Automated Fare Collection System Market Opportunity Assessment, Market Challenges, Key vendor analysis, Vendor landscape by 2023
Category: #business  By Rahul Varpe  Date: 2021-08-02
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Automated Fare Collection System Market Opportunity Assessment, Market Challenges, Key vendor analysis, Vendor landscape by 2023

How will favorable legislative landscape in the APAC region impel global automated fare collection (AFC) system market share over 2016-2023?

Rising propensity towards smart payments and ticketing technologies is likely to propel automated fare collection (AFC) system market size over the predicted timeframe. AFC systems are a core component of the ITS (Intelligent Transport System) market. Owing to prolific expansion of transport infrastructure across the globe, AFC systems industry is poised to amass hefty proceeds in the years ahead.

Access to enhanced transportation statistics is contributing to more efficient planning for future infrastructure and service augmentations, thereby presenting lucrative prospects to the AFC systems market expansion.

Intelligent or Smart AFC systems can calculate the ideal fare, taking into account myriad factors. These include prior journey logs, travel duration as well as relevant discounts. Transparency in fee collection is paramount to maintain customer satisfaction and provide a valuable experience to both end-users and transit authorities.

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Prominent automated fare collection system industry players include Omron Corporation, Thales Group and Cubic Transportation, among others. The AFC systems market is highly competitive, owing to lengthy life spans and limited presence of participants. Entry barriers are also significantly high owing to the prevalence of long-term service agreements between buyers and companies.

According to estimates from a Global Market Insights, Inc report, the global automated fare collection (AFC) system market size is set to exceed $9.84 billion over 2023.

What are the key contributing factors to automated fare collection (AFC) system market growth over the forecast spell?

Favorable government policies are expected to foster automated fare collection system market development over the coming years. The implementation of AFC systems presents several benefits to the transportation domain.

These include enhanced revenue management, transport planning proficiency and protection from fraud, to name a few. Industry expansion is also driven by extensive communications technology advancements in tandem with the growth of smartphones, tablets and other such personal mobile devices.

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These trends are prevalent largely in the Asia Pacific region. As a consequence, the China automated fare collection system market size is poised to surpass $700 million over 2023.

Meanwhile, the U.S AFC system industry accounted for over 85% of the North American revenue share in 2015, and is projected to maintain its leading position over the estimated timeline.

What technology segment is expected to accrue considerable gains for the automated fare collection (AFC) system industry over the projected timeline?

The AFC systems market is largely technology-driven, with consistent efforts being made towards improving data security. With respect to the technology spectrum, the NFC segment is expected to depict an appreciable growth rate of 12.3% CAGR through 2023.

NFC or near field communication technology aids automated connections in addition to offering a better user experience. The technology shows considerable application potential in pay-as-you-go or point-to-point payment schemes and also offers users a vast array of payment options.

The automated fare collection system market from the smart cards segment held more than 30% of the worldwide revenue in 2015. Smart cards have a multitude of advantages; they are portable, significantly less complex and more economical to produce than competing segments. The functionality of smart cards is based on the use of an embedded microchip, capable of writing and processing data in a secure environment. Smart cards can be either contactless or contact-based in nature.

How will the rising demand for efficient fare collection methods in public transit infrastructure boost AFC system market outlook from hardware segment?

Hardware components are essential for the efficient implementation of automated fare collection systems. In fact, the AFC system industry from the hardware segment is estimated to grow at a sizeable rate of 10.3% CAGR through 2023.

Key AFC hardware components include TVMs (ticket vending machines), mobile and handheld terminals, fare gates, booking office machines, etc.
 

 

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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