Automated Fare Collection Market Size Growing at 13.3% CAGR Set to Reach USD 39.8 Billion By 2032

Acumen Research and Consulting recently published report titled “Automated Fare Collection Market Forecast, 2023 – 2032”

TOKYO, March 29, 2023 (GLOBE NEWSWIRE) — The Global Automated Fare Collection Market Size accounted for USD 11.6 Billion in 2022 and is projected to achieve a market size of USD 39.8 Billion by 2032 growing at a CAGR of 13.3% from 2023 to 2032.

Automated Fare Collection Market Research Report Highlights and Statistics:

• The Global Automated Fare Collection Market Size in 2022 stood at USD 11.6 Billion and is set to reach USD 39.8 Billion by 2032, growing at a CAGR of 13.3%
• High demand for efficient and secure payment systems within the transportation industry, the growth in usage of contactless payment technologies, and the need to reduce cash handling and operational costs.
• The North American region shall be the dominant region in the Automated Fare Collection Market during the forecast period, with the Asia Pacific region being the fastest growing one.
• Key players in the Automated Fare Collection Market include NXP Semiconductors, Samsung SDS, LG CNS, Cubic Corporation and Thales Group.

Request For Free Sample Report @ https://www.acumenresearchandconsulting.com/request-sample/232

Automated Fare Collection Market Report Coverage:

Market	Automated Fare Collection Market
Automated Fare Collection Market Size 2022	USD 11.6 Billion
Automated Fare Collection Market Forecast 2032	USD 39.8 Billion
Automated Fare Collection Market CAGR During 2023 – 2032	13.3%
Automated Fare Collection Market Analysis Period	2020 – 2032
Automated Fare Collection Market Base Year	2022
Automated Fare Collection Market Forecast Data	2023 – 2032
Segments Covered	By Component, By System, By Technology, By Application, And By Geography
Automated Fare Collection Market Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Indra Sistemas SA, Advanced Card Systems Ltd., GMV, LECIP Holdings Corporation, Cubic Transportation Systems, Atos SE, Siemens AG, LG Corporation, Omron Corporation, Thales Group, Nippon Signal, Masabi Ltd., Samsung SDS Co. Ltd, and Scheidt & Bachmann GmbH.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Automated Fare Collection Market Overview:

The Automated Fare Collection Market is a growing industry that involves the use of electronic payment systems to collect fares and manage passenger data in public transportation systems. The market is driven by the increasing demand for efficient and secure payment systems in the transportation industry, which can reduce cash handling and operational costs while improving passenger experience. Automated fare collection systems typically use smart cards, mobile apps, or other contactless payment technologies to enable seamless payment and access to transportation services.

The applications of automated fare collection systems are diverse and unique, ranging from urban mass transit systems such as buses, trains, and metros to toll roads, parking facilities, and even sports venues. These systems provide a range of benefits, including improved fare collection efficiency, reduced transaction times, enhanced data collection and analysis capabilities, and increased security and passenger safety. Moreover, the adoption of automated fare collection systems can support the transition towards smart transportation solutions, which can further improve urban mobility, reduce congestion and emissions, and enhance overall quality of life.

Trends in the Automated Fare Collection Market:

• Increased adoption of contactless payment technologies, such as mobile payments and smart cards, to enable seamless fare payment and reduce the risk of disease transmission.
• Integration of automated fare collection systems with other transportation solutions, such as real-time passenger information and ticketing systems, to enhance passenger experience and streamline operations.
• Expansion of automated fare collection systems beyond traditional public transportation systems like ride-sharing and micro-mobility services.
• Implementation of open-loop payment systems that enable passengers to use their credit or debit cards for fare payment, providing greater convenience and flexibility.
• Growing demand for sustainable and eco-friendly transportation solutions, which can be supported by the adoption of automated fare collection systems that reduce cash handling and paper ticket waste.
• Increasing use of biometric technologies, such as facial recognition and fingerprint scanning, for secure and convenient fare payment and access control.
• Integration of automated fare collection systems with smart city solutions, such as traffic management and public safety systems, to enhance overall urban mobility.
• Development of hybrid fare collection systems that enable passengers to use a combination of payment methods, such as smart cards and mobile payments, for greater convenience.
• Growing demand for self-service kiosks and ticket vending machines that enable passengers to purchase tickets and reload their smart cards without requiring staff intervention.
• Use of data analytics and predictive modeling to improve fare collection accuracy and predict demand patterns, enabling operators to optimize resources and improve service levels.

Automated Fare Collection Market Dynamics:

• The need to reduce cash handling and operational costs in the transportation industry, which can be achieved through the adoption of automated fare collection systems.
• Growing demand for seamless and contactless payment solutions, which can be provided by automated fare collection systems.
• The trend towards smart transportation solutions, which can be supported by the adoption of automated fare collection systems that enable real-time data sharing and analysis.
• The rise of mobile technologies, which can be leveraged by automated fare collection systems to enable mobile ticketing and payment solutions.
• Growing concerns about environmental sustainability and air pollution, which are driving the adoption of public transportation systems and the need for efficient fare collection solutions.
• The desire to improve passenger safety and security, which can be achieved through the use of automated fare collection systems that enable access control and data tracking.
• The growth of the tourism industry, which is driving demand for efficient and reliable transportation solutions that can be provided by automated fare collection systems.
• The need to improve the accuracy and efficiency of fare collection systems, which can be achieved through the adoption of automated fare collection systems.
• The trend towards mobility as a service (MaaS), which is driving demand for integrated transportation solutions that can be provided by automated fare collection systems.
• The increasing popularity of ride-sharing and micro-mobility services, which are driving demand for flexible and scalable fare collection solutions.

Growth Hampering Factors in the Market for Automated Fare Collection:

• High initial investment costs with deploying and integrating automated fare collection systems, which can be a barrier to entry for smaller operators and developing regions.
• The need to retrofit legacy transportation systems to accommodate automated fare collection systems, which can be costly and disruptive.
• Risk of data breaches or hacking attacks, which can undermine passenger trust and system reliability.
• Limited availability and reliability of internet connectivity, which can hinder the use of mobile payment and other advanced fare collection solutions.
• The need for ongoing maintenance and upgrades of automated fare collection systems, which can be costly and time-consuming.
• Some people prefer paying through cash or credit cards which can be a negative factor for market growth.

Check the detailed table of contents of the report @

https://www.acumenresearchandconsulting.com/table-of-content/automated-fare-collection-market

Market Segmentation:

By Type of Components

• Hardware
• Software

By System Type

• IC Card
• Ticket Office Machine aka TOM
• Ticket Vending Machine aka TVM
• Fare Gates

By Technology

• Smart Card
• Magnetic Stripe
• Near-field communication aka NFC
• Optical Character Recognition aka OCR

End User

• Entertainment
• Parking
• Railways & Transportation
• Other

Automated Fare Collection Market Overview by Region:

North America’s Automated Fare Collection market share is the highest globally, driven by the increasing popularity of public transportation and the need for efficient and reliable fare collection solutions. The region is also witnessing growing demand for contactless payment solutions and mobile ticketing, which are being facilitated by the adoption of automated fare collection systems. Major players in the North American market include Cubic Transportation Systems, INIT Innovations in Transportation Inc., and Trapeze Group.

The Asia-Pacific region’s Automated Fare Collection Market share is also huge and is growing at the fastest rate, driven by rapid urbanization and the increasing popularity of public transportation systems in developing countries. Automated fare collection systems are being adopted as a means of reducing cash handling and improving operational efficiency. The region is also witnessing growing demand for mobile payment and ticketing solutions, which are being facilitated by the adoption of automated fare collection systems. Major players in the Asia Pacific market include Samsung SDS, LG CNS, and Huawei Technologies.

Europe is another key market for Automated Fare Collection, driven by the trend towards smart city solutions and the need for integrated transportation systems that can support efficient and sustainable mobility. Automated fare collection systems are being integrated with other smart city technologies, such as traffic management systems, to provide a seamless and integrated transportation experience for passengers. Major players in the European market include Scheidt & Bachmann, Thales Group, and NXP Semiconductors.

The MEA and South American regions have a relatively smaller albeit growing Automated Fare Collection market share.

Buy this premium research report –

https://www.acumenresearchandconsulting.com/buy-now/0/232

Automated Fare Collection Market Key Players:

Major players in the market include Cubic Transportation Systems, INIT Innovations in Transportation Inc., and Trapeze Group in North America. In Europe, Scheidt & Bachmann, Thales Group, and NXP Semiconductors are among the major players. In the Asia Pacific region, Samsung SDS, LG CNS, and Huawei Technologies are leading players. Other notable players in the market include Indra Sistemas, Parkeon, Almex Group, Xerox Corporation, Vix Technology, Conduent Inc., Masabi, GMV, CTS (China), Advanced Card Systems Holdings Limited, and Scheidt & Bachmann UK Ltd.

Browse More Research Topic on Semiconductor and Electronics Industries Related Reports:

The IoT Microcontroller Market accounted for USD 4,389 Million in 2021 and is expected to hit USD 13,037 Million by 2030, with a significant CAGR of 13.1% from 2022 to 2030.

The Global 5G Chipset Market accounted for USD 1,612 Million in 2021 and is expected to reach USD 145,288 Million by 2030 with a considerable CAGR of 66.3% during the forecast timeframe of 2022 to 2030.

The Global Commercial Display Market size accounted for USD 44,985 Million in 2021 and is expected to reach USD 84,707 Million by 2030 with a considerable CAGR of 7.5% during the forecast timeframe of 2022 to 2030.

About Acumen Research and Consulting:

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

For Latest Update Follow Us on Twitter , Instagram and LinkedIn

Contact Us:

Mr. Richard Johnson

Acumen Research and Consulting

USA: +13474743864

India: +918983225533

E-mail: [email protected]

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.