Automated Fare Collection Market to Account for $19.89 Billion by 2025

15/giu/2020 13:56:29 Market Research News Contatta l'autore

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The global automated fare collection market size is expected to reach USD 19.89 billion by 2025 registering a CAGR of 13.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Growing adoption of digital technologies to improve transaction processing speed and to reduce issues associated with cash handling and ticket management is anticipated to remain one of the leading factors driving the market.

Automated Fare Collection

Focus of governments on the performance optimization of existing public transit systems, such as subways, buses, trams, and metros, is also expected to boost the usage of technology-driven AFC systems for digital transaction processing and payment management. Increasing penetration of the technology has provided transit system operators an effective way to reduce counter congestions, operational costs, waiting time, and cash leakage issues often faced in traditional fare collection systems. This has also facilitated hassle-free and convenient travel experiences for commuters.

Rising awareness about these benefits is compelling transit operators to replace conventional physical ticketing machines and toll booths with contactless AFC systems. The data generated by such systems is further used in implementing a data-driven network optimization approach for public transit systems. Public transit network operators were able to capitalize on the unutilized capacity of the trains by using a data-driven model. Emerging countries in Asia Pacific, such as India and China, are also in the process of implementing similar systems to enable operators to dynamically plan and optimize ticket prices.

Access Research Report of Automated Fare Collection Market@
https://www.grandviewresearch.com/industry-analysis/automated-fare-collection-afc-system-market

Further key findings from the study suggest:

  • Software segment is said to register the maximum CAGR over the forecast years due to rising focus of transit system operators on deploying integrated AFC systems covering multiple transportation modes
  • Near Field Communication (NFC) technology segment is anticipated to gain traction owing to its superior transaction speed, contactless payment capability, and higher adoption by transit operators
  • Railways & transportation application will witness the highest CAGR from 2019 to 2025 due to the development of railway and highway infrastructure networks in emerging countries, such as India
  • Asia Pacific to expand at the highest CAGR of 17.1% from 2019 to 2025 due to rapid urbanization and rising need for deploying faster payment processing systems due to increasing number of commercial vehicles and daily commuters
  • Key companies in the global AFC market include Cubic Corp., Advanced Card Systems Ltd., Atos SE, Indra Sistemas SA, GMV, LG CNS, LECIP Holdings Corp., Omron Corp., Masabi Ltd., NXP Semiconductors N.V., Nippon Signal Co., Ltd., Samsung SDS Co., Ltd., Siemens AG, Telexis B.V., Singapore Technologies Engineering Limited, Scheidt & Bachmann GmbH, Thales Group, Trapeze Group, Vix Technology, UL Identity Management & Security, and Thales Group

Grand View Research has segmented the global Automated Fare Collection market on the basis of component, technology, system, application, and region:

Automated Fare Collection Component Outlook (Revenue, USD Million, 2014 - 2025)

  • Hardware
  • Software

Automated Fare Collection Technology Outlook (Revenue, USD Million, 2014 - 2025)

  • Smart Card
  • Magnetic Stripe
  • Near Field Communication (NFC)
  • Optical Character Recognition (OCR)

Automated Fare Collection System Outlook (Revenue, USD Million, 2014 - 2025)

  • Ticket Vending Machine (TVM)
  • Ticket Office Machine (TOM)
  • Fare Gates
  • IC Cards

Automated Fare Collection Application Outlook (Revenue, USD Million, 2014 - 2025)

  • Railways & Transportation
  • Parking
  • Entertainment
  • Others

Automated Fare Collection Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America
    • US.
    • Canada
  • Europe
    • France
    • Germany
    • Poland
    • Russia
    • UK.
  • Asia Pacific
    • Australia
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE

About Grand View Research

 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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