Global Automated Fare Collection Market to Reach US$10.8 bn by 2021 as Operators Look at Efficient Working Processes

2024-11-07 06:37:20 News & Society

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Transparency Market Research recently published an extensive research report that studies the global automated fare collection market. This research report, titled ?Automated Fare Collection Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,? details the market, highlighting the important elements in the market. Furthermore, it also uses Porter?s five forces analysis and SWOT analysis to provide an assessment of the factors influencing this market. Porter?s five forces analysis identifies the threat of new entrants, the threat of substitute products or services, the bargaining power of customers, the bargaining power of suppliers, and the intensity of competitive rivalry, while SWOT analysis evaluates the strengths, the weaknesses, the opportunities, and the threats.

According to the research report, the global automated fare collection market was valued at US$5.1 bn in 2014 and is expected to reach US$10.8 bn by 2021, growing at a CAGR of 11.4% from 2015 to 2021. Researchers attribute the growth of the global automated fare collection market to the efficiency it has brought in by reducing the time wasted in booking or buying tickets by waiting in queues. Furthermore, automated fare collection systems have also given transportation authorities a chance to improve the services offered to the users.

The global automated fare collection market is segmented on the basis of technology, component, industrial application, and geography. On the basis of technology, this market is segmented into smart cards, magnetic strips, OCR, and NFC. The components in this market are hardware and software. Automated fare collection systems are applied in buses, tolls, car rentals, trains, e-payment, and others. Geographically, this market is segmented into Asia Pacific, North America, Europe, and Rest of the World.

In terms of regions, North America held the largest market share in the global automated fare collection market in 2014, accounting for 35.1% of the overall market. Developed economies, increasing usage of automated fare collection systems, and high adoption of technology in all types of transportation systems have been boosting the automated fare collection systems market in this region.

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Of all the forms of technology, the smart card segment held a share of over 44% in the global automated fare collection market in 2014. Their reliability and safety have made smart cards the most dependable system in the overall market.

Some of the Key Players in the global automated fare collection market are Atos, Advanced Card Systems Ltd., Fare Logistics, Samsung SDS GMV, Cubic Transportation Systems, LG, Omron Corporation, and NXP Semiconductors. The research report profiles these companies and shares details pertaining to their financial overview, investment outlook, research and development activities, and product portfolio. The research report also gives a fair analysis of the competitive landscape of the global automated fare collection market.

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