Ticket Vending Machine (TVM) Market Size Was Valued at US$ 540.95 Million in 2022, And Anticipated to Grow at A CAGR of 4.1% Over The Forecast Period

The global Ticket Vending Machine (TVM) market size was valued at US$ 540.95 Million in 2022, and anticipated to grow at a CAGR of 4.1% over the forecast period. A ticket vending machine, usually referred to as a ticket machine, is a vending machine that prints paper or electronic tickets or tops off a smart card, stored-value card, or a user's mobile wallet, which is typically on a smartphone. End-users across the globe adopted Ticket Vending Machines to cut down on customers standing in line at ticket counters at railway stations. Ticket vending machines are ticketing kiosks with touch screens that use smart cards for operation.

It is anticipated that the market growth over the forecast period will be supported by the shift towards digitalization and modernization with the aim of moving toward more to reduce the staff workload at ticket counters while relieving the influx of passengers during peak periods. Furthermore, favourable government policies, schemes, and initiatives are also expected to advance the market growth over the projected period. To Increase the usage of public transport for daily commute and flourishing travel and tourism industry, the demand for ticket vending machine is expected to fuel during the forecast period.

Industry growth is being hampered by high installation costs and the requirement for roof-mounted solar panel maintenance. Additionally, despite the fact that solar technology is a great option for many end-use applications, the market's potential is constrained by the high capital costs associated with solar installations when compared to other developing renewable technologies.

Component Insights

On the basis of component, hardware segment dominated major market share in 2022. Hardware is one of the most commonly used part of ticket vending machine. The cost of hardware is much higher than software. a fully functional ticket vending machine typically requires to configure a wide range of hardware components such as network modems, card readers, password keyboards, thermal printers, etc.

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Input Type Insights

Based on the input type, smart card segment accounted for the largest market share during the forecast period. The smart card can be used to purchase tickets from ticket vending machines. It is the easiest way to purchase a ticket through ticket vending machine or an uneducated person could also be able to purchase ticket by using smart card.

Application Insights

In terms of application, subway stations segment leads the global Ticket Vending Machine (TVM) market. One of the main causes driving up demand for TVMs on subway stations is the high use of public transportation, as well as the expansion of the subway network, particularly in Europe and North America, and rising tourism. However, railway station segment is anticipated to grow at a higher CAGR during the forecast period. This is primarily due to the increasing adoption or deployment trend of ticket vending machine in railway stations across the globe. For instance, in June 2022, The Central Railways of India has sanctioned 35 ticket vending for deployment at installed at Nashik Road, Manmad, Jalgaon, Bhusawal and other stations.

Regional Insights

In terms of region, North America dominated the global market share in 2021. There are several factors driving market expansion in this region, including the availability of the newest TVMs, high TVM usage in the majority of North American countries, an increase in the number of subway and train stations, and supportive government initiatives for TVM installations.

Furthermore, ticket vending machine is widely employed in Asia and the Pacific region to generate electric ticket. Ticket vending machine market in Asia Pacific is projected to register fastest revenue CAGR between 2022 and 2031 owing to rising adoption of ticket vending machine and government funding for ticket vending machine deployment. China, Japan and India are major revenue contributing countries in Asia Pacific, and the trend is expected to continue during the forecast period. Due to their enormous populations and largest railways networks, China and India are major players in this region. In June 2020, Hefei, China based railway operator, has introduced a holographic ticket vending machine. It's designed to minimize the risk of coronavirus spreading through touched surfaces. In October 2019, the Indian Railways has introduced launched the "one touch ATVM" at 42 suburban stations. The main aim of the service is to render fast ticketing to millions of commuters, especially in the Mumbai Suburban Network. During the projection period, the aforementioned factors will continue to fuel the market growth in the region.

Europe is also offers lucrative growth opportunities in the upcoming years. For instance, in May 2021, Northern, a UK based train operating company, has deployed around 621 new ticket vending machines (TVMs) across its system as part of an inclusive modernisation structure.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: AEP Ticketing Solutions, Ducati Energia SPA, Flowbird, ICA Chipkartensysteme GmbH & Co. KG, Init Innovation Traffic Systems, Omron Corporation, Scheidt & Bachmann GmbH, Sigma S.p.A, Thales Group, METRIC Group Ltd, KIOSK Information Systems, Xerox Corporation and Others. Major players operating in the ecosystem experiences intense competition owing to the presence of large number of players on the global scale. Further, players are adopting various strategies such as merger and acquisition, geographic expansion, product launch, research & development for expanding their product portfolio, and others.

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In March 2022, In order to offer customers digital ticketing services through Ticket Vending Machines (ATVM) installed at railway stations all over the India, Paytm, a company that specialises in digital payments, has announced that it has expanded its partnership with the Indian Railway Catering and Tourism Corporation (IRCTC). In order to buy platform tickets, unreserved train ride tickets, renew season tickets, and top off smart cards, passengers will be able to scan QR codes generated on the screens.

Segments

By Component

· Hardware

· Software

By Input Type

· Smart Card

· NFC

· Others

By Application

· Railway Stations

· Subway Stations

· Bus Stations

· Airports

· Others

Key Points:
Define, describe and forecast Ticket Vending Machine (TVM) product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.

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