Automated Fare Collection Market 2018 – 2026 | Position of Key Vendors Analysis Regional Outlook and Forecast
The increasing need to automate ticketing systems for public and private transportation majorly drives the Automated Fare Collection Market growth. Organizations are gradually adopting automated fare collection systems to increase efficiency, and easy management of high volume of commuters. The growing need to reduce frauds in public transportation further accelerates the adoption of the Automated Fare Collection systems. Other factors driving the market growth include growing need to reduce operational costs, increase profitability, and enhance traveller experience. New emerging markets, increasing acceptance of cashless payments, and growing need to reduce environmental pollution are factors expected to influence the market in the coming years.
According to a new report published by Polaris Market Research the Automated Fare Collection Market is anticipated to reach around USD 13,594 million by 2026.
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Well-known companies profiled in Automated Fare Collection Market report include: -
- Thales Group
- Longbow Technologies S/B
- Cubic Corporation
- Advanced Card Systems Holdings Limited
- Atos SE
- Indra Sistemas SA
- UL Transaction Security
- Siemens AG
- Samsung SDS Co. Ltd.
- GMV Innovating Solutions
- Masabi Ltd.
- Omron Corporation
These companies introduced new technologies and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of the consumers.
The increasing investments in R&D and rapid development of public infrastructure in developing countries of Asia-Pacific and Latin America support the growth of Automated Fare Collection Market. Governments across the world are collaborating with leading market players for installation of AFC systems in airports, and railways. Technological advancements in electronic payment, Near-Field Communication (NFC), and contactless payment technologies provide numerous growth opportunities in the global market. Market players are introducing affordable and highly efficient automated fare collection systems in the market to cater to the growing market demands.
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The various types of technologies used in Automated Fare Collection include Near-Field Communication (NFC), Optical Character Recognition (OCR), smart cards, and magnetic strips. The smart cards segment is expected to lead the Automated Fare Collection Market during the forecast period owing to increasing popularity of cashless transactions. NFC is expected to grow at the highest CAGR during the forecast period.
North America is expected to lead the Automated Fare Collection Market during the forecast period. Significant investment by governments to improve the public transport infrastructure coupled with stringent regulations regarding transportation drive the growth of automated fare collection in this region. Technological advancement and introduction of advanced systems by the market players has increased their acceptance in the region. Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, and increasing investments in public infrastructure. Expansion of global players into these countries to tap market potential boosts the market growth.
TOC of Automated Fare Collection Market:
Chapter 1. Overview and Scope
Chapter 2. Market Summary
Chapter 3 Automated Fare Collection Market Size and Forecast
Chapter 4. Dynamics and Segmentation
Chapter 5. Detailed Insight on Key Company
Chapter 6. Research Methodology and Reference
Chapter 7. Competitive Landscape
TOC Continued…...!!!
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on Thursday November 01 2018, 9:45 AM EST.
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