North America Automated Fare Collection System Market Forecast 2023-2032
KEY FINDINGS
The North America automated fare collection system market is estimated to grow with a CAGR of 9.91% during the forecasted period of 2023-2032. Some of the key drivers propelling the market growth of the region include significant investments in automated fare collection system solutions, the increasing need for contactless smartcards and NFC technology, and the surge in road accidents and traffic congestion.
MARKET INSIGHTS
The North America automated fare collection system market growth evaluation covers the study of Canada and the United States. Canada is one of the initial adopters of automated fare collection systems globally. Aligning with this, in 2007, Brantford Transit in Brantford, Ontario, was the first Canadian city to install the complete BEA Automated Fare Collection System (AFCS), comprising smartcard readers and fareboxes.
Conversely, for the preventive measures against the spread of the novel coronavirus, OC Transpo entered into an agreement with Scheidt & Bachmann (S&B) in August 2020 in order to accelerate additional contactless fare payment technology on its O-Train stations as well as bus fleet with fare gates. The project was set to be initiated by the end of 2021 and, subsequently, will accept payments through MasterCard, Apple Pay, Visa, and Google Pay. Therefore, the abovementioned factors are projected to augment the North America automated fare collection system market growth over the forecast years.
COMPETITIVE INSIGHTS
Eminent players operating in the market are Thales Group, Lecip Holdings Corporation, Cubic Transportation Systems Inc, 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
- 1. Research Scope & Methodology
- 1.1. Study Objectives
- 1.2. Methodology
- 1.3. Assumptions & Limitations
- 2. Executive Summary
- 2.1. Market Size & Estimates
- 2.2. Market Overview
- 2.3. Scope Of Study
- 2.4. Crisis Scenario Analysis
- 2.5. Major Market Findings
- 2.5.1. Contactless Open Payment
- 2.5.2. Efficient Transaction Process
- 2.5.3. Customized Travel Fare Options
- 2.5.4. Low Manpower Cost
- 3. Market Dynamics
- 3.1. Key Drivers
- 3.1.1. Surging Number Of Smartphones And Internet Services
- 3.1.2. Lesser Probability Of Fraud And Counterfeiting
- 3.1.3. Advancements In Transportation Infrastructure
- 3.1.4. Advantages Of Contactless Payment System
- 3.2. Key Restraints
- 3.2.1. Project Funding Challenges And High Initial Investments
- 4. Key Analytics
- 4.1. Key Technology Trends
- 4.2. Porter’s Five Forces Analysis
- 4.2.1. Buyers Power
- 4.2.2. Suppliers Power
- 4.2.3. Substitution
- 4.2.4. New Entrants
- 4.2.5. Industry Rivalry
- 4.3. Growth Prospect Mapping
- 4.4. Market Maturity Analysis
- 4.5. Market Concentration Analysis
- 4.6. Value Chain Analysis
- 4.6.1. Research And Development (R&D)
- 4.6.2. Raw Material & Software Solution Suppliers
- 4.6.3. Assembly Unit
- 4.6.4. Distribution
- 5. Market By Component
- 5.1. Hardware
- 5.2. Software
- 5.3. Services
- 6. Market By Technology
- 6.1. Smartcards
- 6.2. Optical Character Recognition (Ocr)
- 6.3. Near-field Communication (Nfc)
- 6.4. Other Technologies
- 7. Market By Application
- 7.1. Transport & Logistics
- 7.2. Parking
- 7.3. Media & Entertainment
- 7.4. Other Applications
- 8. Geographical Analysis
- 8.1. North America
- 8.1.1. Market Size & Estimates
- 8.1.2. North America Automated Fare Collection System Market Growth Drivers
- 8.1.3. North America Automated Fare Collection System Market Challenges
- 8.1.4. North America - Key Government Initiatives
- 8.1.5. North America - Key Players
- 8.1.6. Country Analysis
- 8.1.6.1. United States
- 8.1.6.1.1. United States Automated Fare Collection System Market Size & Opportunities
- 8.1.6.2. Canada
- 8.1.6.2.1. Canada Automated Fare Collection System Market Size & Opportunities
- 9. Competitive Landscape
- 9.1. Key Strategic Developments
- 9.1.1. Acquisitions
- 9.1.2. Product Launches & Developments
- 9.1.3. Partnerships & Agreements
- 9.2. Company Profiles
- 1.1.1. Atos Se
- 1.1.1.1. Company Overview
- 1.1.1.2. Financial Analysis
- 1.1.1.3. Products / Services List
- 1.1.1.4. Strengths & Challenges
- 1.1.2. Cubic Transportation Systems Inc
- 1.1.2.1. Company Overview
- 1.1.2.2. Financial Analysis
- 1.1.2.3. Products / Services List
- 1.1.2.4. Strengths & Challenges
- 1.1.3. Dormakaba Group
- 1.1.3.1. Company Overview
- 1.1.3.2. Financial Analysis
- 1.1.3.3. Products / Services List
- 1.1.3.4. Strengths & Challenges
- 1.1.4. Lecip Holdings Corporation
- 1.1.4.1. Company Overview
- 1.1.4.2. Financial Analysis
- 1.1.4.3. Products / Services List
- 1.1.4.4. Strengths & Challenges
- 1.1.5. Lg Cns
- 1.1.5.1. Company Overview
- 1.1.5.2. Financial Analysis
- 1.1.5.3. Products / Services List
- 1.1.5.4. Strengths & Challenges
- 1.1.6. Nxp Semiconductors Nv
- 9.2.1.1. Company Overview
- 9.2.1.2. Financial Analysis
- 9.2.1.3. Products / Services List
- 9.2.1.4. Strengths & Challenges
- 1.1.7. Omron Corporation
- 1.1.7.1. Company Overview
- 1.1.7.2. Financial Analysis
- 1.1.7.3. Products / Services List
- 1.1.7.4. Strengths & Challenges
- 1.1.8. Samsung Sds
- 1.1.8.1. Company Overview
- 1.1.8.2. Financial Analysis
- 1.1.8.3. Products / Services List
- 1.1.8.4. Strengths & Challenges
- 1.1.9. Scheidt & Bachmann Gmbh
- 1.1.9.1. Company Overview
- 1.1.9.2. Financial Analysis
- 1.1.9.3. Products / Services List
- 1.1.9.4. Strengths & Challenges
- 1.1.10. Thales Group
- 1.1.10.1. Company Overview
- 1.1.10.2. Financial Analysis
- 1.1.10.3. Products / Services List
- 1.1.10.4. Strengths & Challenges
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