During 2022-2029, North America is accounted for the leading revenue share. Over the anticipated period, revenue growth in the non-cash payment segment is projected to be quite strong.
Dallas, Texas, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Rapid growth in population has led to transportation issues rising the need of mass transportation system and prompt initiation of advanced ticketing procedure. Additionally, the latest trends of automatic fare collection systems is driving the Global Ticket Vending Machine (TVM) Market.
The global Ticket Vending Machine market is expected to reach close to $1.3 Bn by 2030 with an annualized growth rate of 4.5% through the projected period 2022-2030.
The Latest Innovations in Global Ticket Vending Machine Market: A Snapshot
India recently started its first Regional Rapid Transit System. The Regional Rapid Transit System line has incorporated TVM systems and QR code tickets.
Technological trends, increasing ratio of smart technology users, smart technology becoming routine practice in more and more consumers especially youngsters, growing literacy, developers working on redesigning training videos that include graphical icons such for illiterate and untrained travellers, growing efficiency of TVM are driving the adoption of ticket vending machine globally.
Ticket vending machine provides several benefits. The benefits are precise performance, faultless reliability, efficiency, reduced processing time as opposed existing solution such as human based token booth. Hence, the ticket vending machine is experiencing rapid adoption thus fostering remarkable progress of global ticket vending machine market.
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Global Ticket Vending Machine (TVM) Market Scope
Market Size in 2030
USD 1.3 Billion
By Type, by Application, BY Region,
By Type Covered
Non- Cash Payment Type, Cash Payment Type and Others
by Application Covered
Subway, Railway Station, Railway Station and Others
North America, Europe, Asia Pacific, Middle East and Africa, and South America
Key Players Profiled
Parkeon, Scheidt & Bachmann, IER, Ducati Energia, Sigma, Potevio, and Shanghai Huahong Co, Ltd., Omron, Genfare, ICA Traffic, GRG Banking, AEP are among the leading companies operating in the global ticket vending machine market
However, challenges in acquiring ticket or tokens, many people being unfamiliar and non-proficient using modern technologies are limiting the adoption of ticket vending machine. Also, the modern technologies further pose challenges to the people who have less aptitude thus gradually getting cut off from modern society. This is hampering the global ticket vending machine market.
On the other hand, the advantages such as improved purchasing process, saving resources, user satisfaction, possibility of customization, increased productivity, cost-effective, efficient, affordability and convenience, precise and dedicated service, autonomous and more interactive contributing to the development of smart cities are collectively influencing thumping growth of ticket vending machine. This is driving the global ticket vending machine market.
Furthermore, lack of training for TVM users, illiteracy eliminating optimal use of TVM, unfriendly user interface of TVM and its design, higher rejection ration comparative to other systems, insufficient classification for returning money in shape of coins are other key reasons hampering the global ticket vending machine market. Currency note rejection and difficulties in using the interface and complicated design of the TVM are major concerns limiting the use and adoption of ticket vending machine.
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On the other hand, rapid usage of computer based technologies, growing literacy and technology knowledge making it easier to use enhanced design and interface like ticket vending machine, faster operations, growing trend of acquiring TVM, overall technology awareness, rising number of travellers are expected to escalate the demand of TVM. This is likely to drive the global ticket vending machine market.
The global ticket vending machine market is classified into smart card, near field communication, and others on the basis of input type. Among these, the smart card segment accounted for highest market share and is expected to witness highest sales revenue in upcoming years. The market is classified into amusement parks, theaters, car parking, train stations, and others on the basis of application. The train station segment experienced largest demand for ticket vending machine.
Important Points from Table of Contents:
2. Research Methodology
3. Market Outlook
4. Ticket Vending Machine Market by Type, 2019-2029 (USD Million)
5. Ticket Vending Machine Market by Application 2019-2029 (USD Million)
6. Ticket Vending Machine Market by Region 2019-2029, (USD Million)
7. Competitive Landscape
8. Company Profiles
• Parkeon, Scheidt & Bachmann
• Ducati Energia,
• Potevio, and Shanghai Huahong Co, Ltd.
• ICA Traffic
• GRG Banking
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