close

Enter

Log in using OpenID

Automated Fare Collection System Market Share, Size, Global Insights and Future Outlook

embed
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 20
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.
Browse full report with TOC@ https://marketreportscenter.com/reports/319311/world-automatedfare-collection-system-market-opportunities-and-forecasts-2015-2022
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.
To Get Discount On The Report @ https://marketreportscenter.com/request-discount/319311
Market Reports Center
One Stop Market Reaserch Shop
Connect for more details:
Sam Collins
Market Reports Center
1-646-883-3044 (US)
[email protected]
Author
matthewjlarue
matthewjlarue342   documents Email
Document
Category
Health and Medicine
Views
3
File Size
405 KB
Tags
system
1/--pages
Report inappropriate content