IMARC Group, a leading market research company, has recently releases report titled Automated Fare Collection Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including the global automated fare collection market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the automated fare collection market?
The global automated fare collection market size reached US$ 10.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.6 Billion by 2028, exhibiting a growth rate (CAGR) of 13.14% during 2023-2028.
What is an automated fare collection?
The automatic fare collection (AFC) refers to a ticketing system used in public transport and enables the payment for a fare through vending machines and online services. It consists of depot/station computers, central clearing house, fare media, back-office systems, and devices to read/write media. AFC systems conduct reliable, integrated and accurate fare collection to maintain a smooth passenger flow at peak hours. They offer various benefits, including reduced fraud chances, decreased cash payments, low investment costs, and a seamless customer experience.
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What are the growth prospects and trends in the automated fare collection industry?
The growing need for an integrated system for ticketing in public transport networks is primarily fueling the global AFC market growth. The increasing establishment of smart city projects across the globe is further escalating demand for efficient AFC systems. Besides this, the rising requirement for an interoperable fare management system in multi-operator public transports is driving the market growth. Moreover, the increasing utilization of contactless bank cards, particularly in developing nations, is creating a positive outlook for the AFC market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Software and Services
Breakup by System Type:
- Ticket Vending Machine (TVM)
- Ticket Office Machine (TOM)
- Fare Gates
- IC Cards
Breakup by Technology:
- Smart Card
- Magnetic Stripe
- Near Field Communication (NFC)
Breakup by Application:
- Railways and Transportation
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Advanced Card Systems Limited (HNA Technology Investments Holdings)
- Atos SE
- Cubic Corporation
- Indra Sistemas SA
- Nippon Signal Co. Ltd.
- NXP Semiconductors N.V.
- Omron Corporation
- Scheidt Bachmann GmbH
- Siemens AG, Sony Corporation
- Thales Group
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