New York, NY, June 21, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Automated fare collection Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By Technology; By System; By Application; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global automated fare collection market size/share will be valued at roughly USD 10.88 Billion in 2022, and its revenue is projected to reach about USD 39.15 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 13.7% between 2023 and 2032.”
What is Automated Fare Collection? How Big Is Automated Fare Collection Market Size & Share?
- Overview
One of the essential elements of station equipment is the Automatic Fare Collection System, or AFC, which comprises a ticket vending machine, an automatic gate machine, and a ticket-checking device. Stable and integrated platforms are essential to maintain smooth passenger flow during peak hours in this application. All data will also be gathered and transferred to the center simultaneously.
Automated fare collection includes smart cards, one-time tickets, mobile ticketing applications, contactless EMV cards, smart wearables, and others. A special electronic validator (often located on board the vehicle) or a fare gate (for metro stations, train stations, etc.) can be used for validation. Overall, the automated fare collection market has great potential and is predicted to grow over the forecast period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Advanced Card Systems
- Atos
- Cubic Transportation Systems
- GMV
- Indra Sistemas
- LECIP Holdings
- LG Corporation
- Siemens
- Thales Group
- Omron Corporation
- Masabi
- Nippon Signal
- Scheidt & Bachmann
- Samsung SDS
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Prominent Growth Driving Factors
- Increased use of smartphones: The automated fare collection market demand has grown enormously due to the rising use of smartphones for online ticketing. Cashless payments and faster boarding are made possible by standalone smartphone programs for bus and train travel, simplifying ticket purchasing. To increase travel convenience, customers can purchase any form of ticket and use preloaded cards. Ticketing with mobile applications expedites boarding and minimizes cash processing.
- Advancements in UPI technologies: India's automatic fare collection system has benefited greatly from the UPI payment method. Future development of the automated fare collection system is anticipated to be further fueled by UPI and E-Wallet technology advancements.
- The convenience of cashless travel: The automatic fare collection market size has expanded due to the ease of cashless travel and the preference for card payments. The AFC system eliminates the need to carry cash by enabling direct debit from a driver's or owner's bank account. Also, AFC's smart card payment system streamlines payment processing, speeds up transactions, and adds data to databases quickly.
Top Findings of The Report
- AFC systems have been able to lower the costs of manual ticketing systems while reducing fraud and assuring transparency due to the inclusion of advanced technologies like contactless technology, electronic payment, and smart cards. As a result, AFC systems have developed an engaging replacement for traditional ticketing methods, driving the automated fare collection market size.
- The market segmentation is mainly based on the technology, component, application, system, and region.
- North America dominated the market in 2022.
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Top Trends Influencing the Market
- Rapid growth in transportation: The development of Automated Fare Collection (AFC) systems, which simplify ticketing, is a result of the transportation industry's rapid growth, fueled by a growing population and an increase in commuters. These increasingly popular technologies have replaced paper tickets with digital ones like contactless smart cards, improving data collection and efficiency.
- Reduced wait times and increased efficiency: The AFC system reduces wait times and boosts efficiency by providing quick service, self-service, and quicker transaction confirmation alternatives. These advantages have enhanced the travel experience, increased the efficiency of fare box collection, and boosted the automated fare collection market growth.
Segmental Analysis
- The Hardware Sector Registers for the Largest Market Share
Due to the expansion of transport and infrastructure in developing regions and the adoption of smart and automated fare collection systems as part of government initiatives, the hardware sector is noted for the largest market share and is likely to maintain its position over the projected period.
Furthermore, the software sector is also predicted to experience a high CAGR. Automatic fare collection systems enable the transfer and handling of details since shared information is continuously processed through a back-end panel. These systems' operators can get operational insights and consumer details due to the growing use of advanced technologies like IoT, AI, and machine learning in their development.
- The Ticket Vending Machine (TVM) Sector Holds a Significant Market Share
Modern TVMs have made it unnecessary to use cash because they can accept card or e-wallet payments, which also offers a seamless ticket purchasing experience. TVMs are very practical because they provide 24/7 access and shorter wait periods. They also cut operational costs by eliminating the need for ticketing workers and providing various payment alternatives. These benefits are driving the expansion of the automated fare collection market share.
Moreover, the integrated circuit (IC) card sector is anticipated to rise at a high CAGR due to its better characteristics than traditional cards. Also, the IC card industry is expanding due to the rising demand for cashless payment options.
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Automated Fare Collection Market: Report Scope & Segmentation
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 39.15 Billion |
| Market size value in 2023 | USD 12.35 Billion |
| Expected CAGR Growth | 13.7% from 2023 –2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, GMV, Indra Sistemas SA, LECIP Holdings Corporation, LG Corporation, Siemens AG, Thales Group, Omron Corporation, Masabi Ltd., Nippon Signal, Scheidt & Bachmann GmbH, Samsung SDS Co. Ltd |
| Segments Covered | By Component, By Technology, By System, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
North America: The global market was dominated by North America. This can be due to its advanced public transport infrastructure and widespread internet use. Leading companies in the region's business are also important aspects promoting the automated fare collection industry's expansion.
Asia Pacific: Due to rising government investments in infrastructure development and more digitization, the automated fare collection market in Asia Pacific is expanding. The region is growing due to the huge number of travelers and the use of new technology.
Browse the Detail Report “Automated fare collection Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By Technology; By System; By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/automated-fare-collection-market
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Recent Developments
- The partnership between Cubic Transportation Systems and New England Traffic Solutions was formed in September 2022 to increase the company's presence in the Northeast and offer a single point of contact for all clients through consolidated customer support.
- An agreement to jointly develop the next-generation mission systems was reached in March 2022 by Thales Group and PAL Aerospace, which represents a significant advancement in improving mission-critical capabilities.
The Report Answers Questions Such As
- What is the expected market size during the forecast period?
- What are the major drivers of the market?
- Which segment accounts for the largest automated fare collection market share?
- What are the key opportunities in the AFC market?
- Who are the automated fare collection market, key players?
- What are the competitive developments in the market?
- Which region holds the largest market share?
Polaris Market Research has segmented the automated fare collection market report based on component, technology, system, application and region:
By Component Outlook
- Hardware
- Software
By Technology Outlook
- Smart Card
- Magnetic Strip
- Near-field communication (NFC)
- Optical character recognition (OCR)
By System Outlook
- Ticket vending machine (TVM)
- Ticket office machine (TOM)
- Fare gates
- IC Cards
By Application Outlook
- Railways & Transportation
- Parking
- Entertainment
- Others (Government, Retail)
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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