Transparency
Market Research recently published an extensive research report
that studies the global automated fare collection market. This
research report, titled “Automated
Fare Collection Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015 - 2021,” details the
market, highlighting the important elements in the market.
Furthermore, it also uses Porter’s five forces analysis and SWOT
analysis to provide an assessment of the factors influencing this
market. Porter’s five forces analysis identifies the threat of new
entrants, the threat of substitute products or services, the
bargaining power of customers, the bargaining power of suppliers, and
the intensity of competitive rivalry, while SWOT analysis evaluates
the strengths, the weaknesses, the opportunities, and the threats.
According to the
research report, the global automated fare collection market was
valued at US$5.1 bn in 2014 and is expected to reach US$10.8 bn by
2021, growing at a CAGR of 11.4% from 2015 to 2021. Researchers
attribute the growth of the global automated fare collection market
to the efficiency it has brought in by reducing the time wasted in
booking or buying tickets by waiting in queues. Furthermore,
automated fare collection systems have also given transportation
authorities a chance to improve the services offered to the users.
The global automated
fare collection market is segmented on the basis of technology,
component, industrial application, and geography. On the basis of
technology, this market is segmented into smart cards, magnetic
strips, OCR, and NFC. The components in this market are hardware and
software. Automated fare collection systems are applied in buses,
tolls, car rentals, trains, e-payment, and others. Geographically,
this market is segmented into Asia Pacific, North America, Europe,
and Rest of the World.
In terms of regions,
North America held the largest market share in the global automated
fare collection market in 2014, accounting for 35.1% of the overall
market. Developed economies, increasing usage of automated fare
collection systems, and high adoption of technology in all types of
transportation systems have been boosting the automated fare
collection systems market in this region.
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Of all the forms of
technology, the smart card segment held a share of over 44% in the
global automated fare collection market in 2014. Their reliability
and safety have made smart cards the most dependable system in the
overall market.
Some of the Key
Players in the global automated
fare collection market are Atos, Advanced Card Systems Ltd., Fare
Logistics, Samsung SDS GMV, Cubic Transportation Systems, LG, Omron
Corporation, and NXP Semiconductors. The research report profiles
these companies and shares details pertaining to their financial
overview, investment outlook, research and development activities,
and product portfolio. The research report also gives a fair analysis
of the competitive landscape of the global automated fare collection
market.
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