#Automated Fare Collection (AFC) System Market Forecast
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Automated Fare Collection Market 2024-2030: Detailed Overview of Market Drivers, Challenges, and Future Forecasts
Automated Fare Collection Market size was valued at USD 18.1 Billion in 2023 and is expected to grow to USD 45.85 billion by 2030, representing a compound annual growth rate (CAGR) of 14.2% during the forecast period. Automated Fare Collection (AFC) refers to a comprehensive system used in public transportation networks to automate the fare payment process for passengers.
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According to a new report published by Polaris Market Research the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.
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Automated Fare Collection (AFC) Market Segmentation, Key Players, Competitive Strategies and Forecast, 2025
The global Automated Fare Collection (AFC) Market is expected to display higher growth rate over the next seven years. Rapid surge in the automated fare collection industry is credited to the growing need for hassle free and efficient transportation systems. An automated fare collection (AFC) system comprises of several components, which are used to perform automated ticket collection. The automated fare ticketing system is majorly utilized for public transportation network that is also termed as an automated version of manual fare collection. The automated fare collection (AFC) systems are based on integrated ticketing phenomenon.
Globally, automated fare collection market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the AFC market. Automated fare collections systems are increasingly used for local public transport, railways, taxi services and rental cars. Other applications of automated fare collection include vehicle charging station and airports. Strong economic growth and increasing infrastructure investment, particularly in the Asia Pacific region is expected to fuel market growth over the forecast period. In addition, implementation of several infrastructure development project in the public sector and civil developments in the developing economies across the globe is expected to offer lucrative growth opportunities for industry participants in the upcoming years.
Rise in research & development activities coupled with vertical integration among system providers and transit agencies are anticipated to pave a way for market growth in the near future. Substantial increase in number of transit agencies such as airports, railways and parking are fostering market growth of automated fare collection over the coming years.
Furthermore, declined cost and cheaper operation rates is estimated to stimulate the growth of automated fare collection (AFC) industry over the forecast period. Familiarity with new technology such as smart card, contactless technology and electronic payment is predicted to positively affect market performance across the globe.
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Automated fare collection (AFC) market is broadly categorized into four major segments based on the system technology type such as ticket vending machine, ticket office machine, fare gates and IC cards. The ticket vending machine segment is growing rapidly in the automated fare collection industry with substantial revenue generation in the last few years.
Growing popularity of the ticket vending machine segment is attributed to the higher market penetration and improved cost efficiency. The fare gates segment has also witnessed substantial growth owing to the check fare evaders in railways, transit avenues and metro stations. The automated fare collection market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in transportation sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is estimated to hold major market share in automated fare collection with massive growth in forecast period. Countries such as Japan, South Korea, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising disposable income, growing infrastructure spending by local governments, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automated fare collection (AFC) industry are Cubic Systems Corp., Omron Corp., Thales Group, Inc., Advance Cards Systems Ltd., Atos SE, Fare Logistics Corp., LG Corp., NXP Semiconductor N.V., and Samsung SDS.
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Automated Fare Collection Market Expected To Achieve Lucrative Growth By 2025
The global automated fare collection market size is expected to reach USD 19.89 billion by 2025 registering a CAGR of 13.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Growing adoption of digital technologies to improve transaction processing speed and to reduce issues associated with cash handling and ticket management is anticipated to remain one of the leading factors driving the market.
Focus of governments on the performance optimization of existing public transit systems, such as subways, buses, trams, and metros, is also expected to boost the usage of technology-driven AFC systems for digital transaction processing and payment management. Increasing penetration of the technology has provided transit system operators an effective way to reduce counter congestions, operational costs, waiting time, and cash leakage issues often faced in traditional fare collection systems. This has also facilitated hassle-free and convenient travel experiences for commuters.
Rising awareness about these benefits is compelling transit operators to replace conventional physical ticketing machines and toll booths with contactless AFC systems. The data generated by such systems is further used in implementing a data-driven network optimization approach for public transit systems. Public transit network operators were able to capitalize on the unutilized capacity of the trains by using a data-driven model. Emerging countries in Asia Pacific, such as India and China, are also in the process of implementing similar systems to enable operators to dynamically plan and optimize ticket prices.
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Further key findings from the study suggest:
Software segment is said to register the maximum CAGR over the forecast years due to rising focus of transit system operators on deploying integrated AFC systems covering multiple transportation modes
Near Field Communication (NFC) technology segment is anticipated to gain traction owing to its superior transaction speed, contactless payment capability, and higher adoption by transit operators
Railways & transportation application will witness the highest CAGR from 2019 to 2025 due to the development of railway and highway infrastructure networks in emerging countries, such as India
Asia Pacific to expand at the highest CAGR of 17.1% from 2019 to 2025 due to rapid urbanization and rising need for deploying faster payment processing systems due to increasing number of commercial vehicles and daily commuters
Key companies in the global AFC market include Cubic Corp., Advanced Card Systems Ltd., Atos SE, Indra Sistemas SA, GMV, LG CNS, LECIP Holdings Corp., Omron Corp., Masabi Ltd., NXP Semiconductors N.V., Nippon Signal Co., Ltd., Samsung SDS Co., Ltd., Siemens AG, Telexis B.V., Singapore Technologies Engineering Limited, Scheidt & Bachmann GmbH, Thales Group, Trapeze Group, Vix Technology, UL Identity Management & Security, and Thales Group
Grand View Research has segmented the global Automated Fare Collection market on the basis of component, technology, system, application, and region:
Automated Fare Collection Component Outlook (Revenue, USD Million, 2014 - 2025)
Hardware
Software
Automated Fare Collection Technology Outlook (Revenue, USD Million, 2014 - 2025)
Smart Card
Magnetic Stripe
Near Field Communication (NFC)
Optical Character Recognition (OCR)
Automated Fare Collection System Outlook (Revenue, USD Million, 2014 - 2025)
Ticket Vending Machine (TVM)
Ticket Office Machine (TOM)
Fare Gates
IC Cards
Automated Fare Collection Application Outlook (Revenue, USD Million, 2014 - 2025)
Railways & Transportation
Parking
Entertainment
Others
Automated Fare Collection Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
U.S.
Canada
France
Germany
Poland
Russia
U.K.
Australia
China
India
Japan
Brazil
Mexico
Saudi Arabia
UAE
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Key Development Strategies Adopted by the Leading Player for the Growth of the Automated Fare Collection (AFC) Market
The global Automated Fare Collection (AFC) Market is expected to display higher growth rate over the next seven years. Rapid surge in the automated fare collection industry is credited to the growing need for hassle free and efficient transportation systems. An automated fare collection (AFC) system comprises of several components, which are used to perform automated ticket collection. The automated fare ticketing system is majorly utilized for public transportation network that is also termed as an automated version of manual fare collection. The automated fare collection (AFC) systems are based on integrated ticketing phenomenon.
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Globally, automated fare collection market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the AFC market. Automated fare collections systems are increasingly used for local public transport, railways, taxi services and rental cars. Other applications of automated fare collection include vehicle charging station and airports. Strong economic growth and increasing infrastructure investment, particularly in the Asia Pacific region is expected to fuel market growth over the forecast period. In addition, implementation of several infrastructure development project in the public sector and civil developments in the developing economies across the globe is expected to offer lucrative growth opportunities for industry participants in the upcoming years.
Rise in research & development activities coupled with vertical integration among system providers and transit agencies are anticipated to pave a way for market growth in the near future. Substantial increase in number of transit agencies such as airports, railways and parking are fostering market growth of automated fare collection over the coming years.
Furthermore, declined cost and cheaper operation rates is estimated to stimulate the growth of automated fare collection (AFC) industry over the forecast period. Familiarity with new technology such as smart card, contactless technology and electronic payment is predicted to positively affect market performance across the globe.
Automated fare collection (AFC) market is broadly categorized into four major segments based on the system technology type such as ticket vending machine, ticket office machine, fare gates and IC cards. The ticket vending machine segment is growing rapidly in the automated fare collection industry with substantial revenue generation in the last few years.
Growing popularity of the ticket vending machine segment is attributed to the higher market penetration and improved cost efficiency. The fare gates segment has also witnessed substantial growth owing to the check fare evaders in railways, transit avenues and metro stations. The automated fare collection market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in transportation sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is estimated to hold major market share in automated fare collection with massive growth in forecast period. Countries such as Japan, South Korea, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising disposable income, growing infrastructure spending by local governments, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automated fare collection (AFC) industry are Cubic Systems Corp., Omron Corp., Thales Group, Inc., Advance Cards Systems Ltd., Atos SE, Fare Logistics Corp., LG Corp., NXP Semiconductor N.V., and Samsung SDS.
Complete Report Available @ https://www.millioninsights.com/industry-reports/automated-fare-collection-afc-market
Market Segment:
AFC Market Technology Outlook (Revenue, USD Million, 2014 - 2025)
• Smart Card
• Magnetic Strip
• NFC
• OCR
AFC Market Component Outlook (Revenue, USD Million, 2014 - 2025)
• Hardware
• Software
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According to a new report published by Polaris Market Research the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.
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.
Get Sample copy of this report: https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market/request-for-sample
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 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.
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world
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Automated Fare Collection Market Analysis And Growth By Top Companies, Forecast 2026
New York, NY 11 May 2021: According to a new report published by Polaris Market Research the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.
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.
Request For Sample Copy @ https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market/request-for-sample
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 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.
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email: [email protected]
Web: http://www.polarismarketresearch.com
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Automated Fare Collection Market SWOT Analysis and Key Growth Methodologies By 2026
According to a new report published by Polaris Market Research the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.
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.
Get Sample Copy : https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market/request-for-sample
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.
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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.
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.
#Automated Fare Collection Market#Automated Fare Collection Market size#Automated Fare Collection Market share
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Railway Automated Fare Collection (AFC) System Market Huge Growth Opportunity by Trend 2020-2025
The report incorporates knowledge integration and analysis capacities. This report also attempts to project the expected rise of Railway Automated Fare Collection (AFC) System market in its geographic and product sections.
Latest Report on ”Railway Automated Fare Collection (AFC) System Market” published by Empirical Data Insights assesses driving forces of Railway Automated Fare Collection (AFC) System market and changing dynamics which have been examined as a growth-boosting factor. The report offers an overview of the market size, drivers, and barriers with respect to the Railway Automated Fare Collection (AFC) System market.
Request a sample Report of Railway Automated Fare Collection (AFC) System Market at: http://www.empiricaldatainsights.com/sample-request/3481
Major Market Players Covered In This Report:
CRRC, Cubic Corporation, The Nippon Signal, Omron Corporation, Scheidt & Bachmann, Thales Group, INIT, Huaming, Xerox, GFI Genfare, LECIP, Shanghai Potevio Company Limited, Gunnebo, GMV, Huahong Jitong, GRG Banking
Report offers:
Business Strategy for new players
Historical, present, and prospective performance of Railway Automated Fare Collection (AFC) System market
Competitive Analysis
Growing segments and their future scope
Industrial Dynamics
Graphical Representation
According to the report, product expense of the Railway Automated Fare Collection (AFC) System market is segmented into:
Farebox, Ticket Vending Machines (TVM), Validator
Apart from that the application market is segmented into:
Off-Board, On-Board
Other Key Aspects of worldwide Railway Automated Fare Collection (AFC) System Market Report;
Identification of things that would alter the present and forecast growth of the market.
The incorporation of audience during analytical assessment, to work out the impact of key drivers, restraints, and opportunities intricately.
To understand the lucrative trends for gaining a stronger foothold within the industry, the general Railway Automated Fare Collection (AFC) System market potential is examined.
To utilize and capture each opportunity Porter's five forces analysis is employed , for instance the potency of the buyers and suppliers within the market.
Customization of the Report: This report can be customized as per your needs for additional data or countries. Please connect with our sales team ([email protected])
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Automated Fare Collection Market Will Witness Pronounced Growth During The Period 2021-2028
According to a new report published by Polaris Market Research the worldwide Automated Fare Collection (AFC) market is anticipated to reach around USD 13,594 million by 2026. In 2017, the smart cards segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automated fare collection market.
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.
Download sample: https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market/request-for-sample
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.
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.
Get Discount offer: https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market/request-for-discount-pricing
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Automated Fare Collection Industry Overview | Market Status and Specification | Forecast To 2025
The global Automated Fare Collection (AFC) Market is expected to display higher growth rate over the next seven years. Rapid surge in the automated fare collection industry is credited to the growing need for hassle free and efficient transportation systems. An automated fare collection (AFC) system comprises of several components, which are used to perform automated ticket collection. The automated fare ticketing system is majorly utilized for public transportation network that is also termed as an automated version of manual fare collection. The automated fare collection (AFC) systems are based on integrated ticketing phenomenon.
Globally, automated fare collection market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the AFC market. Automated fare collections systems are increasingly used for local public transport, railways, taxi services and rental cars. Other applications of automated fare collection include vehicle charging station and airports. Strong economic growth and increasing infrastructure investment, particularly in the Asia Pacific region is expected to fuel market growth over the forecast period. In addition, implementation of several infrastructure development project in the public sector and civil developments in the developing economies across the globe is expected to offer lucrative growth opportunities for industry participants in the upcoming years.
Request Sample Copy of this Market Research @ https://www.millioninsights.com/industry-reports/automated-fare-collection-afc-market/request-sample
Rise in research & development activities coupled with vertical integration among system providers and transit agencies are anticipated to pave a way for market growth in the near future. Substantial increase in number of transit agencies such as airports, railways and parking are fostering market growth of automated fare collection over the coming years.
Furthermore, declined cost and cheaper operation rates is estimated to stimulate the growth of automated fare collection (AFC) industry over the forecast period. Familiarity with new technology such as smart card, contactless technology and electronic payment is predicted to positively affect market performance across the globe.
Automated fare collection (AFC) market is broadly categorized into four major segments based on the system technology type such as ticket vending machine, ticket office machine, fare gates and IC cards. The ticket vending machine segment is growing rapidly in the automated fare collection industry with substantial revenue generation in the last few years.
Growing popularity of the ticket vending machine segment is attributed to the higher market penetration and improved cost efficiency. The fare gates segment has also witnessed substantial growth owing to the check fare evaders in railways, transit avenues and metro stations. The automated fare collection market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in transportation sector, surge in number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is estimated to hold major market share in automated fare collection with massive growth in forecast period. Countries such as Japan, South Korea, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising disposable income, growing infrastructure spending by local governments, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automated fare collection (AFC) industry are Cubic Systems Corp., Omron Corp., Thales Group, Inc., Advance Cards Systems Ltd., Atos SE, Fare Logistics Corp., LG Corp., NXP Semiconductor N.V., and Samsung SDS.
Browse Full Research Report @ https://www.millioninsights.com/industry-reports/automated-fare-collection-afc-market
Market Segment:
AFC Market Technology Outlook (Revenue, USD Million, 2014 - 2025)
• Smart Card
• Magnetic Strip
• NFC
• OCR
AFC Market Component Outlook (Revenue, USD Million, 2014 - 2025)
• Hardware
• Software
AFC Market System Outlook (Revenue, USD Million, 2014 - 2025)
• Ticket Vending Machine
• Ticket Office Machine
• Fare Gates
• IC cards
AFC Market System Component Outlook (Revenue, USD Million, 2014 - 2025)
• Ticket Vending Machine by Component
• Ticket Office Machine by Component
• Fare Gates by Component
• IC Cards by Components
AFC Market Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Europe
• Asia-Pacific
• MEA
• Latin America
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Metro Railways along with Parking and Bus Transport Applications to Drive India Automated Fare Collection Systems Market - 6Wresearch
Increasing number of daily commuters especially in Tier-I and II cities have raised the demand for rapid transport systems across the country. In India's Automated Fare Collection Systems (AFCS) market, Tier-I cities including New Delhi, Bangalore, Kolkata, Hyderabad, Mumbai, and Chennai posted higher growth of rapid transport systems including metro rail, mono rail, and Bus Rapid Transit System (BRTS). Additionally, AFCS demand is forecast to emerge from Tier-II cities primarily from Lucknow, Indore, Bhopal, Guwahati, Varanasi, Pune, and Jaipur due to upcoming/ongoing metro railway projects.
According to 6Wresearch, India Automated Fare Collection Systems market is projected to grow at a CAGR of over 18% during 2018-24. In terms of applications market, metro railway segment led the demand for these systems owing to increasing number of metro railway projects in Tier-I and II cities in 2016. Further, as a result of increasing need to automate the fare collection process in parking and bus transport applications, the market would post positive growth over the coming years.
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According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "In terms of system technologies, smart cards segment held highest revenue share in 2017, where the trend is likely to continue over the coming years as well attributed to higher adoption of smart cards among daily commuters in metro railway, parking, and bus transport applications."
"Additionally, apart from smart card payment solution, QR Code/Barcode segment is projected to register considerable growth on account of rising adoption of particular payment solution among occasional travelers, especially in metro railway transportation application," He further added.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Presently, metro railway application acquired major revenue share of the India AFCS market. This trend is likely to continue during the forecast period owing to rising number of metro railway solutions across various cities of the country."
"Moreover, with increasing adoption of AFC solution in bus transportation coupled with government push to integrate faster payment solutions, bus transport application is forecast to register highest growth rate over the coming years," He further quoted.
Some of the key players in India automated fare collection systems market include- Samsung SDS, AGS Transact, Indra Sistemas, Thales India, AUM Infotech, Efkon India, Cubic Transportation, MCML Projects, Ingenico International and NEC Technologies.
"India Automated Fare Collection Systems Market (2018-2024)" report provides in-depth analysis with 32 figures and 14 tables covered in 104 pages. The report thoroughly covers the AFC systems market by applications, technology, type, hardware systems, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
For more details visit : https://www.6wresearch.com/market-reports/india-automated-fare-collection-systems-market-2018-2024-forecast-by-applications-afc-metro-parking-regions-competitive-landscape.html
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Automated Fare Collection (AFC) System Market: Global Industry Trends, Market Size, Competitive Analysis and Forecast - 2020 – 2027
The global automated fare collection system market size is expected to grow at a significant CAGR of more than 11% during the forecast period 2020 to 2027. The increasing use of digital payments such as credit cards, debit cards, and near field communication (NFC) payment are some factors to drive the market. These systems are rapidly adopted by various industries such as rail and transportations due to their benefits such as time-saving, better process management, and fraud prevention. The government is rapidly accepting these systems to develop smart transportation infrastructure. However, higher installation and maintenance cost is projected to hinder the market growth over the forecast period. This latest industry research study analyzes the Automated Fare Collection (AFC) System market by various product segments, applications, regions and countries while assessing regional performances of numerous leading market participants.
The report titled "Automated Fare Collection (AFC) System Market - Global Trends, Market Share, Industry Size, Growth, Opportunities, and Forecast - 2020 – 2027" offers a holistic view of the Automated Fare Collection (AFC) System industry encompassing numerous stakeholders including raw material suppliers, providers, distributors, consumers and government agencies, among others. Furthermore, the report includes detailed quantitative and qualitative analysis of the global Automated Fare Collection (AFC) System market considering market history, product development, regional dynamics, competitive landscape, and key success factors (KSFs) in the industry.
Browse Full report on Global Automated Fare Collection (AFC) System Market report at https://www.researchcorridor.com/automated-fare-collection-afc-system-market/
The report includes a deep-dive analysis of key countries including the U.S., Canada, the U.K., Germany, France, China, Japan, India, Australia, Mexico, Brazil and South Africa, among others. Thereby, the report identifies unique growth opportunities across the world based on trends occurring in various developed and developing economies.
Automated Fare Collection (AFC) System Market report summarizes the positive growth rate in upcoming years, and market size with competitive analysis. Our experts have analyzed the historical data to compare with the current market scenario to calculate the market growth in the coming years. The study provides an exhaustive report that includes an executive summary, scope, and forecast of the market.
The Automated Fare Collection (AFC) System Market Segmentation:
By Component:
Hardware
Software
By Technology:
Smart Cards
Magnetic Stripe
Near Field Communication (NFC)
Optical Character Recognition (OCR)
By Systems:
Ticket Vending Machine (TVM)
Ticket Office Machine (TOM)
Fare Gates
IC Cards
By Application:
Railways & Transportation
Parking
Entertainment
Others
By Region:
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
To know more about the study, make an inquiry before purchase @ https://www.researchcorridor.com/inquiry/?id=25912
List of Key companies:
Advanced Card Systems Ltd.
Cubic Corporation
Atos SE
GMV
Indra Sistemas SA
LECIP Holdings Corporation
LG CNS
Masabi Ltd.
Omron Corporation
Key Questions Answered by Automated Fare Collection (AFC) System Market Report
Product popularity and adoption based on various country-level dynamics
Regional presence and product development for leading market participants
Market forecasts and trend analysis based on ongoing investments and economic growth in key countries
Competitive landscape based on revenue, product offerings, years of presence, number of employees and market concentration, among others
number of employees and market concentration, among others
To know more about this study, request a free sample report @ https://www.researchcorridor.com/request-sample/?id=25912
About Us:
Research Corridor is a global market research firm. Our insightful analysis is focused on developed and emerging markets. We identify trends and forecast markets with a view to aid businesses identify market opportunities optimize strategies. Our expert’s team of analysts’ provides enterprises with strategic insights. Research Corridor works to help enterprises grow through strategic insights and actionable solutions. Feel free to contact us for any report customization at [email protected] .
Media Contact:
Company Name: Research Corridor
Contact Person: Mr. Vijendra Singh
Email: [email protected]
Contact no: +91 989-368-5690
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#Automated Fare Collection (AFC) System Market Size#Automated Fare Collection (AFC) System Market Share#Automated Fare Collection (AFC) System Market Forecast
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