Automated Fare Collection System Market Will Flourish During 2018-2026
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Growing population and penetration of internet of things (IoT) in day to day life is driving the growth of the Global Automated Fare Collection System Market in the forecast period. Growing population is creating stress on the public transport. It becomes harder day by day to do all the process like ticket distribution, checking and other related activities with human operates. For instance, in 2017, 4.3 million peoples rode New York's subway making it one of the busiest subways in US. Adoption of automated fare collection system (AFC) will reduce significant amount of work load by making it automatic.
The global automated fare collection system market is estimated to account for US$ 7,112.2 Mn in terms of value by the end of 2019
Market Dynamics- Drivers
1. Enhanced user experience offer by AFC system is expected to drive growth of the global automated fare collection system market during the forecast period
Automated fare collection system eliminates the necessity for ticket counter, saves time for travelers, and increases convenience. Even for transport authorities, these solutions provide simplicity in operation in terms of ticket distribution and checking and supports in cost reduction. Therefore, these factors are expected to boost the adoption of automated fare collection system by various transit authorities and thereby driving the market growth over the forecast period. Furthermore, smartcard systems make fare payment quicker and easier for travelers. In fact, fare payment traction through AFC system is around 3-5 times faster than manual paying for the tickets.
2. Proactive initiatives taken by transportation authorities, in order to support adoption of technology is expected to propel the global automated fare collection system market growth over the forecast period
Transport authorities worldwide are increasingly adopting AFC system, especially in mature markets, in order to achieve economies of scale. Moreover, this adoption is expected to increase in countries with large number of travelers commuting through public transport on daily basis such as India and China. Transport authorities are providing smartcard at a price that includes security deposit, which is refundable when commuters no longer wish to use it. For instance, emerging economies in South Asia including India, China, Malaysia, Thailand, Singapore, have adopted or are increasingly adopting AFC system. This adoption is supported by an increase in investment by governments on transport infrastructure projects. Thus, these factors are expected to boost the market growth over the forecast period.
1. Growing investment in transport infrastructure combined with new projects in emerging economies are expected pose lucrative business opportunity
Ongoing transit infrastructure projects in developed and emerging economies are expected to pose significant growth opportunity for market players. AFC system providers have opportunity to offer supportive services after installation and during installation of the system. For instance, the Government of India 'Smart City' project is expected to opt for different ways of transportation including Metrino driverless pods, Bus Rapid Transit (BRT), Monorail, Metro Projects, and Light Rail Transit (LRT). These projects are expected to incorporate automated fare collection system, thereby providing market opportunity for service providers in the near future.
2. Up gradation of existing transit projects is expected to pose lucrative business opportunity for key players
Government authorities of various countries, especially in Europe, are focused on renovating the existing, old transit infrastructures. Since upgradation requires relatively lesser fund than installation of entirely new system, the chance of technology adoption is significantly higher. This, in turn, is expected to offer business opportunity for automated fare collection solutions provides over the forecast period.
Major companies involved in the global automated fare collection system market are Cubic Corporation, Scheidt & Bachmann GmbH, Thales Group, Advantech Co. Ltd., Omron Corporation, Xerox Corporation, Advanced Card Systems Holdings Limited, Eurotech S.P.A., NEC Corporation, and Nippon Signal Co. Ltd.
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o Global Automated Fare Collection System Market, By System Component:
? Central Computer System
? Station Computer System
? Station Equipment
o Global Automated Fare Collection System Market, By Application:
o Bus Rapid Transit
o Light Rail Transit
o Global Automated Fare Collection System Market, By End-use Industry:
o Public Transport Authority
o Private Transport Authority
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