Transit Ticketing Market: Introduction
While lightweight and high-speed ticketing alternatives are already in use in the private transport sector (e.g. palm-scan fast-track lanes at airports), they have similar benefits for public transit as well through the transit ticketing systems. Transit ticketing is key and core business for any operator or transit authority to be able to collect fare for the travels.
Ticketing is a pain point across the people who travel daily or frequently. The purchasing process has been stressful and issues of affordability has been prevalent for the lower-income riders. The presence of high speed systems like smart cards and use of smart phones in the transit ticketing has taken this market to new high. 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.
Transit Ticketing Market: Drivers and Challenges
One of the drivers for the transit ticketing market is the affordable and easy access to transit ticketing systems. This has made great impact on transit ticketing market and has been a critical driver the market. Also, the introduction and success of smart device culture has also been driver for the transit ticketing market as there is a good adoption rate of smart technologies globally which has increased the implementation of smart ticketing in the transit ticketing market.
The factor which has been the major restraint for the transit ticketing market is the increasing capital and operating costs, and unnecessary system complexity. Also, the other restraint include the need of new methods of payments to reduce operating costs and attract new riders. One other restraint for the market include the need for future-proof systems that supports legacy, interoperability and upgradeable security which is by now not present for the 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:
These are the major products of transit ticketing in which the tickets are available for traveling.
On the basis of system, the transit ticketing market can be segmented into:
On the basis of application, the transit ticketing market can be segmented into:
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: Regional Overview
On the basis of geography, the global transit ticketing market can be segmented into North America, Latin America, Europe, CIS & Russia, Asia Pacific excluding Japan, Japan, and the Middle East & Africa. Among all these regions, North America is expected to hold a major market share of the global transit ticketing market during the forecast period, due to the early adoption of the transit ticketing in applications like rail transport and others, and also due to the increased number of established players in the region in the transit ticketing market. Asia Pacific excluding Japan transit ticketing market is expected to be fastest-growing during the forecast period, due to increased technology spending in countries such as India and Greater China for transit ticketing systems, and the booming demand for cost-effective transit ticketing products in the region. Also, the opportunity in the Asia pacific excluding japan transit ticketing market is higher due to the high penetration of public transport in the countries like India and Singapore.
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