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Automated Fare Collection System Market Report Key Players: Advanced Card Systems, Atos, Cubic Transportation Systems, Fare Logistics, GMV, LG Corporation, NXP Semiconductors, Omron Corp, Samsung, Scheidt & Bachmann, Siemens, Sony Corporation, Singapore T
Automated Fare Collection System Market
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Based on the component, automated fare collection systems market is mainly segmented into hardware and software. The hardware segment worth more than USD 2.2 billion in 2015, is expected to witness a CAGR of 10.4% over the period of 2016 to 2023. To reduce the complexity as well as to improve the efficiency of the AFC system, software-based technical support has deployed by the software developers and firms which will provide software development kits, database management systems, middleware, mobile platforms, server solutions. Many of the transportation agencies are increasingly looking for software based AFC system, which will stimulate software automated fare collection system market size lucratively.
North America automated fare collection system market, driven by U.S. accounted for 85% of the reginal revenue in 2015, and is poised to continue its regional dominance in the global landscape. Being an integral part of Intelligent transportation systems (ITS) market, the automated fare collection systems industry will spectate significant growth in coming years based on the global transport infrastructural development.
Asia Pacific automated fare collection systems market is slated to exceed a revenue of USD 2.5 billion by 2023. The growth can be attributed to the increasing investment in the transportation activities across APAC. China and India will be the major revenue contributors.
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The automated fare collection systems market players will invest heavily in the R&D activities to meet customer needs as well as to improve product range over the coming years. The collaboration and joint venture are some of the key strategies adopted by the industry participants to gain enhanced business share. Cubic Systems, Thales Group, Samsung, LG, Omron Corporation, Advance Card Systems, NXP Semiconductors, and Atos are some of the leading companies in the AFC market.
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