Allied Market Research published a report, titled, “Passenger Ticket Vending Machine Market by Component (Hardware, and Software), Input Type (Smart Card, Near Field Communications, and Others), and Application (Railway Stations, Subway Stations, Bus Stations, and Airports): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global passenger ticket vending machine industry generated $0.73 billion in 2020, and is estimated to reach $1.11 billion by 2030, witnessing a CAGR of 4.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Less manpower cost & operational time, enhanced efficiency, and improved transport infrastructure and security system drive the growth of the global passenger ticket vending machine market. However, high cost of operation and maintenance hinder the market growth. On the other hand, increase in digital payments and surge in agreements and contracts with rail operators present new opportunities in the coming years.
Download Report (272 Pages PDF with Insights, Charts, Tables, Figures) at https://alliedmarketresearch.com/request-sample/14000
- Owing to lockdown restrictions and travel bans across different countries, the demand for passenger ticket vending machines decreased as people needed to stay home and high risk of contamination from public transportation.
- The payment scenario has changed drastically during the Covid-19 pandemic as passengers have been preferring digital payment solutions to carry out contactless operations.
- In the post-Covid scenario, increase in health concerns and penetration of digital technologies would lead to contactless and automated payment systems. This, in turn, will lead to increase in demand for passenger ticket vending machines.
Request for Customization at https://www.alliedmarketresearch.com/request-for-customization/14000
The hardware segment to maintain its lead position throughout the forecast period
Based on component, the hardware segment held the largest share in 2020, accounting for more than three-fifths of the global passenger ticket vending machine market, and is expected to maintain its lead position throughout the forecast period. This is attributed to surge in demand for on-board efficient and quick fare payment devices. However, the software segment is expected to witness the highest CAGR of 5.5% from 2021 to 2030. This is due to rise in dependency on the cloud-based system by public transportation providers.
The subway stations segment to continue its dominant share in terms of revenue by 2030
Based on application, the subway stations segment accounted for the highest share in 2020, contributing to more than one-fourth of the global passenger ticket vending machine market, and is expected to continue its dominant share in terms of revenue during the forecast period. Moreover, this segment is estimated to manifest the fastest CAGR of 5.0% from 2021 to 2030. This is due to changing urban commute requirements and growing number of metro projects. The report also analyzes the segments including railway stations, bus stations, and airports.
Interested to Procure the Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/14000
Europe, followed by North America, to continue its leadership status by 2030
Based on region, Europe, followed by North America, contributed to the highest market share in 2020, accounting for nearly one-third of the global passenger ticket vending market, and is expected to continue its leadership status by 2030. In addition, this region is estimated to portray the largest CAGR of 5.5% during the forecast period. This is attributed to presence of a strong public transportation network and rise in adoption of the smart technologies across the region.
Leading market players
- AEP Ticketing Solutions Srl
- DUCATI Energia SPA
- Flowbird SAS
- ICA Chipkartensysteme GmbH
- Init Innovation In Traffic Systems SE
- OMRON Corp.
- Scheidt & Bachmann GmbH
- Sigma Spa
- Thales Group
- Xerox Corp.
Schedule a FREE Consultation Call with Our Analysts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/14000
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.