The report on the Global Automated Fare Collection System Market published by Value Market Research states that the market is expected to have a CAGR of 12% in the forecasted period from 2020 to 2026. The automated fare collection system is expected to grow mainly due to the rise in the adoption of the cashless fare collection system for transportation modes across all the developed and developing regions. Further, the growing intelligence in the transportation sector coupled with the rise in investments by the government to improve the infrastructure of the transport system are also factors propelling the growth of the market. However, the high cost of installation and slow growth in the developing and underdeveloped regions are factors that can act as a hindrance to the growth of the global automated fare collection system.
Automation is a technology that is utilized for the operation of machines and systems without the requirement for human intervention and to achieve performance superior to manual operation. Automation Systems may include Control Systems but the reverse is not possible as Control Systems might be parts of Automation Systems. Automation is a technology related to the application of mechanical, electronic, and computer-based systems used to operate and control production. The automated fare collection system is an advanced technology that uses the integration of various functionalities of process control, control to stations, monitors passenger flow as well as manages tariff policies of transport tickets. The main purpose of this system is to execute “Automatic Fare Collection” based on smart card technology. It technically replaces public transportation tickets printed on paper with electronic tickets and calculates the fare that the customer must pay based on the time of service or the points of entrance and exit of the system.
The report “Global Automated Fare Collection System Market Report By Technology (Smart Card, Magnetic Strip, NFC And OCR), By Component (Hardware And Software) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026” covers the market dynamics, market dynamics based on technology, component & region and also provides an outlook on the competitive landscape of the global automated fare collection system.
By technology, smart card, magnetic strip, optical character recognition and near field communication are the segments of the automated fare collection system where smart card is the leading segment as per the report owing to being portable, cost effective, less complexity and its ability to work on the premise of an embedded microchip that can write and process data in a protected environment.
By component, hardware and software are the segments of the automated fare collection system as per the report where hardware is the leading segment component-wise as per the report.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the regional segments of the global automated fare collection system. North America has emerged as the global leader for the automated fare collection system.
The Report Segments Global Automated Fare Collection System Market -
Players Profiled In the Report:
Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, NXP Semiconductors, Omron Corporation, Scheidt & Bachmann GmbH, ST Electronics, Thales Group, Trapeze Group and Vix Technology
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