Global Automatic Fare Collection System Market Is Expected To Reach Around 14.5 Billion By 2025

Zion Market Research has published a new report titled “Automatic Fare Collection System Market By Component (Hardware and Software), By Application (Bus, Toll, Train, and Car Rental), and By Technology Platform (Smart Card, NFC, Optical Character Recognition, Magnetic Strips, and Barcodes): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global automatic fare collection system market was USD 6 billion in 2018 and is expected to reach around USD 14.5 billion by 2025, at a CAGR approximately 13.7% between 2019 and 2025.

Automatic fare collection systems are a modern and automated version of the manual or traditional fare collection systems. These systems are an assembly of components that automate the ticketing process of the public transportation system. These can be generally seen in buses, metro trains, and boats. It is a complex framework that includes both software and hardware solutions for automotive fare collection.

Browse the full “Automatic Fare Collection System Market By Component (Hardware and Software), By Application (Bus, Toll, Train, and Car Rental), and By Technology Platform (Smart Card, NFC, Optical Character Recognition, Magnetic Strips, and Barcodes): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/automatic-fare-collection-system-market

The automatic fare collection system market is anticipated to grow notably in the future, owing to the ability of faster transactions. Moreover, these systems can be found useful in rail, bus, road toll, ferry, fast-food installations, convenience stores, and parking. Additionally, these systems support affordable operations, which is further driving the automatic fare collection system market. The market is estimated to grow at a significant rate due to the competency to make the consumer life easy by providing rich user experience. However, the technical errors and the machines’ ability to fall out-of-order may limit the automatic fare collection system market.

By component, the automatic fare collection system market is bifurcated into hardware and software. The hardware segment will grow significantly in the future, owing to the increasing implementation of automatic fare collection systems by the governments across the world. Furthermore, automatic fare collection systems provide a superior public transportation experience. By technology, the automatic fare collection system market includes NFC, smart card, magnetic strips, optical character recognition, and barcodes. The smart card segment is anticipated to hold a notable market share, owing to its fast processing speed and enhanced operational flexibility as compared to the traditional magnetic stripe cards. 

The Asia Pacific region is predicted to witness a notable rate of growth, owing to the presence of developing countries like China and India. These countries are anticipated to make significant contributions to the region’s automatic fare collection system market, due to the rising investments in the transportation sector along with substantial developments of metro projects, expansion of highway networks, and advancements in railway infrastructure. Moreover, the growth in the digital payment system is estimated to further drive the regional demand for automated fare collection systems. The rapid technological advancements in North America are projected to drive the automatic fare collection system market in the region.

Some major players operating in the automatic fare collection system market are Thales Group, Nippon Signal, Advanced Card Systems, Siemens, Atos, GMV, Indra Sistemas, Scheidt & Bachmann, Vix Technology, Omron Corporation, NXP Semiconductors, Samsung SDS, Telexis, LG CNS, Masabi, LECIP Holdings, Singapore Technologies Engineering, Cubic Corporation, Trapeze, and UL Identity Management & Security.

This report segments the global automatic fare collection system market into:

Automatic Fare Collection System Market: By Component

• Hardware
• Software

Automatic Fare Collection System Market: By Application

• Bus
• Toll
• Train
• Car Rental

Automatic Fare Collection System Market: By Technology Platform

• Smart Card
• NFC
• Optical Character Recognition
• Magnetic Strips
• Barcodes

Automatic Fare Collection System Market: By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

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