The Global Automated Fare Collection System Market to Grow at CAGR of 11.18% by 2028
Triton's report alludes that the global automated fare collection system market is estimated to grow at a CAGR of 11.18% over the forecasted period 2021-2028.
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Automated fare collection system plays a key role in the transportation sector. It is an integrated and automated ticketing system that helps make payments on public transportation cashless and contactless.
Over the years, the demand for user-friendly payment methods has increased, enhancing the demand for smart cards and other technologies. Moreover, passengers prefer avoiding long lines and cash transactions ever since the advent of debit and credit cards. Hence, the growing preference for contactless payments generates multiple opportunities for the automated fare collection system market. However, high capital investment and incomplete projects due to delay impede the global market's development to a large extent.
Globally, the Asia-Pacific is likely to observe the fastest growth rate in the automated fare collection system market over the forecasted period. The region's strong growth can be attributed to advancements in the transportation system across significant countries, including China and Japan. For instance, Japan has introduced smart cards that permit commuters to pay on public transports. Moreover, the development of metro services has enhanced the use of smart cards, which simultaneously boosts the demand for automated fare systems. Hence, these factors are driving the growth of the automated fare collection system market in the region.
The major companies in the automated fare collection system market include Cubic Transportation Systems Inc, Samsung SDS, Atos SE, Omron Corporation, Thales Group, LG CNS, Scheidt & Bachmann GmbH, Lecip Holdings Corporation, NXP Semiconductors, and Dormakaba Holding.
The automated fare collection system market is highly consolidated and dominated by prominent players. However, there are few entry barriers, which has led several new companies to enter the market. Additionally, there is a growing demand for these systems, increasing the number of players within the market. Thus, the threat of new market players is likely to remain low over the upcoming years.
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