Press release
The Global Automated Fare Collection System Market Estimated to Upsurge at $13248 Million by 2028
Automated Fare Collection System Market
An automated fare collection system refers to an integrated automated ticketing system that facilitates quick and contactless payments across public transports. These include smart cards, near-field communication technology, and others.
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Triton's research report insinuates that the global automated fare collection system market is likely to witness growth in revenues at a CAGR of 11.18% over the considered phase 2021-2028. It is estimated to reap value worth $13248 million by 2028.
In several countries, consumers highly prefer smartcard technology due to the high storage capacity offered by these cards. Moreover, the use of smart cards has significantly reduced the number of frauds, enabling transit operators to enhance their financial control and track sales efficiently. Hence, the reduction in frauds and counterfeiting because of AFCs supplements the growth of the automated fare collection system market. However, elevated capital investment to deploy these systems, coupled with incomplete projects caused by delay, are factors hampering the progression of the automated fare collection system market.
The automated fare collection system market is sectioned into technology, component, and application. Based on technology, it is branched into smart cards, OCR (optical character recognition), NFC (near field communication), and others. The component section is divided into hardware and software, with hardware sub segmented into validators, ticket vending machines, turnstiles, and other hardware components. Lastly, application is divided as per Car, Toll, Train, and Bus.
Globally, North America is dominating the automated fare collection system market. The market's growth can be attributed to several technological advancements across the region.
Moreover, several players such as Cubic Transportation and BEA Transit Solutions are investing in developing automated fare collection systems. Besides, these systems have reduced the use of paper tickets, which adds to the studied market's growth. Furthermore, the growing adoption of smart cards, along with the launch of new products, is widening the scope of the automated fare collection system market across Canada and the United States.
Lecip Holdings Corporation, Atos SE, Thales Group, Cubic Transportation Systems Inc, NXP Semiconductors, Omron Corporation, Dormakaba Holding, Samsung SDS, Scheidt & Bachmann GmbH, and LG CNS are popular companies in the automated fare collection system market.
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Question & Answer: Automated Fare Collection System Market
Question 1: What major factor supplements the growth of the automated fare collection system market?
Answer: In several countries, consumers highly prefer smartcard technology due to the high storage capacity offered by these cards. Moreover, the use of smart cards has significantly reduced the number of frauds, enabling transit operators to enhance their financial control and track sales efficiently. Hence, the reduction in frauds and counterfeiting because of AFCs supplements the growth of the automated fare collection system market.
Question 2: What factors are hampering the progression of the automated fare collection system market?
Answer: The elevated capital investment to deploy these systems, coupled with incomplete projects caused by delay, are factors hampering the progression of the automated fare collection system market.
Question 3: Which region is dominating the automated fare collection system market?
Answer: Globally, North America is dominating the automated fare collection system market. The market's growth can be attributed to several technological advancements across the region.
Moreover, several players such as Cubic Transportation and BEA Transit Solutions are investing in developing automated fare collection systems. Besides, these systems have reduced the use of paper tickets, which adds to the studied market's growth. Furthermore, the growing adoption of smart cards, along with the launch of new products, is widening the scope of the automated fare collection system market across Canada and the United States.
Question 4: Which are the popular companies in the automated fare collection system market?
Answer: Lecip Holdings Corporation, Atos SE, Thales Group, Cubic Transportation Systems Inc, NXP Semiconductors, Omron Corporation, Dormakaba Holding, Samsung SDS, Scheidt & Bachmann GmbH, and LG CNS are popular companies in the automated fare collection system market.
Related Report:
Global Near Field Communication (NFC) Chips Market - https://www.tritonmarketresearch.com/reports/near-field-communication-chips-market#report-overview
The global near field communication (NFC) chips market is evaluated to grow at a CAGR of 23.94% during the period of 2019-2027 while gathering $17491 million in revenue by 2027.
Near field communication chips permit phones and laptops to share data with other devices equipped with NFC. This technology has evolved from radio-frequency identification technology (RFID).
Factors such as the rising number of NFC-based digital transactions, growing adoption of electronics equipped with NFC chips, and government initiatives supporting cashless transactions are supporting the growth of the near field communication chips market.
However, the higher cost of NFC chips, security concerns regarding data, and issues in product designing are hampering the overall development of the global market.
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