shift from smart cards to mobile ticketing is driving the Mobile Ticketing Market in the Transportation Sector Market
Technavio analyzes that the Mobile Ticketing Market in the Transportation Sector Market is expected to grow at a CAGR of 19.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2059.81 million.There are various factors that contribute to the growth of the market. The transportation sector has witnessed a significant shift from traditional smart cards to mobile ticketing systems. Mobile ticketing, a contactless and convenient solution, enables passengers to purchase and store tickets on their smartphones. This technological advancement offers numerous benefits, including faster transaction processing, real-time ticket validation, and seamless integration with transportation apps. The adoption of mobile ticketing is expected to grow exponentially due to its convenience, efficiency, and the increasing prevalence of smartphones.
Mobile ticketing applications in the transportation sector offer a multitude of benefits for both passengers and service providers. These apps facilitate convenient ticket purchasing, providing real-time information on schedules, routes, and delays. Passengers can receive notifications and alerts, ensuring they are kept informed and able to plan their journeys effectively. Furthermore, mobile ticketing enables secure, contactless fare payments, reducing the need for cash processing and customer service teams. Transit data collection is streamlined, allowing for independent account management and improved operational efficiency. In the current climate, the contactless payment feature has become increasingly important for public health concerns, enabling passengers to purchase tickets in advance and bypass physical queues, thereby reducing boarding times at transportation hubs.
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Mobile Ticketing Market in the Transportation Sector Market Segmentation
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The Mobile Ticketing Market in the Transportation Sector allows passengers to buy, manage, and use tickets for public transport via mobile applications on their devices. This convenient solution offers real-time fare results, seamless passenger experience, trip planning, and independent account management. Passengers can purchase tickets, top off passes, and request services, all while accessing transit information and travel expenses. The low-cost system also enables cashless boarding, reducing boarding times, and providing customer service for fare collection, boarding times, and account management. Additionally, mobile ticketing can be used for events, attractions, and transit data collection, making it a versatile and essential tool for transportation.
The mobile ticketing market in the transportation sector is a significant segment of the global application software market, which falls under the larger IT software market. This market comprises companies specializing in mobile applications for purchasing public transport tickets, managing transit information, requesting services, and tracking travel expenses. These solutions aim to provide a seamless passenger experience. The global IT software market encompasses businesses involved in developing and producing application and system software, including database management software. The application software market specifically focuses on software designed for business and consumer applications, such as enterprise and technical software, as well as cloud-based solutions. It excludes companies producing interactive home entertainment software or systems or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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