The market for transit tickets reached a value of US$ 10 billion in 2022 and is projected to reach US$ 40.46 billion in 2032, growing at a CAGR of 15% over the forecast period of 2022-2032. The market is expanding as a result of how simple it is to purchase or reserve tickets quickly and how cost-effective the service is.
The report features insights on the current growth dynamics and the major revenue reforms prevailing in the market as of 2020 along with the key takeaways over the forecast period 2022 to 2028.
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.
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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.
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.
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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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