Automated Fare Collection System Market Worth $12.75 Bn, Globally, by 2027 at 11.6% CAGR: Allied Market Research

Increase in the adoption of contactless open payment, surge in demand for smartphones, and enhanced transport infrastructure and security system drive the growth of the global automated fare collection system market.

PORTLAND, Ore., June 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automated Fare Collection System Market by Application (Bus, Toll, Train, and Car Rental), Component (Hardware, and Software), and Technology Platform (Smart Card, Near Field Communications, Optical Character Recognition (OCR) and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automated fare collection system industry was estimated at $6.63 billion in 2019, and is expected to hit $12.75 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027.

Download Report Sample at https://www.alliedmarketresearch.com/request-sample/1401

Drivers, restraints, and opportunities-

Rise in the trend of contactless open payment, increasing demand for smartphones, enhanced transport infrastructure and security system, flexible fare plans, low manpower cost, and less operational time fuel the growth of the global automated fare collection system market. On the other hand, high installation and maintenance cost impede the growth to some extent. Nevertheless, surge in use of high-speed public transport, arrival of digitized payment, and global interoperability are anticipated to create multiple opportunities for the key players in the industry.

COVID-19 Scenario-

• The outbreak of the pandemic brought forth several restrictions on transportation worldwide, which impacted the global market for automated fare collection system negatively.
• However, as the lockdown has reopened now, it is expected that the market would recoup soon. Also, high health concerns, arrival of digital technologies, and growing inclination toward contactless and automated payment system are projected to gain momentum in the coming years

Get detailed COVID-19 impact analysis on the Automated Fare Collection System Market Request Now!

The train segment to dominate by 2027-

Based on application, the train segment accounted for nearly two-fifths of the global automated fare collection system market share in 2019 and is expected to retain its dominance by the end of 2027. The same segment is also projected to register the fastest CAGR of 13.1% throughout the forecast period, due to growing urban rail projects across the globe.

The smartcard segment to lead the trail-

Based on technology platform, the smartcard segment contributed to around two-fifths of the global automated fare collection system market revenue in 2019 and is anticipated to maintain the lions share by 2027, owing to ease of usage. Simultaneously, the NFC segment would portray the fastest CAGR of 13.9% during the forecast period, due to growing usage of NFC enabled smartphone and increasing penetration of digital payment solutions.

Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/1401

North America held the dominant share in 2019-

Based on geography, North America garnered the major share in 2019, holding more than one-third of the global automated fare collection system market. At the same time, Asia-Pacific would manifest the fastest CAGR of 14.4% till 2027. This is due to high availability of cost effective manufacturing solutions and growing rate of urban transit projects in the region.

Leading market players-

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

Schedule a Free Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/1401

Similar Reports We Have on Automotive & Transportation Industry:

Asia-Pacific Tolling and City Congestion Market by Product Type (Electronic Tolling, ATMS, and UTM): Opportunity Analysis and Industry Forecast, 2018 – 2025.

Thailand and Philippines Tolling & City Congestion Market by Product Type (Electronic Tolling, ATMS, and UTM): Opportunity Analysis and Industry Forecast, 2018 – 2025.

Electronic Toll Collection Market by Subsystem (Automated Vehicle Identification, Automated Vehicle Classification, Violation Enforcement System, and Transaction Processing), Technology (Radio-frequency Identification, Dedicated Short-range Communication, Infrared, GNSS & GPS, and Video Analytics), and Application (Urban and Highways) - Global Opportunity Analysis and Industry Forecast, 2018-2025.

U.S. & Europe Automatic Toll Payment Machine Market by Component (Hardware, Software, and Service) and Application (Tollink, Transportation, Parking, Kiosk, and Others): Opportunity Analysis and Industry Forecast, 2020–2027.

Smart Fleet Management Market by Mode of Transportation (Roadways, Marine Airways, and Railways), Application (Tracking, ADAS, Optimization, and Others), and Connectivity Type (Short Range and Long Range): Global Opportunity Analysis and Industry Forecast, 2018–2025.

About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com 
Allied Market Research Blog: https://blog.alliedmarketresearch.com 
Follow Us on | Facebook | Twitter | LinkedIn |

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg