Automated Fare Collection System Market to Garner $14.17 Bn, Globally, by 2026 at 11.2% CAGR, Says Allied Market Research

Rise in demand for smartphones, enhanced efficiency, low fraud rates, flexible fare plans, improved transport infrastructure and security systems, and contactless open payment drive the growth of the global automated fare collection system market

PORTLAND, Oregon, Nov. 14, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automated Fare Collection System Market by Application (Bus, Toll, Train, and Car Rental), Component (Hardware, and Software & Services), Technology Platform (Smart Card, Near Field Communications, Optical Character Recognition (OCR), and Others (Magnetic Strips and Bar Codes): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global automated fare collection system industry was pegged at $6.03 billion in 2018 and is expected to reach $14.17 billion by 2026, registering a CAGR of 11.2% from 2019 to 2026.

Chief reasons for market fluctuations

Rise in demand for smartphones, enhanced efficiency, low fraud rates, flexible fare plans, improved transport infrastructure and security system, and contactless open payment are the major drivers for the growth of the global automated fare collection system market. However, high installation cost and maintenance cost hamper the market growth. On the contrary, rise in use of high-speed public transport, surge in technology payment, and global interoperability are expected to create lucrative opportunities in the near future.

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Train segment held largest share

The train segment dominated the market share in 2018, contributing more than one-third of the total share in the global automated fare collection system market, owing to increase in demand for smart cards and mobile ticketing coupled with improvement in mobile payment and advanced fare payment smartcard technologies. Moreover, the segment is projected to register the fastest CAGR of 12.7% during the forecast period. The report includes an analysis of other segments such as bus, toll, and car rental.

Hardware segment to manifest fastest share

The hardware segment projected to portray the fastest CAGR of 11.7% during the forecast period, as an automated fare collection system includes devices that confirm payment, fare payment machines, turnstiles, and automated workstations. Moreover, these devices enable quick and fastest transaction, making the systems trouble-free and user-friendly. However, the software segment held the largest share in 2018, accounting for more than half of the global automated fare collection system market, as software of an automated fare collection system includes back office and clearinghouse. Moreover, it outlines security architecture and maintenance supports all components of AFCS.

North America dominated the industry

The global automated fare collection system market across the North America region held the lion's share in 2018, contributing more than one-third of the total market, owing to several technological advancements in nations such as the U.S. and Canada and the presence of prominent players such as Cubic Transportation and BEA Transit solutions. However, the market across Asia-Pacific region is expected to register the fastest CAGR of 14.2% during the study period, owing to rise in approval of contactless smart cards and e-commerce and development of monorail and metro services in various cities and virtual ticketing systems.

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Major market players

• Atos SE
• dormakaba Holding
• Cubic Transportation Systems, Inc.
• LG CNS
• LECIP Group
• OMRON Corporation
• NXP Semiconductors
• Samsung SDS
• Thales Group
• Scheidt & Bacchhan Gmbh

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