Global Passenger Ticket Vending Machine (TVM) Market 2017-2021
About Passenger Ticket Vending Machine (TVM)
A ticket machine, also known as a Ticket Vending Machine (TVM), is a vending machine, which produces tickets. Passenger ticket machines dispense tickets at railway stations, subway stations, bus stations, and airports. A typical transaction in TVMs consists of a passenger user using the display interface to select the quantity and type of tickets. Following this, the passenger selects a payment method, which can be either cash, smartcard or credit/debit card. The tickets are printed and dispensed to the passenger user.
Technavio’s analysts forecast the global passenger ticket vending machine (TVM) market to grow at a CAGR of 4.06% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global passenger ticket vending machine (TVM) market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Passenger Ticket Vending Machine (TVM) Market 2017-2021
Technavio recognizes the following companies as the key players in the global passenger ticket vending machine (TVM) market: innovation in traffic systems, Omron, Parkeon, Scheidt & Bachmann, and Xerox.
Other Prominent Vendors in the market are: AEP, DUCATI Energia, Genfare, GRGBanking, ICA, IER, Sigma, and Shanghai Huahong.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of distinct connected TVM. Embedded system-based TVMs are a modified form of mechanical TVMs used for ticketing purposes. However, this creates problems at times. To ensure that passengers have no issues while handling a TVM, innovative technology is being developed, which incorporates Zigbee techniques and radio frequency identification (RFID) to provide tickets, that are vended using smart cards.”
According to the report, one driver in the market is increasing cashless vending by NFC technology. Cashless payments in vending machines increased at a significant rate of 35%-40% during 2014-2016. This growth is mainly due to the customers’ current preference to pay for their purchases by mobile devices or credit and debit cards instead of paying by cash. To increase their sales, companies are installing vending machines that accept credit or debit cards and mobile payments. In places, such as railway stations, metro stations, and subway stations, cashless TVMs are becoming popular. As a result, cashless vending is expected to drive the global passenger TVM market.
Further, the report states that one challenge in the market is high initial investment in TVMs. Transport operators require a huge capital investment for procuring the software and hardware of TVM. The TVM software and hardware are customized according to the needs of the end-users. Such customization is generally outsourced by vendors to various manufacturers and third-party software developers that involve huge costs. The cost of manufacturing a TVM is also high, as there is huge cost-based competition among vendors. To sustain and maintain their presence in the TVM manufacturing market, vendors must launch innovative products that require huge R&D investment.
innovation in traffic systems, Omron, Parkeon, Scheidt & Bachmann, and Xerox, AEP, DUCATI Energia, Genfare, GRGBanking, ICA, IER, Sigma, and Shanghai Huahong.
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