Automated Fare Collection System Market Evaluation of Industry Trends, Growth Drivers and Forecast To 2028
The automated fare collection system is an end-to-end solution for collecting fare payments that consists of ticket vending machines, automatic gate machines, recharging terminals, and ticket checking machines. This system improves the efficiency in fare collection, facilitates the overall transaction rate, and minimizes waiting time in queues as well as searching for cash to buy tickets. It also has an easy method for revenue collection that offers travelers one card to use for all transit modes. As a result, this contactless system is replacing traditional ticketing system with automated ticketing.
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Global Automated Fare Collection System Market – Competitive Landscape
The global automated fare collection system market features a fragmented landscape owing to the strong presence of several key players in the market. These leading companies in the global market are constantly focusing on manufacturing technologically advanced products that will enhance efficiency. Naturally, the competition on the basis of pricing in the market quite high and is working in favor of the development of the global market. The existing market players are deploying various strategies and advanced techniques to thrive in the global market.
Some of the leading companies in the global automated fare collection system market include names such as Thales Group, Scheidt & Bacchhan Gmbh, Samsung SDS, OMRON Corporation, NXP Semiconductors, LG CNS, LECIP Group, Cubic Transportation Systems, Inc., Atos SE, and dormakaba Holding among others.
Global Automated Fare Collection System Market – Drivers and Restraints
The requirement for user-friendly and convenient payment is increasing owing to the progress in cashless modes of payment. The automated fare collection system caters to this requirement by offering contactless bank cards that are accepted by the transit operators as a mode of payment for commuting. It enables their debit or credit cards to act as a ticket office and even saves time by eliminating the need for passengers to wait in long queues for purchasing tickets. Additionally, smart phones have become an essential tool for online ticketing, which is contributing significantly to the development of the global automated fare collection system market. The ease of purchasing tickets through smartphone applications for travelling in buses and railways is further propelling the advancement of this market. The high level of security encryption and storage capacity is reducing the number of frauds and preventing counterfeiting which is benefitting the global market.
Global Automated Fare Collection System Market – Geographical Outlook
The global automated fare collection system market has five main regions that provide the reader with the intricate details of the working dynamics of the regional landscape. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global automated fare collection system market is growing remarkably owing to the substantial contribution of the regional segment of Asia Pacific. The focus of the government on improving the transportation structure and security system of their respective countries in the region is increasing the demand for the global automated fare collection system market.
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Market Segmentation is as follows:
By Component (2016–2026; US$ Mn)
Software & Services
By Technology Platform
Near Field Communications
Optical Character Recognition (OCR)
Others (Magnetic Strips and Bar Codes)
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