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.
This market research
study analyzes the Automated
Fare Collection Market on a global level and provides
estimates in terms of revenue (USD billion) from 2015 to 2021. It
gives a comprehensive overview of the AFC market from all the
important strategic perspectives. It recognizes the drivers and
restraints affecting the industry and analyzes their impact over the
forecast period. Moreover, it identifies the significant
opportunities for market growth in the coming years. By geography,
the automated fare collection market has been segmented into North
America, Europe, Asia Pacific and Rest of the world (RoW). The
current market size and forecast till 2021 is provided in the report.
The noteworthy
growth driver for the global automated fare collection market in the
coming years will be the development of monorail and metro services
in upcoming cities and upgradation of existing services in developed
ones. Furthermore, efforts by governments to make transportation
systems secure will propel the global automated fare collection
market. The use of plastic money, which is inclusive of debit,
credit, and other bank cards will also push this market onto the path
of success. The only drawback for the global automated fare
collection market is the high cost of development and installation of
the infrastructure needed for automated fare collection systems.
Automated fare
collection system is the combination of components which automates
the ticketing process in the transportation network. The automated
fare collection market has been segmented by technology into smart
cards, magnetic strips, NFCs (Near field communication) and OCR
(Optical character recognition). The market by component type has
been segmented into software and hardware. The automated fare
collection market by industrial application has been segmented into
bus, toll, car rental, train, e-payment and others. The use of AFC
helps in reduction of operational cost and improves the transaction
rate of the ticketing system in transportation systems. The AFC
system also ensures more efficient collection of fare. Use of latest
technology in the automated fare collection system like smartcard,
contactless technology and electronic payment is likely to drive the
market.
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Broadly, the
automated fare collection market by geography has been segmented into
North America, Europe, Asia Pacific and Rest of the World (RoW).
North America led the automated fare collection market whereas Europe
is the other major contributor in this market. Asia Pacific is the
most attractive region in the automated fare collection market due to
increase in focus towards building of infrastructure towards better
communication facilities such as mono rail, metro rail and high speed
train in countries like China, India and Japan.
The 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 among others.
About Us :
Transparency Market
Research is a global market intelligence company, providing global
business information reports and services. Our exclusive blend of
quantitative forecasting and trends analysis provides forward-looking
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Analysts, Researchers, and Consultants, use proprietary data sources
and various tools and techniques to gather, 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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