The automatic fare collection system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automatic Fare Collection System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automatic fare collection system market size has grown rapidly in recent years. It will grow from $9.47 billion in 2023 to $10.75 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to efficiency and speed of boarding, reducing revenue leakage and fare evasion, enhancing passenger convenience, integration with multi-modal transportation, and data collection for operational insights.
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.
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Scope Of Automatic Fare Collection System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automatic Fare Collection System Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
Asia-Pacific was the largest region in the automatic fare collection (AFC) system market in 2023. The regions covered in the automatic fare collection system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Automatic Fare Collection System Market Report Structure
3. Automatic Fare Collection System Market Trends And Strategies
4. Automatic Fare Collection System Market – Macro Economic Scenario
5. Automatic Fare Collection System Market Size And Growth
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27. Automatic Fare Collection System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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