Press release
Fare Management System Market Analysis and Forecast 2018-2028 | Dynamics, Restraints, Trends, Segmentation, Regional Outlook
A Fare Management System is the collection of tools or components that automate the ticketing system of a transportation network. It is an automated version of the traditional or manual fare collection system. It comprises of ticket vending machines, automatic gate machines, ticket checking machines and recharging terminals. Fare Management System originated with paper tickets and tokens distributed by staff or dispensed from self-service vending machines. But these have been replaced by magnetic stripe cards. Contactless smart cards from bank networks have been seen more frequently nowadays. This system minimizes waiting time in queues, searching for cash to buy tickets and thereby saves extensive amount of time. Moreover, it enables efficiency in fare collection and also improves the overall transaction rate.
Global Fare Management System Market: Dynamics
Fare collection technology platforms such as Smart cards and Near Field Communication (NFC) ensures full interoperability and independence of service providers. So the customers have multiple payment options to choose from and as a result there is an increase in customer satisfaction. The transit agencies are getting additional benefits for supporting different payment media and fare policies as a result of the growing adoption of open bank card payments for transit fare. Growing smartphones industry is likely to boost the global Fare Management System market size. Factors such as enhanced efficiency, reduction in frauds, flexible fare plans and enhanced security systems are also expected to drive the growth of the Fare Management System market. Moreover, the costs for planning or implementation of changes or updates of such system is very less as it is done through simply structured system configuration, hence this is also one of the factors impacting the growth of the market.
However high installation and maintenance costs of the Fare Management Systems can hinder the growth of the market. The paper ticketing system still exists in some regions, which is also a factor restraining the growth of the market.
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Global Fare Management System Market: Segmentation
The global Fare Management System market can be segmented on the basis of type of payment system, technology, application, end-users and region.
By type of payment system
Account based system Non account system
By technology
Wi-Fi Near Field Communication Smart Card Others
By Application
Fare management Capacity management Route planning Subsidiary management Others
By End-users
Transport Authorities Traveler
Global Fare Management System Market: Competition Landscape
Key Developments
In March 2018, Rhaetian Railway has started installing new ticket vending machines from the service provider Scheidt & Bachmann at its stations. The previous units were put into operation 10 years ago. The new ticket vending machines are characterized by a wide range of functions and a comprehensive assortment as well as reliability and a long service life. Moreover these vending machines have easier payment options, wider offer range and they also support the SwissPass.
Key Vendors
The key vendors in Fare Management System market are Ingenico Group, Accenture, Siemens AG, Infineon Technologies, ATLAS, AzRy, TransData.sk, Indra, National Mobile Payment Plc., TiXi, MJM Innovations, MC Payment, Electronic Funds Source LLC, Cubic and AEP.
Global Fare Management System Market: Regional Outlook
Geographically, the global Fare Management System market can be segmented into North America, Western Europe, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Japan.
Asia Pacific region is expected to be the fastest growing region in the global Fare Management System market as the government of some countries from APAC region are focusing on enriching the transport infrastructure and security system.
North America contributes a significant share in the global Fare Management System market as in developed economies, such as the U.S. and Canada, there is a high focus on innovations obtained from Research and Development.
Likewise Europe is expected to be the large revenue generating region in global Fare Management System market over the forecast period as the countries in this region already have a good and developed transport infrastructure.
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The report covers exhaustive analysis on:
Regional analysis for Fare Management System Market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Report Highlights:
Global Fare Management System Market Segments
Global Fare Management System Market Dynamics
Historical Actual Market Size, 2013 - 2017
Global Fare Management System Market Size & Forecast 2018 to 2028
Supply & Demand Value Chain
Global Fare Management System Market Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Global Fare Management System Market Drivers and Restraints
North America Market
US
Canada
Latin America Market
Argentina
Mexico
Brazil
Rest of Latin America
Western Europe Market
Germany
France
U.K.
Spain
Italy
Nordic
Benelux
Rest of Western Europe
Eastern Europe Market
Poland
Russia
Asia Pacific Market
India
ASEAN
Australia and New Zealand
Rest of SEA and Others of APAC
Japan Market
China Market
Middle East and Africa Market
GCC Countries
North Africa
South Africa
Rest of MEA
Detailed overview of parent market
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance
Must-have information for market players to sustain and enhance their market footprint
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