Transport Ticketing Market Accretes to USD 11 Billion by 2023 at 10% of CAGR

Transport Ticketing Market
Transport Ticketing Market, By Product (Ticket Machine, E-Ticket, E-Kiosk, E-Toll), By System (Smart Card, Smart Phone), By Application (Railways & Metros, Buses, Personal Vehicles) – Forecast 2023

Market Highlights

On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.  North America region is generating highest market share in the transport ticketing market followed by Europe owing to better network infrastructure, digitization and higher technology implementation.  Digitization in North America region is mainly due to the invention of advanced technology and economies benefitting from it. The implementation of transport ticketing technology by government is increasing rapidly due to increased traffic congestion and urbanization. The investment done by government towards smart cities development, smart lighting and better control and management of traffic rules is increasing in the region. The invention of wireless sensors due to growing air traffic volume and precise traffic analytics software is driving the market in the region. The major growth in transport ticketing market in North America is attributed to the technical advancements and increasing use of mobiles devices in that region. The region is mainly dominating the market because of advanced technology implementation in advanced ticketing solutions. The European region is also gaining growth because of increase demand of citizens and investment by government in transport ticketing market.

 

Transport Ticketing Market is expected to grow at approximately USD 11 Billion by 2023, at 10% of CAGR between 2017 and 2023.

 

Transport Ticketing Market Players:

  • 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)

 

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Transport Ticketing Market Segmentation

The transport ticketing market has been segmented on the basis of software that includes data analytics software. It enables users by offering strong data management capabilities, easy platform for interactive GIS maps and database, provide accurate inventory and cost estimation functions and precise validation of built in data.

 

Market Research Analysis:

In transport ticketing market, North America region is growing due to managing real-time traffic analysis capabilities. In US region, there is large utilization of transport ticketing system and various projects are undertaken for the development of citizens. The deployment and integration service is majorly adopted by users in the region as it is less time consuming. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of transport ticketing market to directly address the security of citizens. Increased urbanization has led to traffic congestions that results in increased paper usage. High adoption of solutions to reduce congestions, along with better transport ticketing and control, has led to a higher demand of transport ticketing solutions in the region. Countries such as China and Brazil are adopting safety and control measures for transport ticketing and safety of citizens. Asia-Pacific is projected to grow at the fastest rate during the forecast period.

 

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