Product ID: SQSG20D2017
Global Automatic Ticket Machine Market Size, Share, Growth Analysis, By Payment Type(Smart Card Payment, Cash Payment), By Application(Public Transport, Entertainment) - Industry Forecast 2024-2031
Report ID:
SQSG20D2017 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Automatic Ticket Machine Market Insights
Global Automatic Ticket Machine Market size was valued at USD 12.3 Billion in 2019 and is poised to grow from USD 14.08 Billion in 2023 to USD 38.06 Billion by 2031, at a CAGR of 13.20 % during the forecast period (2024-2031).
An automated method of producing electronic or paper tickets using smart cards, cash, coins, or NFC technology is a passenger ticket vending machine. At airports, train stations, bus stops, and subway stations, ticket vending machines produce fare tickets. It is a time-effective ticketing solution that, when compared to conventional ticketing systems, eliminates the need for lengthy lines at public transportation hubs. The two main trends driving the growth of the global market for passenger ticket vending machines are the shift in urban commuter outlook and the increase in the adoption of digital technology. In addition, the introduction of smart technologies in the field of public transportation has a direct impact on the demand for passenger ticket vending machines.
The use of an automatic ticket machine eliminates the need for cash payments and worries about linguistic barriers between passengers and drivers, enabling hassle-free smartcard payment. Every time a card is swiped, useful information is gathered and instantly added to a database to allow for more effective payment processing, quicker transactions, and shorter processing times. Additionally, it gives retailers the ability to efficiently manage records and deal with large volumes of transactions. The ability for staff to quickly produce fare tokens and tickets is also made possible by faster transaction validation.
The automatic ticket machine market is expected to grow as a result of elements like low labor costs and minimal operational time, increased effectiveness, improved transportation infrastructure, and improved security measures. High installation and maintenance costs, however, limit market expansion. On the other hand, market participants are expected to benefit from lucrative growth opportunities due to the increase in digital payments and the signing of agreements and contracts with rail operators.
US Automatic Ticket Machine Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Automatic Ticket Machine Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
