Smart Card Technology to Remain Dominant in Global Automated Fare Collection Market

2024-10-31 04:56:29 News & Society

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According to a new market report published by Transparency Market Research ?Automated Fare Collection Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,? the automated fare collection market was valued at US$5.12 bn in 2014, and is expected to reach US$10.87 bn by 2021, at a CAGR of 11.4% from 2015 to 2021.

This market research study analyzes the Automated Fare Collection Market on a global level and provides estimates in terms of revenue (USD billion) from 2015 to 2021. It gives a comprehensive overview of the AFC market from all the important strategic perspectives. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years. By geography, the automated fare collection market has been segmented into North America, Europe, Asia Pacific and Rest of the world (RoW). The current market size and forecast till 2021 is provided in the report.

The noteworthy growth driver for the global automated fare collection market in the coming years will be the development of monorail and metro services in upcoming cities and upgradation of existing services in developed ones. Furthermore, efforts by governments to make transportation systems secure will propel the global automated fare collection market. The use of plastic money, which is inclusive of debit, credit, and other bank cards will also push this market onto the path of success. The only drawback for the global automated fare collection market is the high cost of development and installation of the infrastructure needed for automated fare collection systems.

Automated fare collection system is the combination of components which automates the ticketing process in the transportation network. The automated fare collection market has been segmented by technology into smart cards, magnetic strips, NFCs (Near field communication) and OCR (Optical character recognition). The market by component type has been segmented into software and hardware. The automated fare collection market by industrial application has been segmented into bus, toll, car rental, train, e-payment and others. The use of AFC helps in reduction of operational cost and improves the transaction rate of the ticketing system in transportation systems. The AFC system also ensures more efficient collection of fare. Use of latest technology in the automated fare collection system like smartcard, contactless technology and electronic payment is likely to drive the market.

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Broadly, the automated fare collection market by geography has been segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). North America led the automated fare collection market whereas Europe is the other major contributor in this market. Asia Pacific is the most attractive region in the automated fare collection market due to increase in focus towards building of infrastructure towards better communication facilities such as mono rail, metro rail and high speed train in countries like China, India and Japan.

The key players operating in the automated fare collection market are Advanced Card Systems Ltd., Atos, Cubic Transportation Systems, Fare Logistics, GMV, LG, NXP Semiconductors, Omron Corporation, and Samsung SDS among others.

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