The global automated fare collection market size reached a value of US$ 6.3 Billion in 2020 expects the market to grow at a CAGR of 11.4% during 2021-2026, according to the latest report by IMARC Group.
Report Metric
Historical: 2015-2020
Base Year: 2020
Forecast Year: 2021-2026
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Automated Fare Collection Market Industry Definition and Application:
An automatic fare collection (AFC)system refers to a contactless software-based ticketing system that is used for collecting fare payments while replacing conventional ticketing solutions with automated ticketing. It is commonly deployed at entry and exit points of public transport units that consist ofautomatic gate machines,recharging terminals, ticket checking machines and ticket vending machines. These machines are commonly compatible with a vast array of payment methods that provide enhanced convenience to the users. Their usage also facilitates improved transaction rate and excellent operational transparency while offering cost- and time-efficiency to the travelers.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Automated Fare Collection Market Trends and Drivers:
The global market is majorly driven by rapid digitization and the widespread adoption of automation across the globe. With the busy and hectic lifestyles led by the working professionals, there has been a rising need for convenient and user-friendly modes of fare collection across public transport terminals. This has impelled the deployment of AFC systems at the entry and exit points of transport terminals in an attempt to minimize the wastage of time waiting in queues and ensure contactless and hassle-free payment solutions. Moreover, the continual developments in the existing public transport infrastructure and the widespread usage of smartphone applications for accessing travel route information and online booking of tickets are creating a positive outlook for the market. Furthermore, the increasing integration of advanced technologies with AFC systems is also acting as a major growth-inducing factor. For instance, the growing preference for open road tolling (ORT) and near-field communication (NFC) systems are increasingly being deployed at toll booths to facilitate free-flowing toll collection and minimize traffic congestion. Some of the other factors contributing to the market growth include the rising demand for fare collection systems with low fraud rates and the rapid expansion of smart cities on the global level.
Automated Fare Collection Market Segmentation:
The report has segmented the market on the basis of component, system type, technology, application and region.
Breakup by Component:
- Hardware
- Software and Services
Breakup by System Type:
- Ticket Vending Machine (TVM)
- Ticket Office Machine (TOM)
- Fare Gates
- IC Cards
Breakup by Technology:
- Smart Card
- Magnetic Stripe
- Near Field Communication (NFC)
- Others
Breakup by Application:
- Railways and Transportation
- Parking
- Entertainment
- Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the Major Automated Fare Collection Market Key players?
The report provides a detailed analysis of the market leaders, including.
- Advanced Card Systems Limited (HNA Technology Investments Holdings)
- Atos SE
- Cubic Corporation
- Indra Sistemas SA
- Nippon Signal Co. Ltd.
- NXP Semiconductors N.V.
- Omron Corporation
- Scheidt & Bachmann GmbH
- Siemens AG
- Sony Corporation
- STMicroelectronics
- Thales Group
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