Automated Fare Collection Market Analysis, Global Trends, Key Vendors, Drivers, by Forecast to 2024

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.

AFC require a less human resource, possesses multi-operator capabilities, has less revenue leakage, cannot be manipulated and the system is amenable to fare changes. The management can acquire transportation reports quickly. Unlike the traditional fare system, AFC can store and track customer information.

Lack of proper awareness about AFC usage is a major hurdle in its implementation. Reforms in transport sector take time due to slow government investment. For the smooth operation of AFC’s, skilled personnel is required. They need proper infrastructure for implementation and are costly to develop and install. Privacy, system longevity and lack of standards are also restraining the Automated Fare Collection Market growth.

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Key Players:

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.

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).

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.

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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