The well-known companies profiled in the report include Thales Group, Longbow Technologies S/B, Cubic Corporation, Advanced Card Systems Holdings Limited, Atos SE, Indra Sistemas SA, UL Transaction Security, Siemens AG, Samsung SDS Co. Ltd., GMV Innovating Solutions, Masabi Ltd., and Omron Corporation among others. These companies introduced new technologies and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of the consumers.
The worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2027.
In 2021, the smart cards segment dominated the market, in terms of revenue. In 2021, North America accounted for the majority share in the global automated fare collection market.
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The increasing need to automate ticketing systems for public and private transportation majorly drives the market growth. Organizations are gradually adopting automated fare collection systems to increase efficiency, and easy management of high volume of commuters. The growing need to reduce frauds in public transportation further accelerates the adoption of the AFC systems. Other factors driving the market growth include growing need to reduce operational costs, increase profitability, and enhance traveler experience. New emerging markets, increasing acceptance of cashless payments, and growing need to reduce environmental pollution are factors expected to influence the market in the coming years.
The increasing investments in R&D and rapid development of public infrastructure in developing countries of Asia-Pacific and Latin America support the growth of automated fare collection systems. Governments across the world are collaborating with leading market players for installation of AFC systems in airports, and railways. Technological advancements in electronic payment, Near-Field Communication (NFC), and contactless payment technologies provide numerous growth opportunities in the global market. Market players are introducing affordable and highly efficient automated fare collection systems in the market to cater to the growing market demands.
North America is expected to lead the global AFC market during the forecast period. Significant investment by governments to improve the public transport infrastructure coupled with stringent regulations regarding transportation drive the growth of automated fare collection in this region. Technological advancement and introduction of advanced systems by the market players has increased their acceptance in the region. Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, and increasing investments in public infrastructure. Expansion of global players into these countries to tap market potential boosts the market growth.
The various types of technologies used in automated fare collection system include Near-Field Communication (NFC), Optical Character Recognition (OCR), smart cards, and magnetic strips. The smart cards segment is expected to lead the market during the forecast period owing to increasing popularity of cashless transactions. NFC is expected to grow at the highest CAGR during the forecast period.
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The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, theAutomated Fare Collection Marketalso experienced a slowdown. Statista estimates that theAutomated Fare Collection Markettotal worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, theAutomated Fare Collection Marketgenerated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Automated Fare Collection Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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