The new report by Expert Market Research titled, ‘Global Automated Fare Collection Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global automated fare collection market, assessing the market based on its segments like application, service type, technology, industry and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2020): USD 7.2 billion.
- Forecast CAGR (2022-2027): 13.3%
Automated fare collection provides travelers access to various modes of transportation such as bus, and taxis by using tickets to pass through an automated electronic system. It offers reliable and effective payment techniques for government transport. It’s used for rail and transport, parking, and amusement park, among others.
Industry Definition and Major Segments
Automated fare collection may be a smart technique for the payment of conveyance systems. The worldwide automated fare collection market is often segmented into the industry, service type, application, technology, and region.
On the basis of application, the industry is divided into:
- Rail and Transport
- Theme Park
On the basis of service type, the industry is divided into:
- System Implementation
- Training, Support & Maintenance
- Managed Services
On the basis of technology, the industry is divided into:
- Near-Field Communication (NFC)
- Magnetic Stripes
On the basis of industry, the industry is divided into:
- Transportation and Logistics
- Media & Entertainment
The regional markets for automated fare collection include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The automated fare collection market is expected to grow with the increasing government initiatives on investments in automated fare collection. The opposite factors like enjoying cashless travel facilities and reduction in environmental pollution are providing further impetus to the market. The slow growth of the industry in weaker economies owing to high installation costs might affect its penetration over the forecast period.
Key Market Players
The major players in the market are Advanced Card Systems Limited, Cubic Corporation, LG CNS, NXP Semiconductors N.V., OMRON Corporation, SAMSUNG SDS America, Inc., Scheidt & Bachmann GmbH, Thales Group, and LECIP Holdings Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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