Press release
Automatic Fare Collection System Market Share, Size And Forecast To 2033
Automatic Fare Collection System Market
The automatic fare collection system market size is expected to see rapid growth in the next few years. It will grow to $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to smart cities initiatives and IoT connectivity, integration with mobility as a service (maas), government initiatives and regulations, increased focus on passenger experience, and cybersecurity and fraud prevention. Major trends in the forecast period include contactless and mobile payment adoption, intermodal integration and seamless mobility, data analytics for optimization, integration with emerging technologies, biometric authentication and facial recognition.
Market Overview -
The automatic fare collection (AFC) system refers to a comprehensive set of components used in public transportation networks to collect fares from passengers in a convenient and efficient manner. These systems typically use electronic payment methods such as smart cards, mobile payments, or contactless payment systems to automate fare collection processes, eliminating the need for cash transactions.
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The Impact of Increasing Smartphone Penetration On the Automatic Fare Collection System Market
Increasing smartphone penetration is expected to propel the growth of the automatic fare collection system market going forward. A smartphone is a mobile device that combines the functions of a traditional cell phone with those of a computer. Smartphones are used in automatic fare collection (AFC) systems to facilitate cashless and contactless transactions and enhance the efficiency, convenience, and user experience of public transportation. For instance, in March 2023, according to a report published by Cybercrew, a UK-based developer and provider of cybersecurity solutions, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 93.8% in 2026. Therefore, the increasing smartphone penetration is driving the growth of the automatic fare collection system market.
Competitive Landscape -
Major companies operating in the automatic fare collection system market report are Sony Corporation, Siemens AG, Thales Group, NXP Semiconductors, Atos SE, Seiko Epson Corporation, Singapore Technologies Engineering Ltd, OMRON Corporation, Gaoxin Modern , KML Technology Group Ltd , Indra Sistemas, S.A, Chinasoft International Ltd, Cubic Corporation, SATO Holdings Corporation, NIPPON SIGNAL CO LTD, Dormakaba Holding AG, TSC Auto ID Technology Co., Ltd, Star Micronics Co., Ltd, Vix Technology, Scheidt & Bachmann GmbH, LECIP HOLDINGS CORPORATION , Trapeze Group, Leadway Tech, GRGBanking, Masabi Ltd , Advanced Card Systems Ltd
Advancements in Automatic Fare Collection Systems Transforming Public Transportation
Major companies operating in the automatic fare collection system market are focusing on advancements, such as automatic fare collection systems, to enhance operational efficiency, improve passenger experience, and generate additional revenue streams. Automatic Fare Collection (AFC) systems are technological solutions implemented in public transportation systems to automate the process of fare payment by passengers. For instance, in October 2023, the Metropolitan Atlanta Rapid Transit Authority (MARTA), a Georgia-based metro system, announced the launch of its new automated fare collection system. The new system allows passengers to pay using debit and credit cards, as well as mobile wallets, directly at the fare gate, eliminating the need to use traditional vending machines. It offers several features aimed at improving the passenger experience and optimizing operational efficiency, including multiple payment options and contactless payment integration.
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Key Segments -
The automatic fare collection system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Technology: Smart Card, Magnetic Stripe, Near-Field Communication (NFC), Optical Character Recognition (OCR)
3) By Application: Railways And Transportation, Parking, Entertainment, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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