The automated fare collection market is expected to reach USD 8.51 billion by 2022 according to a new report by Grand View Research, Inc. Automated fare collection systems are the collective components, which enable the automated ticketing system for public transportation network. They provide a stable and integrated platform for all the activities concerned with the fare collection with equipment like automatic gate machine, ticket vending machine, and ticket checking machine. Automated fare collection systems are used in a number of high transit areas including government buildings, large commercial workplaces, and public transport ports. The growing demand for efficient, automated, and hassle-free transportation is fueling the need for automated Fare collection systems.
The passenger traffic is growing by leaps and bounds worldwide due to ever-rising population, which in turn is pressurizing the government to initiate and implement new and innovative ways to manage the public transportation services. This is expected to provide for a thriving market for automated fare collection in several countries as the government is investing increasingly in the infrastructure development. The need for automated, easy-to-use and compact systems for everyday use is also driving the automated fare collection market. With recent technological advancements, fare collection has become wireless and multifunctional.
There is a growing demand for the automated fare collection systems owing to the developments in the metro infrastructures and increasing government investments from developing economies of the Asia Pacific region. The ability of these systems to deliver better management, revenue generation, fraud prevention, and better future planning are impelling the automated fare collection system markets.
The increasing use of wireless connections, smartphone users, smart cards, contactless technology, and electronic payment is expected to append the growth of the market. The growing adoption of smart technologies and strategic alliances of transportation agencies with technology providers to establish such services is further helping the market to grow.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/automated-fare-collection-afc-system-market
Further key findings from the report suggest:
·
The government initiatives and investment in the
development of public infrastructure are increasing at a rapid rate with many
countries opting for complete automation of their services and processes. This
is creating a large demand for automated fare collection systems as they
supplement the development of smart cities and efficient transportation
systems.
·
With the large-scale adoption of smart phones,
smart cards, cashless transaction, and new connectionless technology, there is
a steady drift towards completely automated processes like revenue generation,
traffic management tolling, and fine implementation. This will further propel
the automated fare collection market in the developing economies.
·
The global market is highly competitive. The
major industry participants include Cubic Systems, Omron Corporation, Thales
Group, Advance Cards Systems, Atos SE, Fare Logistics, LG Corporation, NXP
Semiconductor, and Samsung SDS.
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has been segmented the automated fare collection market on the basis of technology, component, system, system components, and region:
Automated Fare Collection Market Technology Outlook (Revenue, USD Million, 2012 - 2022)
·
Smart Card
·
Magnetic Strip
·
NFC
·
OCR
Automated Fare Collection Market Component Outlook (Revenue, USD
Million, 2012 - 2022)
·
Hardware
·
Software
Automated Fare Collection Market System Outlook (Revenue, USD
Million, 2012 - 2022)
·
Ticket Vending Machine
·
Ticket Office Machine
·
Fare Gates
·
IC cards
Automated Fare Collection Market System Component Outlook (Revenue,
USD Million, 2012 - 2022)
·
Ticket Vending Machine by Component
·
Ticket Office Machine by Component
·
Fare Gates by Component
·
IC Cards by Components
Automated Fare Collection Market Regional Outlook (Revenue, USD
Million, 2012 - 2022)
·
North America
·
Europe
·
Asia-Pacific
·
MEA
·
Latin America
For press release of this report - http://www.grandviewresearch.com/press-release/global-afc-systems-market
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