Automated Fare Collection System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Automated Fare Collection System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : May, 2020 | Technology & Media | PPT format

Report Digest

Global Automated Fare Collection System Market – Overview

The automated fare collection system is an end-to-end solution for collecting fare payments that consists of ticket vending machines, automatic gate machines, recharging terminals, and ticket checking machines. This system improves the efficiency in fare collection, facilitates the overall transaction rate, and minimizes waiting time in queues as well as searching for cash to buy tickets. It also has an easy method for revenue collection that offers travelers one card to use for all transit modes. As a result, this contactless system is replacing traditional ticketing system with automated ticketing.

Global Automated Fare Collection System Market – Competitive Landscape

The global automated fare collection system market features a fragmented landscape owing to the strong presence of several key players in the market. These leading companies in the global market are constantly focusing on manufacturing technologically advanced products that will enhance efficiency. Naturally, the competition on the basis of pricing in the market quite high and is working in favor of the development of the global market. The existing market players are deploying various strategies and advanced techniques to thrive in the global market.

Some of the leading companies in the global automated fare collection system market include names such as Thales Group, Scheidt & Bacchhan Gmbh, Samsung SDS, OMRON Corporation, NXP Semiconductors, LG CNS, LECIP Group, Cubic Transportation Systems, Inc., Atos SE, and dormakaba Holding among others.

Global Automated Fare Collection System Market – Drivers and Restraints

The requirement for user-friendly and convenient payment is increasing owing to the progress in cashless modes of payment. The automated fare collection system caters to this requirement by offering contactless bank cards that are accepted by the transit operators as a mode of payment for commuting. It enables their debit or credit cards to act as a ticket office and even saves time by eliminating the need for passengers to wait in long queues for purchasing tickets. Additionally, smart phones have become an essential tool for online ticketing, which is contributing significantly to the development of the global automated fare collection system market. The ease of purchasing tickets through smartphone applications for travelling in buses and railways is further propelling the advancement of this market. The high level of security encryption and storage capacity is reducing the number of frauds and preventing counterfeiting which is benefitting the global market.

Global Automated Fare Collection System Market – Geographical Outlook

The global automated fare collection system market has five main regions that provide the reader with the intricate details of the working dynamics of the regional landscape. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, currently, the global automated fare collection system market is growing remarkably owing to the substantial contribution of the regional segment of Asia Pacific. The focus of the government on improving the transportation structure and security system of their respective countries in the region is increasing the demand for the global automated fare collection system market.

Market Segmentation is as follows:

By Applications

  • Bus
  • Toll
  • Train
  • Car Rental

By Component (2016–2026; US$ Mn)

  • Hardware
  • Software & Services

By Technology Platform

  • Smart Card
  • Near Field Communications
  • Optical Character Recognition (OCR)
  • Others (Magnetic Strips and Bar Codes)

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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