Automated Fare Collection System Market
Automated Fare Collection System Market by Component (Hardware, Software), Application (Bus, Toll, Train, Car Rental) and Technology Platform (Smart Card, NFC, Optical Character Recognition, Magnetic Strips, Bar Codes) Global Opportunity Analysis and Industry Forecast, 2015-2022
Automated Fare Collection System Market
Current and future Market Scenario • Global automated fare collection system market is estimated to reach $10.1 billion, states Allied Market Research. • Automated fare collection system market will grow at a prominent CAGR of 13.2% from 2016 to 2022.
• The smart card segment accounted for around 41.4% of revenue share in 2015. • The smart card market is expected to grow with a promising CAGR of 12.9% from 2016 to 2022. • Increase in application of smart cards in bus, train and toll fare collection will be seen
Automated Fare Collection System Market
Factors Contributing to Market Growth • Growing demand of contactless open payment solutions will foster the market growth. • Other factors that contribute to market growth are: • Increasing Demand of Smartphones • Enhanced Efficiency • Reduce Fraud Rates • Enhanced Transport Infrastructure and Security System • Flexible Fare Plans
Automated Fare Collection System Market
Market Segments
Component Hardware
Software
Application
Technology Platform
Bus
Smart Card
Toll
Near Field Communications
Train
Optical Character Recognition
Car Rental
Magnetic Strips and Bar Codes
Automated Fare Collection System Market
Dominating Segments • Technology platform segment is classified into smart cards, NFC, OCR, and magnetic stripes and bar coding. • Smart cards dominated the market in 2015.
• The segment is expected to witness impressive growth favored by continuous technological advancements, ease of carrying cards, secured transactions, and reduced waiting time in queues. • NFC segment is projected to grow at a CAGR of 14.8% over the forecast period, owing to growing
adoption of NFC-enabled smart phone payment in various developed countries such as London, U.S., Germany, and San Francisco.
Automated Fare Collection System Market
Region Overview • Geographically, the automated fare collection system market is segmented across North America, Europe, Asia-Pacific, and LAMEA. • North America dominated the automated fare collection market, accounting for over 33%
share in 2015, in terms of revenue. • Asia-Pacific has generated a notable revenue in 2015 and is anticipated to be the fastest growing region during the forecast period of 2016-2022. • This fastest growth mainly attributed to the development of monorails and metro services in various countries like India and China and minimization of traffic congestion.
Automated Fare Collection System Market
Leading Players • The leading players in the automated fare collection market have adopted key strategies such as collaborations, product launch, and agreement and acquisition to expand their market
presence. • Advanced Card Systems Ltd, Atos SE, Cubic Transportation Systems, LECIP Group, LG CNS, NXP Semiconductors, Omron Corporation, Samsung SDS, Scheidt & Bachmann, and Thales Group
are key players in this industry.
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A report titled “World Automated Fare Collection System Market - Opportunities and Forecasts, 2015 – 2022” has been recently published by Allied Market Research. The report makes close observations of pipeline structure for end-toend AFC system market around the world. It makes an in-depth analysis of current trends, drivers, and restraining factors that affect financial ratios relevant to the industry. Company profiles for key vendors in business builds a comprehensive picture of profitable opportunities from stakeholder’s perspective.
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To know more about the World Automated Fare Collection System Market - Opportunities and Forecasts, 2015 – 2022 report: https://www.alliedmarketresearch.com/automated-fare-collection-system-market
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