Market Study Report, LLC, has recently developed a report on the ‘Automated Fare Collection market’ which presents substantial inputs about the market size, market share, regional trends, and profit projection of this business sphere. The report also enlightens users regarding the foremost challenges and existing growth tactics implemented by the leading organizations that constitute the dynamic competitive gamut of this industry.
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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.
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 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.
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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 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.
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.
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Automated Fare Collection Market share by Major regions included:
Middle East & Africa
Table of Contents
1.Overview and Scope
1.1.Research goal & scope
1.3.1.Primary data sources
1.3.2.Secondary data sources
3.Automated Fare Collection Market Insights
3.1.Automated Fare Collection – Industry snapshot
3.2.Automated Fare Collection – Ecosystem analysis
3.3.Automated Fare Collection Market Dynamics
3.3.1.Automated Fare Collection – Market Forces
126.96.36.199.Automated Fare Collection Market Driver Analysis
188.8.131.52.Automated Fare Collection Market Restraint/Challenges analysis
184.108.40.206.Automated Fare Collection Market Opportunity Analysis
3.3.2.Industry analysis – Porter’s five force
220.127.116.11.Bargaining power of supplier
18.104.22.168.Bargaining power of buyer
22.214.171.124.Threat of substitute
126.96.36.199.Threat of new entrant
188.8.131.52.Degree of competition
3.3.3.Automated Fare Collection Market PEST Analysis, 2017
3.3.4.Automated Fare Collection Market Value Chain Analysis
3.3.5.Automated Fare Collection Industry Trends
3.3.6.Competitive Ranking Analysis
4.Automated Fare Collection Market Size and Forecast, 2017-2026 by Component
4.4.4.Training, Support & Maintenance
4.5.Automated Fare Collection Market Size and Forecast, 2017-2026 by Technology