Press release
Automated Fare Collection Market to Hit USD 45.85 Billion by 2030
Automated Fare Collection Market
The global Automated Fare Collection (AFC) Market is experiencing significant growth, with projections indicating a rise from USD 18.1 billion in 2023 to USD 45.85 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.
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Competitive Landscape
The AFC market is characterized by the presence of key industry players such as Thales Group, Cubic Corporation, NXP Semiconductors, Atos SE, Siemens AG, and Samsung SDS. These companies are actively engaging in strategic initiatives, including product launches, partnerships, and mergers and acquisitions, to enhance their market positions and cater to the evolving demands of public transportation systems.
Regional Demand and Developments
United States: Growth Opportunities in Automated Fare Collection
In North America, particularly the United States, the AFC market is witnessing substantial growth. This surge is attributed to significant government investments aimed at improving public transportation infrastructure and the swift adoption of advanced technologies. The presence of major industry players and ongoing technological advancements in payment solutions and data analytics further bolster the market in this region.
Asia Pacific: Automated Fare Collection Trends and Consolidation
The Asia Pacific region is experiencing remarkable growth in the AFC market, driven by rapid urbanization and the expansion of public transportation networks in countries like China, India, and Japan. Governments are heavily investing in smart city initiatives and infrastructure development, leading to increased adoption of advanced AFC systems. Technological advancements and collaborations between local and international firms are enhancing system capabilities, contributing to market expansion.
Europe: Automated Fare Collection System Growth and Opportunities
Europe is witnessing significant advancements in AFC systems, with a focus on low maintenance costs, reliable machinery, quick transactions, and security. The COVID-19 pandemic has accelerated the shift towards contactless payments, with a substantial portion of the population intending to increase their use of such payment methods. For instance, in London, contactless transactions accounted for two-thirds of all non-cash transactions in 2019-20, with Oyster smart cards accounting for the remaining one-third.
Middle East and Africa: Automated Fare Collection System Trends and Updation
The Middle East and Africa are experiencing moderate growth in the AFC market, driven by rapid urbanization, changing ticketing technologies, and the integration of multiple-mode transit providers. Initiatives to create smart cities and the growing adoption of technology in the Middle Eastern region are continually creating new opportunities for transport operators. The pandemic has accelerated the digitization of transportation services and raised consumer demand for contactless payments, easy travel, and smart city technologies to be incorporated into commuters' daily routines.
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Recent Mergers, Acquisitions, and Developments
IBM Corporation launched an advanced AI-powered payment platform in September 2022, enhancing the efficiency and security of fare transactions for public transportation systems.
The Singapore Land Transport Authority (LTA) awarded a contract to the Thales Group in October 2021 to modernize and standardize 1,350 AFC gates on Singapore's MRT over a seven-year period. The updated AFC gates, which use contactless technologies, aim to increase the effectiveness and accessibility of the public transportation system.
Automated Fare Collection Market Segmentation:
by Technology
Smart Cards
Near Field Communication (NFC)
Magnetic Stripe
by Component
Hardware
Software
by System
Ticket Vending Machine (TVM)
Ticket Office Machine (TOM)
Fare Gates
IC Cards
by Application
Railways & Transportation
Parking
Entertainment
The market has been split into three segments based on technology: Near Field Communication (NFC), Smart Cards, and Magnetic Stripe. The Smart Cards subsegment is anticipated to produce the most income out of all of these. Revenue from the Smart Cards subsegment peaked in 2023. As the Automated Fare Collection (AFC) Market's revenue leader in 2023, the Smart Cards subsegment is essential to the global transformation of public transport systems. Secure chips included in contactless payment mechanisms, such as smart cards, enable smooth fare transactions.
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Automated Fare Collection Market Major Players:
North America
1. Cubic Corporation(United States)
2. Visa Inc. (United States)
3. CPI Card Group Inc. (United States)
4. TransCore (United States)
Europe
5. Thales Group (France)
6. NXP Semiconductors (Netherlands)
7. Samsung SDS (South Korea)
8. LG CNS Co., Ltd. (South Korea)
9. Scheidt & Bachmann GmbH (Germany)
10. Siemens AG (Germany)
11. STMicroelectronics (Switzerland)
12. Atos SE (France)
13. Indra Sistemas S.A. (Spain)
14. GMV Innovating Solutions (Spain)
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