Automated Fare Collection System Market By Technology and Top Companies: Atos, Cubic Corporation, GMV, NXP Semiconductors, Samsung Electronics, LG Electronics, Siemens, Sony Electronics, Vix Technology

As per a new research report by Global Market Insights, Inc., Automated Fare Collection (AFC) System Market is anticipated to cross USD 9.8 billion by 2023. Shifting preference towards integrated ticketing systems and electronic payments are major growth drivers for global revenue growth. Rising need to prevent frauds, growing smartphone demand, and improvement of revenue management are some of the other factors which will further augment the automated fare collection system market growth.

Need of transparency in transport fee collection methods will escalate the industry growth. Rising implementation of bank cards imbursement for transportation tariff supported by an account based architecture has led to extra assistance to transportation companies for supporting fare guidelines and different payment methods.

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Automated fare collection system market in smart cards accounted for over 30% of the global revenue in 2015. These products are portable, more cost effective to manufacture than competing segments, and present low degree of complexity. It works on the premise of an embedded microchip that can write and process data in a protected environment, and can be contact-based or contactless in nature.

Hardware is anticipated to dominate the automated fare collection system market over the forecast timeframe due to diversified applications of hardware that include mobile and handheld terminals, ticket vending machines, fare gates. Software segment is expected to grow at almost 10% CAGR in the forecast timeline owing to consistent support from software developers and companies that include DBMS, software development kit (SDK), mobile platforms, middleware, and others.

Positive regulatory landscape is also forecast to impel automated fare collection system market growth. Fraud prevention, improved revenue management and transport service planning capabilities are among the key benefits of implementation. Considerable advancements in communications technology and proliferation of personal mobile devices such as smartphones and tablets will favorably impact the industry. This trend is particularly prevalent in Asia Pacific, with China automated fare collection system market size forecast to surpass USD 700 million by 2023.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & analysis:

1. Atos
2. Cubic Corporation
3. GMV
4. NXP Semiconductors
5. Samsung Electronics
6. LG Electronics
7. Siemens
8. Sony Electronics
9. Vix Technology

• Global AFC System Component Analysis (Revenue, USD Million, 2012 - 2023)

• Hardware
• Software

• Global AFC System Technology Analysis (Revenue, USD Million, 2012 - 2023)

• Smart Cards
• Magnetic Strip
• NFC
• OCR

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Intelligent AFC systems are capable of estimating the best fare on the basis of parameters such as relevant discounts, prior journey logs, and travel length. Transparent fee collection methods help significantly boost customer satisfaction and bring value to transport authorities and end users.

North America accounted for highest market share in 2015 and is anticipated to continue the same owing to the growing intelligent transportation system. Moreover, rising adoption of automated fare collection systems across key industrial applications will propel the regional growth.

Asia pacific automated fare collection system market is expected to showcase an exponential growth rate owing to developing transportation infrastructure in emerging economies that include India and China. These countries are undergoing multiple infrastructural development projects which is fueling the growth of automated fare collection market.

Major companies accounting for automated fare collection system market share are Advanced Card Systems, Atos, Cubic Corporation, Fare Logistics, GMV, LG Corporation, NXP Semiconductors, Omron Corp, Samsung, Scheidt & Bachmann, Siemens, Sony Electronics, Singapore Technologies Electronics Limited, Thales Group, Trapeze Group, and Vix Technology.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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