Global Automated Fare Collection Market To Record Prominent Growth With US$ 15.81 Billion By 2027. The government’s emphasis on improving the functioning of current public transportation systems like as subway trains, busses, trams, and urban centres is also projected to increase the adoption of software AFC solutions for digital payment execution and payments administration. With the cloud computing rapid popularity, transportation system operators now have an efficient option to minimize counter overcrowding, operating expenses, waiting period, and cash leaking concerns that are common in traditional fare collecting systems. It have made commuting easier and more comfortable for commuters.
In the present context, the transaction environment has undergone significant change throughout the world, with passengers increasingly turning to digital money transfer to execute cashless payment transactions. As in coming years, with increased health awareness and digital technology adoption, frictionless and automated payment systems will gain traction in the following decade. Individuals were forced to use computerized fare collecting systems as a result of social isolation, shut downs, as well as other limitations imposed as a result of the COVID-19 issue. Companies, such as Advanced Card Systems Ltd., Cubic Corp., Atos SE, GMV, Indra Sistemas SA, LG CNS, Omron Corp., LECIP Holdings Corp., Masabi Ltd., Nippon Signal Co., Ltd., NXP Semiconductors N.V., Samsung SDS Co., Ltd., are some of the potential customers in the market.
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Automated Fare Collection Market Report Highlights
- Railways and transportation applications would have the greatest CAGR during the year 2020 to 2027, owing to the expansion of railway & highway construction networks in growing economies such as India.
- Increased R&D expenditures and rapid construction of public facilities in emerging Asia-Pacific & Latin American nations promote the expansion of automated fare collecting systems.
- Various strategic initiatives were recorded over the past few years to boost the growth of the market
- Because of its improved process efficiency, cashless payment capabilities, and increased acceptance by transport operators, the Near Field Connection (NFC) innovation segment is expected to gain pace.
- Asia Pacific is expected to grow at the fastest rate from 2020 to 2027, owing to rapid industrialization and a growing requirement for quicker online payment solutions due to a growth in the numbers of heavy trucks and everyday passengers.
Automated Fare Collection Market Segmentation
The research report published by Market Research Strategy contains industry segments, as below-
Automated Fare Collection Technology Outlook (Revenue, USD Million, 2016 – 2027)
- Smart Card
- Near Field Communication (NFC)
- Magnetic Stripe
- Optical Character Recognition (OCR)
Automated Fare Collection Component Outlook (Revenue, USD Million, 2016 – 2027)
Automated Fare Collection, Application Outlook (Revenue, USD Million, 2016 – 2027)
- Railways & Transportation
Automated Fare Collection System Outlook (Revenue, USD Million, 2016 – 2027)
- Ticket Vending Machine (TVM)
- Ticket Office Machine (TOM)
- Fare Gates
- IC Cards
Automated Fare Collection Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
List of Key Players of Automated Fare Collection Market
- Advanced Card Systems Holdings Limited
- Atos SE
- Cubic Transportation Systems, Inc.
- dormakaba Holding
- LECIP Group
- LG CNS
- NXP Semiconductors
- OMRON Corporation
- Samsung SDS
- Scheidt&Bacchhan Gmbh
- Thales Group
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