The automated fare collection market is anticipated to be valued beyond USD 8.5 billion by 2024. Automated fare collection systems are the combined modules, which facilitate the automated ticketing system for public transportation network. They offer a constant and incorporated platform for all the actions concerned with the fare gathering with equipment such as ticket checking machine, ticket vending machine, and automatic gate machine.
These systems are chiefly used in a several high transit areas counting huge commercial workplaces, government buildings, and public transport ports. The increasing demand for proficient, automated, and tranquil transportation is spurring the requirement for automated fare collection systems.
The escalating focus on improving the transport infrastructure, safety measures, and simplicity for the purchaser is likely to stimulate the industry growth in the near future. However smooth revenue collection and initial high cost of setting up can influence the automated fare collection systems, thereby, propelling the overall market demand during the forecast period (2016-2024).
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The global market can be segmented by technologies, components, systems, system components, and regions. Technologies are magnetic strip, smart Card, NFC, and OCR. Components consist of hardware software. Systems include fare gates, ticket vending machine, ticket office machine, and IC cards. Market systems components are ticket vending machine by component, ticket office machine by component, fare gates by component, and IC cards by components.
Key regional segments in the market comprise North America, Europe, Asia-Pacific, the Middle East & Africa (MEA), and Latin America. Europe dominates the total AFC market and is strongly followed by the North American market due to a developed transportation communications.
The overall automated fare collection market is extremely competitive in nature. The key manufacturers are NXP Semiconductor, Omron Corporation Thales Group, LG Corporation, Advance Cards Systems, Fare Logistics, and Samsung SDS.
Strategic mergers & acquisitions and partnerships and are projected to be the most successful strategies for market players to acquire a competitive benefit in the promising markets. Also, this will potentially augment their technological capability. There has been a novel trend of partnerships among the transit service suppliers and product makers for the integration and interoperability of systems.
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