According to a new
market report published by Transparency Market Research “Automated
Fare Collection Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 - 2021,” the automated
fare collection market was valued at US$5.12 bn in 2014, and is
expected to reach US$10.87 bn by 2021, at a CAGR of 11.4% from 2015
to 2021.
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Research Report of Automated Fare Collection Market :
Automated fare
collection (AFS) system is an automated ticketing systems designed
for transportation networks. Automated fare collection system enables
efficiency in the fare collection and helps in improving the
transaction speed. The automated fare collection also helps in
broadening the customer base for the transportation systems and
establishment. The AFC system helps in saving considerable amount of
time as it eliminates the wait in queues for buying tickets.
Moreover, installation of AFC systems provides opportunity to the
transportation authorities to enhance services to the end users.
Development of mono
rail and metro services in developing cities and other metro cities
is a major driver in the growth of the automated fare collection
system. Government focus at improvement of transportation security
and infrastructure is likely to drive the market. Use of app-based
payment systems like credit, debit and bank card is likely to drive
the market further. The cost of installation and development of
infrastructure for the automated fare collection system is very high
and is a major restraint for the growth of the automated fare
collection market.
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Report :
The global automated
fare collection market is broadly segmented into: North America,
Europe, Asia Pacific and Rest of the World. North America accounted
for the largest market share in the global automated fare collection
market. In 2014, North America accounted for 35.1% of the total
market share. Presence of developed nations like the U.S and Canada
which has a high adoption of AFC system and uses the technology in
all kind of transportation system in the region is driving the growth
of AFC system in the region.
The automated fare
collection market by technology has been segmented into: smart cards,
NFC, magnetic strips, and OCR. Smart card technology in the automated
fare collection market accounted for the largest revenue in 2014. The
smart card segment in the automated fare collection market segmented
by technology accounted for 44% market share. Smart cards are the
most widely used technology in the automated fare collection market
as they are secure and reliable.
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Release of Automated Fare Collection Market :
The automated fare
collection market by component has been segmented into hardware and
software components. In 2014, the software segment accounted for 55%
of the total market share in the automated fare collection market
segmented by component. Growth in use of smart phones for making
payments is expected to drive the market over the forecast period.
The automated fare
collection market by industrial application is segmented into bus,
toll, car rental, train, e-payment and others. The car rental segment
in the automated fare collection market segmented by industrial
application accounted for the largest market share and contributed
26% of the total market share in 2014. Use of AFC for payment,
booking and ticketing in the car rental market is expected to drive
the market over the forecast period.
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Key players
operating in the Automated Fare Collection market are Advanced Card
Systems Ltd., Atos, Cubic Transportation Systems, Fare Logistics,
GMV, LG, NXP Semiconductors, Omron Corporation, and Samsung SDS. This
report provides strategic analysis of the automated fare collection
market and the growth forecast for the period 2015 to 2021. The
report covers competitive analysis of various market segments based
on the technology types, components and industry applications and
in-depth cross sectional analysis of the Automated Fare Collection
market across different geographic segments.
The Automated Fare
Collection market has been segmented as follows:
Automated Fare
Collection Market: By Technology Type
Smart cards
Magnetic strips
NFC
OCR
Automated Fare
Collection Market: By Components
Software
Hardware
Automated Fare
Collection Market: By Industrial Application
Bus
Toll
Car rental
Train
e-payment
others
Automated Fare
Collection Market: By Geography
North America
U.S.
Canada
Mexico)
Europe
United Kingdom
Germany
France
Italy
Rest of Europe)
Asia Pacific
China
India
Japan
Taiwan
South Korea
Rest of Asia
Pacific)
Rest of the World
South America
Middle East
Africa)
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of quantitative forecasting and trends analysis provides
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and analyze information.
Our data repository
is continuously updated and revised by a team of research experts, so
that it always reflects the latest trends and information. With a
broad research and analysis capability, Transparency Market Research
employs rigorous primary and secondary research techniques in
developing distinctive data sets and research material for business
reports.
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