SAN FRANCISCO, Jan. 29, 2020 /PRNewswire/ -- The global automated fare collection system market is expected to witness a stupendous CAGR in the years to come. This could be attributed to feasible initiatives by the governments worldwide regarding developing smart & sustainable transport infrastructure along with introduction of smartcards and electronic payment system. Economies like The Netherlands and UK have come up with AFC systems for providing smart card technology to the local authorities. For instance – Xerox Transportation Solutions and UAE administration, in Dec 2015, did make way for a smart fare collection system for buses. They offered single card to be used on transit modes all over Abu Dhabi; thereby lessening the traffic congestion and passengers' waiting time.
The ever-increasing usage on the part of smartphones to access travel information apps are is acting as a catalyst to the automated fare collection system market. The companies inclusive of Google, Samsung, and Apple also play a vital role in paying transportation fees via AFC systems. Smartphones prove to be a one-stop solution with respect to integration of mobile application ticketing, online ticketing, and on-board ticketing. This, in turn, lets transport operators and authorities deliver much better services to clients; thereby minimizing fare evasion and fund leakage.
The market of automated fare collection system is segmented based on component, technology, and geography. By component, the market spans hardware and software. By technology, it says AFC, NFC, magnetic strip, OCR (Optical Character Recognition), and smart cards. By geography, the market of automated fare collection system comprises North America, Europe, Asia Pacific, LATAM, and MEA.
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Asia Pacific leads the automated fare collection system market. This could be credited to support extended by the governments of economies herein to enhance public transportation. For example – Kuala Lumpur government, in the year 2015, did bring up BRT (Bus Rapid Transit) service in Sunway for minimizing traffic congestion therein. Around the same time, Delhi (India) metro authorities did install 210 novel AFC gates in Nehru Place and Huda City Center Stations for ensuring the passengers' smooth flow.
The players contributing to the automated fare collection system market include LG Corporation, Sony Corporation, Fare Logistics, Atos, Vix Technology, Scheidt & Bachmann, GMV, Advance Card Systems, Omron Corporation, Samsung, and Thales Group.
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- Geographically, global Automated Fare Collection System market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- Advanced Card Systems Ltd.
- Atos SE
- Cubic Transportation Systems
- LG CNS
- NXP Semiconductors
- Omron Corp.
- Samsung SDS
- Scheidt & Bachmann
- Thales Group
- LECIP Group
- On the basis of product, we research the production, revenue, price, market share and growth rate, primarily split into
- For the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Automated Fare Collection System for each application, including
- Car Rental
- Production, consumption, revenue, market share and growth rate are the key targets for Automated Fare Collection System from 2013 to 2024 (forecast) in these regions
- Southeast Asia
- South America
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