The global automated fare collection system market is projected to grow at a significant CAGR during the forecast period. Rising adoption of these systems provides the facility to combine the data collection for the profitability of the public transit. It allows users to travel cashless and obtain money directly from the bank’s debit card, which provides convenience and freedom to travel without the need to carry the cash. Shifting of the consumers towards the online and card payment is getting common, which drives the growth of the global automated fare collection system industry during the forecast period.
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The transportation sector has experienced frequent changes ranging from buying tickets to various other options. The technological advancements have led to the introduction of various novel technologies for smart travel. Thus, the increased demand for smart travel has encouraged the automated fare collection systems which in turn results in the service improvements and enables operators to ease passenger movement.
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Additionally, the supportive government initiatives that inspire the users to shift towards these systems also contribute to the global automated fare collection system market growth. For instance, the Oyster cards are being used in UK, introduced by Transport for London (TfL), which is an electronic ticket for use in public transport in London. The card holds the validity for the buses, the Docklands Light Railway (DLR), London Overground, London Underground, riverboat services, and the National Rail services within the London fare zones.
Another instance includes the Delhi metro that has been successfully using these systems since 2015, the authorities have installed 210 new automated fare collection system gates in from Huda City Center Station and Nehru Place stations to ensure the smooth flow of passengers. Thus, this provided the users to conveniently book tickets and aided the operators to resolve the issue of overload of booking tickets. These options along with the demand for digital payment methods followed by growing smartphones are anticipated to drive the growth of the global automated fare collection system market.
Further, Advanced Card Systems Ltd., NEC Corp., Nippon Signal Co. Ltd., NXP Semiconductors NV, Scheidt & Bachmann GmbH, Thales Group, and Xerox Corp. are some of the key players operating in the market.
Global Automated Fare Collection System Market – Segmentation
By Technology
- Magnetic Strip
- Smart Cards
- Optical Character Recognition (OCR)
- Near Field Communication (NFC)
By Application
- Railway & Transport
- Parking
- Entertainment
- Others
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Global Automated Fare Collection System Market – Segmentation by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Advanced Card Systems Ltd.
- Advantech Co. Ltd.
- Atos SE
- Cubic Corp.
- Eurotech Group
- GMV Group
- LECIP Holdings Corp.
- Mikroelektronika spol. s r.o.
- NEC Corp.
- Nippon Signal Co. Ltd.
- NXP Semiconductors NV
- Scheidt & Bachmann GmbH
- Smartrac Technology GmbH
- SWARCO AG
- Telexis B.V.,
- Thales Group
- Trapeze Group
- Xerox Corp.
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