition, many options for buying tickets online have simplified the process for buyers and sellers.
Asia-Pacific accounted for the second-largest market share in the market in 2021. There is a strong likelihood that Asia-Pacific will emerge as the fastest-growing market shortly. The increasing adoption of internet of things devices and smartphones and rapid urbanization will drive the growth of the smart ticketing market in the Asia-Pacific. Several key vendors in the market are focusing on expanding their businesses in developing countries, such as India, China, and Indonesia, which is expected to increase the market growth.
Transport Ticketing Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as HID (US), Gemalto NV (Netherlands), NXP Semiconductors (US), Accenture PLC (Ireland), CPI Card Group Inc. (US), Cubic Corp. (US), and Xerox Corp. (US) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the transport ticketing market research include HID (US), Gemalto NV (Netherlands), NXP Semiconductors (US), Accenture PLC (Ireland), CPI Card Group Inc. (US), Cubic Corp. (US), and Xerox Corp. (US), AEP Ticketing Solutions (Signa), Rambus Incorporated (US), and Infineon Technologies AG (Germany), among others.
Transport Ticketing Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Transport Ticketing Market Forecast & Size:
To identify and estimate the market size for the transport ticketing market report segmented by product, system, and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers transport ticketing market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the transport ticketing market growth
Market Influencing Factors:
To find out the factors which are affecting the transport ticketing market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the company's financial health in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 31.53 billion|
|CAGR||15.70% CAGR (2022-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, System, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||HID (US), Gemalto NV (Netherlands), NXP Semiconductors (US), Accenture PLC (Ireland), CPI Card Group Inc. (US), Cubic Corp. (US), and Xerox Corp. (US), AEP Ticketing Solutions (Signa), Rambus Incorporated (US), and Infineon Technologies AG (Germany)|
|Key Market Opportunities||Increasing adoption of advanced technologies in smart ticketing solutions|
|Key Market Drivers||Increasing demand for smart ticketing in the sports, entertainment, and tourism industries|
The transport ticketing market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~15.70% over the next 10 years, according to transport ticketing market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 31.53 billion by 2030.
HID (US), Gemalto NV (Netherlands), NXP Semiconductors (US), Accenture PLC (Ireland), CPI Card Group Inc. (US), Cubic Corp. (US), and Xerox Corp. (US), AEP Ticketing Solutions (Signa), Rambus Incorporated (US), and Infineon Technologies AG (Germany) are the major companies operating in the market.