The automated fare collection market is anticipated
to be valued beyond USD 8.5 billion by 2024. Automated fare collection systems
are the combined modules, which facilitate the automated ticketing system for
public transportation network. They offer a constant and incorporated platform
for all the actions concerned with the fare gathering with equipment such as
ticket checking machine, ticket vending machine, and automatic gate machine.
These systems are chiefly used in a several high
transit areas counting huge commercial workplaces, government buildings, and
public transport ports. The increasing demand for proficient, automated, and
tranquil transportation is spurring the requirement for automated fare
collection systems.
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The escalating focus on improving the transport
infrastructure, safety measures, and simplicity for the purchaser is likely to
stimulate the industry growth in the near future. However smooth revenue
collection and initial high cost of setting up can influence the automated fare
collection systems, thereby, propelling the overall market demand during the
forecast period (2016-2024).
The global market can be segmented by technologies,
components, systems, system components, and regions. Technologies are magnetic
strip, smart Card, NFC, and OCR. Components consist of hardware software.
Systems include fare gates, ticket vending machine, ticket office machine, and
IC cards. Market systems components are ticket vending machine by component,
ticket office machine by component, fare gates by component, and IC cards by
components.
Key regional segments in the market comprise North
America, Europe, Asia-Pacific, the Middle East & Africa (MEA), and Latin
America. Europe dominates the total AFC market and is strongly followed by the
North American market due to a developed transportation communications.
The overall automated fare collection market is
extremely competitive in nature. The key manufacturers are NXP Semiconductor,
Omron Corporation Thales Group, LG Corporation, Advance Cards Systems, Fare
Logistics, and Samsung SDS.
Strategic mergers & acquisitions and
partnerships and are projected to be the most successful strategies for market
players to acquire a competitive benefit in the promising markets. Also, this
will potentially augment their technological capability. There has been a novel
trend of partnerships among the transit service suppliers and product makers
for the integration and interoperability of systems.
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