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Global Automated Fare Collection Market 2021: By Component (Hardware, Software), By Technology (Smart Card, Magnetic Stripe, Near Field Communication (NFC), Optical Character Recognition (OCR), By System (Ticket Vending Machine (TVM), Ticket Office Machine (TOM), Fare Gates, IC Cards), By Application (Railways & Transportation, Parking, Entertainment, Others)Global Automated Fare Collection Market is the title of an upcoming research report offering by Trusted Business Insights. Key factors and vital data have been analyzed and studied comprehensively before being presented in this report. The revenue shares of each segment, country are included along with revenue-driving factors, restraints, as well as opportunities in untapped regions, are included. Detailed information about key players is provided in the company profiles section, along with recent developments, strategies, and acquisitions & mergers. The Global Automated Fare Collection market size was valued at USD $6.92 Billion in 2020, USD $7.78 Billion in 2021, forecasted to reach USD $8.75 Billion in 2022, and is projected to reach USD $29.32 Billion by 2030, and is anticipated to expand at a CAGR of 12.4% over the forecast period from 2020 to 2030.
Global Automated Fare Collection Market: OverviewAutomated Fare Collection (AFC) systems are the collection of components that automate the ticketing system of a public transportation network. It is nothing but an automated version of manual fare collection. This system comprises of card recharge terminals, automatic ticket vending machines, ticket checking, and gate machines.
Global Automated Fare Collection Market: DynamicsDrivers: Growing demand for convenient and efficient transportation infrastructure is expected to be one of several major factors that are contributing to target market growth. Inclination towards digital payments and other online banking facilities are boosting the demand for automated fare collection systems. AFC systems allow for an easy payment method, provides safety against theft & fraud, and systematically helps increase revenue generation. AFC systems assist service providers in ensuring that they continue generating increasing revenues through an effective fare collection procedure as well as in managing time by eliminating the need to handle physical currency. It also provides advanced security mechanisms that are aimed at ensuring transactional safety and efficient fund management. Governments across the globe are ensuring the deployment of integrated ticketing solutions to facilitate commuters to switch between various transportation modes and to encourage them to regularly opt for public transport services. Such factors are expected to drive the target market growth over the next ten years.
Global Automated Fare Collection Market: Segment AnalysisSegmentation by component: The hardware segment is expected to continue dominating the global market over the forecast period. It is accredited for the rising government usage of AFC systems in order to provide better transportation facilities & services. These systems comprise, Station Computer System (SCS), Station Equipment and Central Computer System (CCS), Technology segmentation: The smart card technology segment is projected to account for a majority revenue share over the next 10 years owing to factors such as easy operating methods and fast processing services. It has replaced the magnetic strip card due to its efficient serviceability, its ability to integrate various modes of transportation and to help service providers calculate variable time and distance dynamics. By System: The Ticket Vending Machine (TVM) segment is expected to lead the market in terms of revenue share. TVMs are being increasingly installed in subways, railway and metro stations, and local bus transit networks. This is a major factor that is projected to contribute to segment growth. In terms of Application: The railways & transportation segment is expected to continue its dominance in terms of market revenue share. This can be primarily attributed to the rapid expansion and improvement of the railway infrastructure, as well as the rise in construction of highway routes & expressways.
Global Automated Fare Collection Market: Regional AnalysisThe market in North America is projected to continue leading the global automated fare collection market in terms of revenue shares owing to rapid technological advancements in the region. An increasing number of individuals in the region are tech-savvy. Improvements in internet connectivity, as well as a growing number of smartphone users, will subsequently nurture positive market growth. Key companies are investing in research & development activities to improve the service of AFC systems. This is expected to lead to expeditious revenue growth for the regional market. The Asia Pacific market is expected to index a high Compounded Annual Growth Rate (CAGR) over the forecast period. This is fuelled by initiatives taken by respective governments of developing economies to develop railway infrastructure, expand highway routes and extend metro routes to remote areas to facilitate intra & inter-city commuting.
Below are the leading companies profiled in this Automated Fare Collection Market Report:
Chapter 1 Methodology and Scope