Automated Fare Collection Industry Size 2019, Market Opportunities, Share Analysis up to 2025
By Market Study Report  Date: 2020-04-30Product ID: 1694992

Automated Fare Collection Industry Size 2019, Market Opportunities, Share Analysis up to 2025

A Research study on Automated Fare Collection Market analyzes and offers ideas of exhaustive research on ancient and recent Automated Fare Collection market size. Also Automated Fare Collection Market is Segmented By Component (Hardware, Software, Services); By Technology (Near Field Communication (NFC), Smart Cards, Magnetic Strips, Optical Character Recognition (OCR), Others); By End-User (Public Transport Authorities, Private Transport Authorities, Others). Along with the estimated future possibilities of the market and emerging trends in the Automated Fare Collection market.

According to a new report the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.

The various types of technologies used in automated fare collection system include Near-Field Communication (NFC), Optical Character Recognition (OCR), smart cards, and magnetic strips. The smart cards segment is expected to lead the market during the forecast period owing to increasing popularity of cashless transactions. NFC is expected to grow at the highest CAGR during the forecast period.

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The well-known companies profiled in the report include Thales Group, Longbow Technologies S/B, Cubic Corporation, Advanced Card Systems Holdings Limited, Atos SE, Indra Sistemas SA, UL Transaction Security, Siemens AG, Samsung SDS Co. Ltd., GMV Innovating Solutions, Masabi Ltd., and Omron Corporation among others. These companies introduced new technologies and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of the consumers.

The increasing investments in R&D and rapid development of public infrastructure in developing countries of Asia-Pacific and Latin America support the growth of automated fare collection systems. Governments across the world are collaborating with leading market players for installation of AFC systems in airports, and railways. Technological advancements in electronic payment, Near-Field Communication (NFC), and contactless payment technologies provide numerous growth opportunities in the global market. Market players are introducing affordable and highly efficient automated fare collection systems in the market to cater to the growing market demands.

North America is expected to lead the global AFC market during the forecast period. Significant investment by governments to improve the public transport infrastructure coupled with stringent regulations regarding transportation drive the growth of automated fare collection in this region. Technological advancement and introduction of advanced systems by the market players has increased their acceptance in the region. Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, and increasing investments in public infrastructure. Expansion of global players into these countries to tap market potential boosts the market growth.

The increasing need to automate ticketing systems for public and private transportation majorly drives the market growth. Organizations are gradually adopting automated fare collection systems to increase efficiency, and easy management of high volume of commuters. The growing need to reduce frauds in public transportation further accelerates the adoption of the AFC systems. Other factors driving the market growth include growing need to reduce operational costs, increase profitability, and enhance traveler experience. New emerging markets, increasing acceptance of cashless payments, and growing need to reduce environmental pollution are factors expected to influence the market in the coming years.

A Pin-point overview of TOC of Automated Fare Collection Market are:

Overview and Scope of Automated Fare Collection Market

  • Research goal & scope
  • Research assumptions
  • Research Methodology
  • Key take-away
  • Stakeholders
  • Market Segmentation

Automated Fare Collection Market Insights

  • Industry snapshot
  • Regulatory Framework
  • Automated Fare Collection Market Dynamics
  • Automated Fare Collection Market Forces
  • Automated Fare Collection Market Driver Analysis
  • Automated Fare Collection Market Restraint/Challenges analysis
  • Automated Fare Collection Market Opportunity Analysis
  • Factors Influencing Development of Automated Fare Collection Market
  • Driving Forces and Market Opportunities
  • Threats and Challenges in Automated Fare Collection industry
  • Forecast on Automated Fare Collection Market Size
  • Forecast on Automated Fare Collection Market Trend

Industry analysis - Porter's Five Force

  • Automated Fare Collection Market PEST Analysis
  • Automated Fare Collection Market Value Chain Analysis
  • Automated Fare Collection Industry Trends
  • Company Market Share Analysis

Company Profiles

  • Overview
  • Product Benchmarking
  • Recent Developments and Technological Advancement

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