Global Automated Fare Collection System Market Forecast 2023-2032

Global Automated Fare Collection System Market Forecast 2023-2032

KEY FINDINGS

The global automated fare collection system market is estimated to progress with a CAGR of 11.63% during the estimated years 2023 to 2032. The market’s growth is credited to key drivers, such as the rising number of smartphones and internet services, advancements in transportation infrastructure, lower probability of fraud and counterfeiting, and the advantages of contactless payments.

MARKET INSIGHTS

An automated fare collection system (AFCS), often referred to as the electronic fare collection system, is characterized as an automated system that assists public transit operators in tracking as well as accounting for income. In addition, as a collection of hardware and software tools that enables easy-to-pay fares, AFCS also verifies passenger travel while offering a convenient method of payment instead of cash.

Smartphones are essential for online ticketing, as they make purchasing tickets more convenient and easier via standalone smartphone applications for buses as well as rail travel. It also allows customers to purchase various types of tickets and make cashless payments. Furthermore, mobile connectivity is central to the development of novel and innovative technological solutions for modern problems in the post-pandemic era. Also, as 5G network deployments continue, the ability of the technology to support next-generation offerings, such as cloud services, edge computing, AI, and IoT, is anticipated to propel digital growth and innovation in the global automated fare collection system market.

REGIONAL INSIGHTS

The global automated fare collection system market growth evaluation covers the assessment of the Asia-Pacific, North America, Europe, and Rest of World. The market in the Asia-Pacific is projected to capture the highest revenue share of around 41.20% by the end of the forecast period. The region’s market growth is primarily ascribed to the upcoming development initiatives in order to fortify the transportation framework as well as revitalize transportation systems across the Asia-Pacific.

COMPETITIVE INSIGHTS

The global automated fare collection system market is dominated by several well-established players like Samsung, LG, NXP, and Omron. As these players occupy a significant market share compared to other small players, this factor has heightened the overall demand for automated fare collection systems, which is expected to continue over the forecasting years.

Some of the leading companies operating in the global automated fare collection system market are Cubic Transportation, NXP Semiconductors, Thales Group, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments