Automated Fare Collection Market to 2021: Trends, Business Strategies and Opportunities
The use of automated fare collection in smart transport is expected to improve the overall flow of traffic and help government and other agencies cut down on operation costs.
Additionally, the implementation of automated fare collection systems directly in the existing transport systems can also help substantially in reducing road congestion, which is a key cause of high fuel consumption and carbon emissions.
The implementation of automated fare collection systems involves the installation of multiple hardware and software in a transportation system. It brings out a key challenge faced by all players: the complex nature of an automated fare collection system and its integration. The various components in an automated fare collection system may make it exceedingly difficult to integrate them with a current organization, especially when it comes to switching between automatic and manual fare collection.
The global automated fare collection market is expected to accrue a revenue of US$10.87 bn by the end of 2021. The revenue is speculated to be progressing at a CAGR of 11.4% within a forecast period from 2015 to 2021.
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Smart card technology has contributed significantly to the revenue growth. This segment is expected to reach US$4.69 bn by 2021.
North America will be the leading region for most automated fare collection releases and development. This region is expected to generate US$3.87 bn in the automated fare collection market by 2021. Europe automated fare collection follows closely with an expected revenue of US$3.44 bn in 2021.
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Close to only 11% of the global automated fare collection market was taken up by regional players in 2014, indicating a highly consolidated market. The top three players – NXP Semiconductors, Atos, and Omron Corporation – collectively held a share of 56% in revenue in 2014. As stated by Transparency Market Research in a new report, all top automated fare collection services and technologies providers are constantly on the cutting edge of automated fare collection technologies through continuous innovation and system development. These innovations allow the vendors to tackle the rapid increase in demand while providing safe and secure transaction methods.
Other key strategies adopted by the automated fare collection vendors include a significant scale of acquisitions and mergers to maintain and grow market value. At the same time, the players also invest heavily in improvement techniques of their own products. This includes investing in advanced bug tracking, real-time data solutions, and integrated operations.
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