Press release
Global Automated Fare Collection System Market to grow at a whopping rate of CAGR more than 10.94%
Automated Fare Collection System Market By Technology Platform (Smart Card, Optical Character Recognition (OCR), Near Field Communications, Others), By Component (Hardware, Software), By Application (Bus, Toll, Train, Car Rental), and By Geography–COVID-19 Impact Analysis, Post COVID Analysis, Opportunities, Trends, and Forecast from 2021 to 2028The Latest report initiated by Evolve Business Intelligence on Automated Fare Collection System Market provides a detailed assessment of the market size and forecast from 2020 to 2028. The global Automated Fare Collection System market size was valued at $6.88 Billion in 2020 and is expected to reach $16.31 Billion by 2028 growing at the CAGR of 10.94% from 2021 to 2028. The major factors that are responsible for the growth of the Global Automated Fare Collection System Market are technological advancements, the need to reduce operational costs, and the increase in the number of public transport systems.
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COVID-19 Pandemic has begun striking businesses across multiple sectors and industries including manufacturing, food production, automotive, aerospace &defense companies, government agencies, pharmaceutical manufacturers, and producers of oil & gas products. The repercussions of this pandemic have caused numerous knock-on effects on several worldwide markets which include the Automated Fare Collection System Market as well as many regional economies due to temporary closedown of manufacturing facilities. End-users of these products are also suffering from decreased demand for their goods because businesses are refraining from their long-term strategies in favor of short-term survival.
Key Players profiled in Automated Fare Collection System Market report:
• Atos SE
• Cubic Transportation Systems, Inc.
• Dormakaba Holding
• LECIP Group
• LG CNS
• NXP Semiconductors
• Scheidt&Bacchhan Gmbh
• OMRON Corporation
• Samsung SDS
• Thales Group
The study provides a detailed analysis of major players in the Automated Fare Collection System market which includes manufacturers, suppliers, and organizations, among others. The competitor analysis includes revenue regeneration, business segment analysis, and geographic presence across each country, key strategies and developments, product portfolio, and SWOT Analysis.
Global Automated Fare Collection System Market Segmentation:
• Based on Technology Platform
o Smart Card
o Optical Character Recognition (OCR)
o Near Field Communications
o Others
• Based on Component
o Hardware
o Software
• Based on Application
o Bus
o Toll
o Train
o Car Rental
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Global Automated Fare Collection System Market Geographic Coverage:
• North America
o US
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia Pacific
• Rest of the World
o South America
o Middle East & Africa
North America holds a larger share in the market owing to the highest adoption of the contactless fare collection system in this region.
IMP NOTE: All our reports will be updated considering the impact of the COVID-19 scenario.
Crucial pointer covered in the report:
Automated Fare Collection System Market Understanding: This section of our report outlines pertinent topics about the market that we have researched and the direction we see the industry heading. These include, but aren't limited to segments discussed, company descriptions, and key statistics regarding customer growth. This section provides a detailed analysis of the present and future growth factors of bifurcating the market into technology platform, component, application, and regions.
Automated Fare Collection System Market Dynamics: This section provides a detailed analysis of the growth factors, restraining factors, and business opportunities. Additionally, the report provides a detailed COVID impact analysis affecting the market growth, along with a pinpoint focus on industry policies, regulatory framework, current issues impacting the market growth at the national/international level.
Automated Fare Collection System Market Regional Outlook: The country section is a breakdown by country of how the production and consumption rates correspond to each other.
Automated Fare Collection System Market Competitor Landscape: This section provides a comprehensive analysis of the market share and a deep-dive analysis of the top 10 players covered in the market report.
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