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 : January, 2023 | Technology & Media

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 reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?