What is Automatic Fare Collection System?
Automated fare collection is a fare collecting or ticketing system that is automated in the transportation sector. This approach boosts the ticketing system's efficiency and transaction rate. Transport authorities can provide better services to end customers by using automated fare collecting systems. The transportation sector has decreased expenses associated with human ticketing systems by integrating modern technologies such as electronic payment, contactless technology, and smart cards with automated fee collecting systems.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Cubic Corporation (United States), Indra Sistemas (Spain), dormakaba Holding (Switzerland), LECIP Group (Japan), Thales (France), GMV (Spain), ST Electronics (Singapore), ATOS (France), Longbow Technologies S/B (Malaysia), Samsung SDS (Korea), Genfare (United States) and Advanced Card Systems Ltd. (Hong Kong) |
The study covers a detailed analysis segmented by key business segments i.e. , by application (Rail and transport, Parking applications, Theme park applications and Others) and major geographies. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Automatic Fare Collection System market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Automatic Fare Collection System market report suggests strategies that Manufacturers can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Manufacturers, some of them are Cubic Corporation (United States), Indra Sistemas (Spain), dormakaba Holding (Switzerland), LECIP Group (Japan), Thales (France), GMV (Spain), ST Electronics (Singapore), ATOS (France), Longbow Technologies S/B (Malaysia), Samsung SDS (Korea), Genfare (United States) and Advanced Card Systems Ltd. (Hong Kong).
Market Overview:
On 06 Jan 2020, Cubic Corporation announces the acquisition of Delerrok and PIXIA, aim to accelerate the key priorities of Cubic’s NextCity and NextMission strategies. The acquisition will help Cubic the use of Delerrok's TouchPass technology in conjunction with its Transit-Management-as-a-Service (TMaaS) platform to provide an inexpensive set of payment, mobile, and real-time information solutions. Cubic's Command and Control, Intelligence, Surveillance, and Reconnaissance (C2ISR) digital platform is enhanced by PIXIA, which allows a real-time, cloud approach to delivering information to the battlefield's edge.
The market is fiercely comparative due to the purchase of smaller businesses by larger corporations, the market has become more concentrated. Leading firms are also concentrating on mergers and acquisitions, as well as forming partnerships and collaborations, in order to grow their operations in new areas. To demonstrate their industry competence, these market players have used a variety of methods such as partnership, expansion, cooperation, joint ventures, and others.
Influencing Trend:
Technological Advancement of Card Payment and Transport Infrastructure
Market Growth Drivers:
Growing Need for Convenient and User-Friendly Mode of Fare Payment and Enhancement of Cashless Travel Facilities
Challenges:
Lack of Interoperability and Standardization among Automated Fare Collection Products Limit the Growth of the Automated Fare Collection Market
Restraints:
High Installation Cost of Machine and Require High Maintenance
Opportunities:
Automated Fare Collection Systems Reduce the Number of Frauds and Prevent Counterfeiting. and Automated Fare Collection Systems Helps in Avoiding Traffic Congestion
Key highlights of the Global Automatic Fare Collection System market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Automatic Fare Collection System market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Automatic Fare Collection System market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Manufacturers
Comprehensive information about factors that will challenge the growth of Automatic Fare Collection System Manufacturers
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Automatic Fare Collection System market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Automatic Fare Collection System market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Automatic Fare Collection System Manufactures, Automatic Fare Collection System Distributors and Suppliers, International Traders, Research and Development Institutes, Upstream and Downstream Buyer, Financial Institutes and Investors, Regulatory Bodies and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.