Press release
Automatic Fare Collection System Global Market Report 2024 - By Size, Report, Share, Demand,
Automatic Fare Collection System Market
The Business Research Company presents an extensive market research report on the Automatic Fare Collection System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automatic fare collection system market size has grown rapidly in recent years. It will grow from $9.47 billion in 2023 to $10.75 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to efficiency and speed of boarding, reducing revenue leakage and fare evasion, enhancing passenger convenience, integration with multi-modal transportation, and data collection for operational insights.
The automatic fare collection system market size is expected to see rapid growth in the next few years. It will grow to $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to smart cities initiatives and IoT connectivity, integration with mobility as a service (maas), government initiatives and regulations, increased focus on passenger experience, and cybersecurity and fraud prevention. Major trends in the forecast period include contactless and mobile payment adoption, intermodal integration and seamless mobility, data analytics for optimization, integration with emerging technologies, biometric authentication and facial recognition.
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Key Market Players:
Major companies operating in the automatic fare collection system market report are Sony Corporation, Siemens AG, Thales Group, NXP Semiconductors, Atos SE, Seiko Epson Corporation, Singapore Technologies Engineering Ltd, OMRON Corporation, Gaoxin Modern , KML Technology Group Ltd , Indra Sistemas, S.A, Chinasoft International Ltd, Cubic Corporation, SATO Holdings Corporation, NIPPON SIGNAL CO LTD, Dormakaba Holding AG, TSC Auto ID Technology Co., Ltd, Star Micronics Co., Ltd, Vix Technology, Scheidt & Bachmann GmbH, LECIP HOLDINGS CORPORATION , Trapeze Group, Leadway Tech, GRGBanking, Masabi Ltd , Advanced Card Systems Ltd
Market Drivers:
Increasing smartphone penetration is expected to propel the growth of the automatic fare collection system market going forward. A smartphone is a mobile device that combines the functions of a traditional cell phone with those of a computer. Smartphones are used in automatic fare collection (AFC) systems to facilitate cashless and contactless transactions and enhance the efficiency, convenience, and user experience of public transportation. For instance, in March 2023, according to a report published by Cybercrew, a UK-based developer and provider of cybersecurity solutions, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 93.8% in 2026. Therefore, the increasing smartphone penetration is driving the growth of the automatic fare collection system market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automatic-fare-collection-system-global-market-report
The automatic fare collection system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Technology: Smart Card, Magnetic Stripe, Near-Field Communication (NFC), Optical Character Recognition (OCR)
3) By Application: Railways And Transportation, Parking, Entertainment, Other Applications
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