Automated Fare Collection System Market Growth, Trends, Analysis and Forecast

Market Reports Center One Stop Market Reaserch Shop World Automated Fare Collection System Market - Opportunities and Forecasts, 2015-2022

Summary World Automated Fare Collection System Market is Expected to Reach $10.1 Billion by 2022-Allied Market Research According to a current report published by Allied Market Research, titled, "Automated Fare Collection System Market", the World Automated Fare Collection System market is estimated to reach $10.1 billion, 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, and the market is expected to grow with a promising CAGR of 12.9% during the forecast period, owing to the increasing application of smart cards in bus, train and toll fare collection. North America and Europe collectively accounted for over 63% of the market share in 2015.

Growing demand of contactless open payment solutions and smart phones, reduction in fraud rates, flexible fare plans, reduced traffic congestion, and enhanced transport infrastructure in developed and developing economies are the major factors that contribute to market growth. Furthermore, factors such as reduced waiting time in queues, and quick and faster transactions are likely to foster the market growth throughout the forecast period. On the other hand, high installation and maintenance cost of automated fare collection systems restricts the market growth.

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Market Reports Center One Stop Market Reaserch Shop The technology platform segment is classified into smart cards, NFC, OCR, and magnetic stripes and bar coding. Smart cards dominated the market in 2015, and 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. However, the 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.

In 2015, the automated train fare collection system was the highest revenue-generating segment, which accounted for around 37.6% share of the overall market revenue, owing to reduction in instances of fare evasion, and contactless open payment features that save time and minimizes waiting queues. However, automated toll collection system is projected to grow at a CAGR of 13.9% from 2016 to 2022 owing to simplified payment options, for example, travelers are allowed to pay for ticket through a prepaid account.

Click here to read more market research reports on Automotive Systems and Accessories Based on geography, 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 is mainly attributed to the development of monorails and metro services in various countries like India and China and minimization of traffic congestion.

Key findings: Asia-Pacific is likely to be one of the fastest growing markets in terms of value, growing at a CAGR of 14.5% from 2016 to 2022.

The smart card segment is expected to maintain its foothold in the market throughout the forecast period; however, the NFC payment segment is estimated to be the fastest growing segment.

The usage of ACFS in bus and trains, led the market, together accounting for more than half of the market revenue in 2015.

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. The key companies profiled include Advanced Card Systems Ltd, Atos SE, Cubic Transportation Systems, LECIP Group, LG CNS, NXP Semiconductors, Omron Corporation, Samsung SDS, Scheidt & Bachmann, and Thales Group.

Automated fare collection system is a contactless, end-to-end result for collecting fare payment, replacing traditional ticketing system with automated ticketing and fare collection systems. It comprises automatic gate machines, ticket vending machines, recharging terminals, and ticket checking machines.

This system enables efficiency in fare collection, improves the overall transaction rate, and saves extensive amount of time, thereby minimizing waiting time in queues and searching for cash to buy tickets. In addition, it is the easiest method for revenue collection. It offers travelers to carry one card

Market Reports Center One Stop Market Reaserch Shop for use on all transit modes. For instance, in December 2015, UAE with Xerox Transportation solutions introduced automated fare collection system for Abu Dhabi buses, which reduced traffic congestion and waiting in queues.

Request A Sample copy of This Report @ https://marketreportscenter.com/request-sample/319311 An automated fare collection system has various software enabled features including Oracle, Sybase support, support multitier architecture, and XML web services. Fare collection technology platforms such as Smart cards, NFC and OCR systems ensures full interoperability and independence of service providers. Factors such as increase in demand for smartphones, enhanced efficiency, reduced frauds, flexible fare plans, and enhanced security system strengthen the growth of this market. In addition, the government of India, China, and others are focusing on enriching the transport infrastructure and security system, which further drives the growth of the market. However, high installation and maintenance costs of automated fare collection system hinder the market growth. Opportunities such as increase in high speed of public transport, rise of technology payment, and global interoperability are likely to foster market growth.

The market is segmented on the basis of component, application, technology platform, and geography.

On the basis of component, the market is categorized into hardware and software. Application wise, it is segmented into bus, toll, car rental, and train. Besides these, on the basis of technology platform, the market is divided into smart cards, near field communications, optical character recognition, and others (magnetic strips and bar codes). Smart cards generated maximum revenue in 2015 and would continue to dominate the market throughout the forecast period. Geographically, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Key players operating in the global automated fare collection system market are Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, LG CNS, NXP Semiconductors, Omron Corporation, Samsung SDS, Scheidt & Bachmann, LECIP Group and Thales Group.

KEY BENEFITS The report includes an in-depth analysis of the world automated fare collection system market, including current trends, drivers, restraints, and growth opportunities.

Porters Five Forces model illustrates the potency of buyers and sellers, which is likely to help the market players to adopt effective strategies.

Value chain analysis provides a clear understanding of the key intermediaries involved and their respective roles at every stage.

Key market players have been profiled to gain an understanding of the strategies adopted by them.

The current market trends are quantitatively analyzed and estimated for the 20152022 period, which have been provided to highlight the financial competency of the market.

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