The global automated fare collection market size is expected to reach USD 19.89 billion by 2025 registering a CAGR of 13.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Growing adoption of digital technologies to improve transaction processing speed and to reduce issues associated with cash handling and ticket management is anticipated to remain one of the leading factors driving the market.
Focus
of governments on the performance optimization of existing public transit
systems, such as subways, buses, trams, and metros, is also expected to boost
the usage of technology-driven AFC systems for digital transaction processing
and payment management. Increasing penetration of the technology has provided
transit system operators an effective way to reduce counter congestions,
operational costs, waiting time, and cash leakage issues often faced in
traditional fare collection systems. This has also facilitated hassle-free and
convenient travel experiences for commuters.
Rising
awareness about these benefits is compelling transit operators to replace
conventional physical ticketing machines and toll booths with contactless AFC
systems. The data generated by such systems is further used in implementing a
data-driven network optimization approach for public transit systems. Public
transit network operators were able to capitalize on the unutilized capacity of
the trains by using a data-driven model. Emerging countries in Asia Pacific,
such as India and China, are also in the process of implementing similar
systems to enable operators to dynamically plan and optimize ticket prices.
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Further key
findings from the study suggest:
- Software
segment is said to register the maximum CAGR over the forecast years due
to rising focus of transit system operators on deploying integrated AFC
systems covering multiple transportation modes
- Near Field
Communication (NFC) technology segment is anticipated to gain traction
owing to its superior transaction speed, contactless payment capability,
and higher adoption by transit operators
- Railways
& transportation application will witness the highest CAGR from 2019
to 2025 due to the development of railway and highway infrastructure
networks in emerging countries, such as India
- Asia Pacific
to expand at the highest CAGR of 17.1% from 2019 to 2025 due to rapid
urbanization and rising need for deploying faster payment processing
systems due to increasing number of commercial vehicles and daily
commuters
- Key companies
in the global AFC market include Cubic Corp., Advanced Card Systems Ltd.,
Atos SE, Indra Sistemas SA, GMV, LG CNS, LECIP Holdings Corp., Omron
Corp., Masabi Ltd., NXP Semiconductors N.V., Nippon Signal Co., Ltd., Samsung
SDS Co., Ltd., Siemens AG, Telexis B.V., Singapore Technologies
Engineering Limited, Scheidt & Bachmann GmbH, Thales Group, Trapeze
Group, Vix Technology, UL Identity Management & Security, and Thales
Group
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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