Global automated fare collection (AFC) market is projected to accumulate over US $13,594 million by the year 2026, according to the latest research available at Market Study Report LLC, that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.
The burgeoning need for the automation of ticketing systems for private and public transportation is a leading factor driving the growth of the global automated fare collection market. The automated fare collection systems are gradually being accepted by several organizations for increment in efficiency and convenient management of large number of commuters. Greater need to reduce fraudulent incidences in public transportation further revs up the adoption of the automated fare collection systems. Other significant factors fueling market growth include the increasing need for reducing operational costs, improving traveler experience, and enhancing profitability. In addition, new emerging markets, higher need to alleviate environmental pollution, and growing acceptance of cashless payments are other crucial aspects that are likely to support market growth in the ensuing years.
Governments across the globe are presently partnering with leading market contenders, with the purpose of installing the AFC systems in railways and airports. The market is endowed with multiple growth opportunities on account of technological enhancements in electronic payments, contactless payments, and NFC (Near-Field Communication). Market players are nowadays launching highly efficient and affordable automated fare collection systems in the market, in a bid to meet the increasing market demands. Furthermore, increasing investments in research & development, coupled with swift public infrastructure development in the emerging countries of Latin America and Asia Pacific, are supplementing the global market growth.
The technology landscape of the automated fare collection market has been bifurcated into OCR (Optical Character Recognition), Near-Field Communication, magnetic strips, smart cards, and others. Reportedly, the smart cards segment led the worldwide market in terms of revenue, during the year 2017. As claimed by market analysts, this segment is anticipated to dominate the global market throughout the forecast timeline, given the growing popularity of cashless transactions. Also, the NFC segment is likely to grow at the highest CAGR over the predicted timeline.
Speaking of the component spectrum, the global automated fare collection market is bifurcated into software, hardware, and services. The services segment is further fragmented into consulting, system integration, managed services, and training, support & maintenance. The end-user landscape of the global AFC market encompasses the private transport authority, public transport authority, and others.
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The geographical vista of the AFC market five major regions including North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Based on the findings of the report, the North America market is anticipated to lead the global market over the predicted timeframe. The regional segment also bagged the majority share in the global AFC market in the year 2017. Growth in the region is triggered by significant investments by governments for public transport infrastructure improvement, as well as stringent regulations concerning transportation.
Market researchers further speculate that the Asia Pacific market would expand at the highest CAGR over the projected timeline, owing to economic progress in countries like India and China, along with increasing investments in public infrastructure. Global market players are expanding in these countries to tap market potential, thereby promoting the automated fare collection market growth, cites the report.
Leading market contenders enumerated in the latest research report include Cubic Corporation, Thales Group, Advanced Card Systems Holdings Limited, Longbow Technologies S/B, Indra Sistemas SA, Atos SE, UL Transaction Security, Samsung SDS Co. Ltd., Masabi Ltd., Omron Corporation, GMV Innovating Solutions, and Siemens AG among others. These companies are focusing on partnering with other market leaders to innovate and introduce new products and cater to the ascending needs of consumers.
The latest report provides an insightful study of the global AFC market drivers, dynamics, challenges, and opportunities, along with the present market scenario and future prospects. A comprehensive analysis of the business sphere consisting of the prevailing industry trends, Porter's five forces, regional landscape, competitive ranking analysis, and competitive vistas, has also been included in the report.