Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Automated Fare Collection Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global automated fare collection market reached a value of USD 9.3 billion in 2022. Aided by the escalating emphasis on digitalisation and efficient transit solutions, the market is projected to further grow at a CAGR of 12.50% between 2023 and 2028 to reach a value of USD 18.8 billion by 2028.
Automated Fare Collection systems, representing the future of ticketing operations, encompass a range of ticketing methods including contactless smart cards, mobile ticketing solutions, QR codes, and NFC technologies. These systems are being widely adopted in public transportation networks - buses, trams, railways, and metros - to enhance the efficiency and speed of ticketing processes, thereby facilitating a seamless travel experience for passengers.
A prominent driving force behind the automated fare collection market growth is the persistent global inclination towards smart cities and integrated transportation infrastructures. As cities burgeon and urbanisation intensifies, there is an increasing demand for swift, efficient, and hassle-free transportation systems. AFC, with its capabilities to reduce queues, eliminate the need for cash transactions, and curtail fraud, aligns perfectly with these requisites.
The wave of digitalisation and increasing smartphone penetration have further elevated the demand for mobile-based AFC solutions. Passengers, in today's digital age, are on the lookout for solutions that allow ticket booking, payment, and verification, all at their fingertips, amplifying the prominence of mobile-based ticketing and payment solutions in the AFC ecosystem.
Innovations in the NFC and QR-based payment systems have unlocked opportunities for automated fare collection market expansion. Such methods not only offer ease of payment but also enable transportation agencies to gather vital data on passenger movement and preferences, which can be leveraged to enhance service offerings and optimise operational efficiencies.
Additionally, the industry's proactive nature is evident. Continuous advancements in blockchain technology and cloud-based solutions are expected to offer more secure and efficient fare collection mechanisms. The shift towards open-loop systems, where cards issued by one transit agency can be used across multiple agencies or even cities, is gaining traction, laying down a roadmap for the future of integrated transit solutions. These advancements are expected to boost the automated fare collection market demand in the coming years.
Market Segmentation
The market can be divided based on application, service type, technology, industry, and region.
Market Breakup by Application
- Rail and Transport
- Parking
- Theme Park
- Others
Market Breakup by Service Type
- Consulting
- System Implementation
- Training, Support and Maintenance
- Managed Services
- Others
Market Breakup by Technology
- Near-Field Communication (NFC)
- Magnetic Stripes
- Others
Market Breakup by Industry
- Transportation and Logistics
- Government
- Media and Entertainment
- Retail
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automated fare collection market. Some of the major players explored in the report are as follows:
- Advanced Card Systems Ltd.
- Cubic Corporation
- LG CNS
- Atos SE
- Singapore Technologies Engineering Ltd
- Nippon Signal Co., Ltd.
- Thales SA
- LECIP HOLDINGS CORPORATION
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 164 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $10.43 Billion |
| Forecasted Market Value (USD) by 2028 | $18.8 Billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/39p521
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