Automated Fare Collection Market Share, Size, Growth, Opportunity and Forecast 2020-2025

*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Automated Fare Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025

Market Overview:

The global automated fare collection market grew at a CAGR of around 12% during 2014-2019. Automated fare collection (AFC) refers to a software-based ticketing system usually deployed at entry and exit points of public transport units. It is used for metro trains, buses, rapid transit systems and boats. It consists of an automatic gate, ticket vending and ticket checking machines and recharging terminals. AFC systems are also compatible with various payment methods, such as open and closed-loop systems, mobile applications, top-ups and physical ticketing. In comparison to the traditional fare collection systems, AFCs offer various benefits, such as contactless payment, higher operational transparency and minimal risks of human error and chances of cloning, theft or missed payment.

Rapid digitization across industries, along with the widespread adoption of sustainable and smart public transport infrastructure, is one of the key factors creating a positive outlook for the market. AFC systems are being used across the globe to improve public convenience by minimizing waiting time in queues. Furthermore, the increasing utilization of smartphone applications to access travel route information and online booking of tickets, is also driving the market growth. These applications are equipped with contactless open payment solutions through debit and credit cards, which ensures a hassle-free fare payment experience. Additionally, various technological advancements, such as the development of open road tolling (ORT) and near-field communication (NFC) systems, are acting as other growth-inducing factors. These systems are installed on toll booths for enabling free-flowing toll collection and minimizing traffic congestion. Other factors, including the implementation of favorable government policies to improve transport infrastructure, along with the increasing development of smart cities across the globe, are anticipated to drive the market further. Looking forward, IMARC Group expects the global automated fare collection market to continue its strong growth during the next five years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automated fare collection market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, component, system type, technology and application.

Breakup by Component:

Hardware
Software and Services

Breakup by System Type:

Ticket Vending Machine (TVM)
Ticket Office Machine (TOM)
Fare Gates
IC Cards

Breakup by Technology:

Smart Card
Magnetic Stripe
Near Field Communication (NFC)
Others

Breakup by Application:

Railways and Transportation
Parking
Entertainment
Others

Breakup by Region:

North America
- United States
- Canada
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Advanced Card Systems Limited (HNA Technology Investments Holdings), Atos SE, Cubic Corporation, Indra Sistemas SA, Nippon Signal Co. Ltd., NXP Semiconductors N.V., Omron Corporation, Scheidt & Bachmann GmbH, Siemens AG, Sony Corporation, STMicroelectronics and Thales Group.

Key Questions Answered in This Report:

How has the global automated fare collection market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global automated fare collection market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the system type?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global automated fare collection market and who are the key players?
What is the degree of competition in the industry?