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The global automated fare collection market reached a value of US$ 6.3 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.4% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global automated fare collection market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on component, system type, technology and application.
Breakup by Component:
Breakup by System Type:
Breakup by Technology:
Breakup by Application:
Breakup by Region:
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.
|Base Year of the Analysis||2020|
|Segment Coverage||Component, System Type, Technology, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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