Global Automated Fare Collection Market key Insights Based on Product Type, End-use and Regional Demand Till 2024

In order to study the various trends and patterns prevailing in the overall market for Automated Fare Collection, Market Research Reports Search Engine (MRRSE) has included a new report titled “Automated Fare Collection Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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Lose to only 11% of the global automated fare collection market was taken up by regional players in 2014, indicating a highly consolidated market. The top three players – NXP Semiconductors, Atos, and Omron Corporation – collectively held a share of 56% in revenue in 2014. As stated by Transparency Market Research in a new report, all top automated fare collection services and technologies providers are constantly on the cutting edge of automated fare collection technologies through continuous innovation and system development. These innovations allow the vendors to tackle the rapid increase in demand while providing safe and secure transaction methods.

Other key strategies adopted by the automated fare collection vendors include a significant scale of acquisitions and mergers to maintain and grow market value. At the same time, the players also invest heavily in improvement techniques of their own products. This includes investing in advanced bug tracking, real-time data solutions, and integrated operations.

Transport Networks Improve, Add Greater Scope for Automated Fare Collection

“All parts of the world, whether developing or developed, hold transport at a high priority when it comes to development and expansion,” states a TMR analyst. “The latest development trend in transport is the implementation of smart transport systems, which can sync perfectly with the new automated fare collection systems available in the market.”

The use of automated fare collection in smart transport is expected to improve the overall flow of traffic and help government and other agencies cut down on operation costs.

Additionally, the implementation of automated fare collection systems directly in the existing transport systems can also help substantially in reducing road congestion, which is a key cause of high fuel consumption and carbon emissions.

Organization and Integration Challenges Hinder Automated Fare Collection Vendor Growth

The implementation of automated fare collection systems involves the installation of multiple hardware and software in a transportation system. It brings out a key challenge faced by all players: the complex nature of an automated fare collection system and its integration. The various components in an automated fare collection system may make it exceedingly difficult to integrate them with a current organization, especially when it comes to switching between automatic and manual fare collection.

North America Leads Automated Fare Collection Revenue Generation

The global automated fare collection market is expected to accrue a revenue of US$10.87 bn by the end of 2021. The revenue is speculated to be progressing at a CAGR of 11.4% within a forecast period from 2015 to 2021.

Smart card technology has contributed significantly to the revenue growth. This segment is expected to reach US$4.69 bn by 2021.

North America will be the leading region for most automated fare collection releases and development. This region is expected to generate US$3.87 bn in the automated fare collection market by 2021. Europe automated fare collection follows closely with an expected revenue of US$3.44 bn in 2021.

The report provides strategic analysis of the automated fare collection market and the growth forecast for the period 2015-2021. The report covers competitive analysis of various market segments based on the automated fare collection technology types, automated fare collection components and automated fare collection industrial application.

The market share of various key industry players operating in the automated fare collection market along with their company overview, market presence (by segment and geography), financial overview, business strategies and recent developments are also included in the report. 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.

Complete Report is now available at @ https://www.mrrse.com/automated-fare-collection-market

The Automated fare collection market has been segmented as follows:

Automated Fare Collection Market: By Technology Type

Smart cards
Magnetic strips
NFC
OCR

Automated Fare Collection Market: By Component

Software
Hardware

Automated Fare Collection Market: By Industrial Application

Bus
Toll
Car rental
Train
e-payment
others

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