According to the research report titled ‘GLOBAL AUTOMATED FARE COLLECTION SYSTEM MARKET 2021-2028’, available with MarketStudyReport, global automated fare collection system market is slated to register 11.18% CAGR over the forecast period 2021-2028.

Rising use of smartphones, comparatively lower rate of frauds and counterfeiting, availability of flexible fare plans, and growing demand for efficient services are the primary factors boosting the growth of global automated fare collection system market.

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Additionally, growing investments for infrastructure upgradation, and inclination towards contactless payments are creating new opportunities for industry partakers during the forecast period.

Despite the positive outlook, heavy capital investment requirements, coupled with increasing number of incomplete projects due to delays are restricting the industry’s growth prospects for the upcoming years.

Based on component type, worldwide automated fare collection system industry is categorized into hardware (ticket vending machines, validators, turnstiles, and others), and software, whereas by application scope, the industry classification comprises train, bus, toll, and car.

Moving on to technology gamut, the marketplace is segmented into smart card, NFC (near field communication), OCR (optical character recognition), and other technologies.

From a regional frame of reference, the report includes an evaluation of the North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa regions.

Among these, Asia-Pacific market is on track to record noteworthy growth over 2021-2028, on the back of surging demand for automated fare collection systems across various applications. Furthermore, development activities undertaken to enhance the transportation infrastructure across the region is expected to add to industry progress in the coming years.  

Considering the competitive framework, leading players such as Thales S.A., NXP Semiconductors N.V., LECIP Holdings Corp., dormakaba Holding AG, ATOS S.E., Cubic Corp., Scheidt & Bachmann GmbH, Samsung SDS Co. Ltd., Omron Corp., and LG CNS primarily drive global automated fare collection system market trends.