Based on geography, North America dominated the automated fare collection market, accounting for over 33% share in 2015, in terms of revenue. Asia-Pacific has generated a notable revenue in 2015 and is anticipated to be the fastest growing region during the forecast period of 2016-2022. This is mainly attributed to the development of monorails and metro services in various countries like India and China and minimization of traffic congestion.
Portland, OR -- (SBWIRE) -- 06/16/2017 -- Global automated fare collection system market is estimated to reach $10.1 billion, at a prominent CAGR of 13.2% from 2016 to 2022, according to a new report by published by Allied Market Research. The smart card segment accounted for around 41.4% of revenue share in 2015, and the market is expected to grow with a promising CAGR of 12.9% during the forecast period, owing to the increasing application of smart cards in bus, train and toll fare collection. North America and Europe collectively accounted for over 63% of the market share in 2015.
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Growing demand of contactless open payment solutions and smart phones, reduction in fraud rates, flexible fare plans, reduced traffic congestion, and enhanced transport infrastructure in developed and developing economies are the major factors that contribute to market growth. Furthermore, factors such as reduced waiting time in queues, and quick and faster transactions are likely to foster the market growth throughout the forecast period. On the other hand, high installation and maintenance cost of automated fare collection systems restricts the market growth.
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The technology platform segment is classified into smart cards, NFC, OCR, and magnetic stripes and bar coding. Smart cards dominated the market in 2015, and the segment is expected to witness impressive growth favored by continuous technological advancements, ease of carrying cards, secured transactions, and reduced waiting time in queues. However, the NFC segment is projected to grow at a CAGR of 14.8% over the forecast period, owing to growing adoption of NFC-enabled smart phone payment in various developed countries such as London, U.S., Germany, and San Francisco.
In 2015, the automated train fare collection system was the highest revenue-generating segment, which accounted for around 37.6% share of the overall market revenue, owing to reduction in instances of fare evasion, and contactless open payment features that save time and minimizes waiting queues. However, automated toll collection system is projected to grow at a CAGR of 13.9% from 2016 to 2022 owing to simplified payment options, for example, travelers are allowed to pay for ticket through a prepaid account.
Key Findings of Automated Fare Collection System Market:
Asia-Pacific is likely to be one of the fastest growing markets in terms of value, growing at a CAGR of 14.5% from 2016 to 2022.
The smart card segment is expected to maintain its foothold in the market throughout the forecast period; however, the NFC payment segment is estimated to be the fastest growing segment.
The usage of ACFS in bus and trains, led the market, together accounting for more than half of the market revenue in 2015.
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The leading players in the automated fare collection market have adopted key strategies such as collaborations, product launch, and agreement and acquisition to expand their market presence. The key companies profiled include Advanced Card Systems Ltd, Atos SE, Cubic Transportation Systems, LECIP Group, LG CNS, NXP Semiconductors, Omron Corporation, Samsung SDS, Scheidt & Bachmann, and Thales Group.