The automated fare collection system market is segmented on the basis of technology, components and geography.
New York, NY -- (SBWIRE) -- 09/07/2016 -- Automated fare collection (AFC) system is the automated version of manual fare collection. It allows public transportation authority's such as metro, rail, and buses to implement fast and efficient ticketing system. The automated fare collection system allows tracing and managing the funds generated through sales and by use of transport fare media, thereby helping to thrust revenue of the companies. Contactless technology, smart card, and electronic payment reduce the cost associated with handling cash transaction. Smart cards technology is extensively used fare collection systems because it offers benefits such as reduced maintenance & operating cost, improve efficiency, and reduced frauds.
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The automated fare collection system market is segmented on the basis of technology, components and geography. Based on technology, the automatic fare collection system market can be categorized into smart cards, magnetic strips, near field communication (NFC), and optical character recognition (OCR). The adoption of NFC technology is expected to remain high owing to its benefits such as fault tolerance and high speed contactless transaction. These technologies reduce the cost associated with handling cash transactions and save time of travelers by eliminating the queue for obtaining tickets. On the basis of components, the automated fare collection system market can be segmented as hardware components and software components. Hardware components include vending machine, hand held terminals, and fare gates. Furthermore, on the basis of geography the automated fare collection system market can be categorized into five major regions including North America, Europe, Asia Pacific, Middle East and Africa and Latin America. North America and Europe are anticipated to be the dominant regions over the forecast period owing to the increased government spending for improving transport infrastructure. Asia Pacific automatic fare collection systems market is also expected to witness significant growth owing to the development in countries such as India and China. China and India are focusing on building better commutation facilities such as high speed train, metro train and mono rail.
Governments of various countries such as India, China, and U.S., among others are focusing on enhancing the transportation infrastructure and security systems, which in turn is fueling the growth of automated fare collection system market. New payment gateways such as account based payment systems using credit; debit and bank cards are driving the demand of automated fare collection systems.
Development of monorail and metro in metropolitan cities is furthermore expected to stimulate the growth of automated fare collection system market, globally. Increasing adoption of NFC based mobile phones is anticipated to furthermore spur the demand of automated fare collection systems. NFC enabled devices allows travelers to perform safe transactions by holding it close to the electronic terminal. Rising need to enhance business process in an organization for increasing profit margins is one of the key factors triggering the demand for automated fare collection systems across the globe. Transit agencies are collaborating with the financial institution, payment gateway providers, and system integrators to reduce the overall cost and providing cost effective shared infrastructure.
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Some of the key players in the automated fare collection system include Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, Scheidt & Bachmann GmbH, NXP Semiconductors, Omron Corporation, ST Electronics, Thales Group, Trapeze Group and Vix Technology among others.