PUBLISHER: Orion Market Research | PRODUCT CODE: 1215637
PUBLISHER: Orion Market Research | PRODUCT CODE: 1215637
Title:Global Automatic Ticket Vending Machine Market Size, Share &Trends Analysis Report By Type (Cash Payment Type, and Non-Cash Payment Type), And By Application (Cinema, Railway Stations, Subway Stations, Bus Stations, Airport, and Others) Forecast Period (2022-2028).
The global automatic ticket vending machine market is anticipated to grow at a significant CAGR of 13.2% during the forecast period. An automatic ticket vending machine generates fare tickets at railway stations, bus stations, cinema subway stations, and airports. As compared to traditional ticketing systems ATVMs are an operationally efficient solution as it is a time-effective ticketing solution that eliminates the requirement for a long lineup at public transportation places. The introduction of smart technologies to public transportation is the key factor that drives the growth of the global automatic ticket vending machines market. Moreover, the introduction of digital payment options through technological advancements is adding to the growth of the market. Automatic ticket vending machine with digital payment option enables the utilization of smart card to predetermine the transport details.
The global automatic ticket vending machine market is segmented based on the type, and application. Based on the type, the market is segmented into cash payment types and non-cash payment types. Further, based on application, the market is sub-segmented into cinema, railway stations, subway stations, bus stations, airports, and others. Among the type, the non-cash payment type segment is anticipated to cater to prominent growth over the forecast period owing to its benefits such as increased convenience, security, and reduced manual cash handling over cash payment type. Key players are integrating ATMs with digital payment solutions to reduce the rush on ticket counters and to gain real-time consumer data. As more and more passengers are traveling through airplanes and railways across the globe are supporting the popularity and adoption of automated tickets generated by smart cards while traveling. Moreover, the adoption of E-tickets generated via digital mode or non-cash payment mode in the entertainment sector is further adding to the growth of the segment. The introduction of touchscreen-based ticketing kiosks across public places allows users to generate paper tickets or E-tickets. To promote cashless commuting among various applications, companies are focusing on the adoption of digitalization. For instance, in 2022, Paytm announced that it will be offering digital ticketing services to consumers via Automatic Ticket Vending Machine across all railway stations in India, in partnership with the Indian Railway Catering and Tourism Corporation (IRCTC).
Geographically, the global automatic ticket vending machine market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is anticipated to hold a considerable share in the global automatic ticket vending machine market owing to the presence of leading automatic ticket vending machine manufacturers in countries such as the UK, Germany, Switzerland, and the Netherlands. Along with the increasing investments in public transport facilities across countries, the manufacturers in the industry are transforming and digitalizing the way customers pay for fares with upgraded ticket machines to offer great satisfaction to customers, further driving the market growth. For instance, in 2021, the UK-based train operating company, Northern commercial introduced modern touch-screen ticket vending machines at around 420 station locations. The installation works were carried out by Flowbird Transport Intelligence, a French-headquartered company focused on payment and ticketing systems.
The major companies serving the global automatic ticket vending machine market include Cubic Transportation Systems, FLOWBIRD, HID Global Corp., init innovation in traffic systems SE, Scheidt & Bachmann GmbH, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2021, Cubic Corp. announced that its Cubic Transportation Systems (CTS) business division was granted a multi-year contract from Omaha Metro Transit to deliver its Umo Pass solution. Umo Pass will empower Omaha Metro Transit riders to seamlessly plan and pay for transit journeys through a single fare payment system. Riders can purchase fares and manage their accounts through ticket vending machines at Omaha Rapid Bus Transit (ORBT) stations and transit centers, online transit account management, and purchasing options at stores and vendors across Omaha.
Research Methodology
The market study of the global automatic ticket vending machine market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: