Global Automated Fare Collection Market: Overview
Automated fare collection is the automated version of the manual fare collection. It is an automated process of collecting fares mainly adopted in the public transportation network. This automated process makes the ticketing system fast and efficient in the public transportation such as metro, buses, and rail. The automated fare collection system ensures security as well as managing of funds collected by the transport fare media and sales.
Global Automated Fare Collection Market: Growth Factors
The factors expected to escalate the global automated fare collection market across the globe are the awareness regarding its technological advancements and adoption. The automated fare collection systems benefit in the retail system, traffic management system, commercial vehicle operation, theme park, public transportation system, and automated transportation pricing system which is expected to fuel the global market growth. The demand for accurate, reliable, and error-free systems boosts the global automated fare collection market. The higher security issues during the fare collection are expected to drive the global market. The major factor responsible for the growth of the global automated fare collection market is the strict government standards and regulations set up for various industries. The new payment gateways which include the use of debit, credit, or other bank cards escalate the growth of the global automated fare collection market. The low operating expenses, high return on investments, and improved performance attribute the global market growth. The reduced operating cost, low maintenance cost, and reduced frauds drive the global automated fare collection market.
Global Automated Fare Collection Market: Segmentation
The global automated fare collection market is segmented based on service type, application, vertical, technology type, and region. The service type segment is divided into training, support, and maintenance, managed service, consulting, and system implementation. The application segment is categorized into theme park applications, parking applications, rail and transport, and others. The vertical segment is classified as retail, media and entertainment, government, transportation and logistics, and others. The technology type segment is bifurcated into magnetic stripes, near field communication, and others. The regional segmentation includes North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The rail and transport segment dominate the global automated fare collection market.
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Global Automated Fare Collection Market: Regional Analysis
North American region lead the global automated fare collection market owing to its adoption of the newest technological advancements. The main reason for the growth in this region is the stringent government regulations for the various industries. The government regulatory bodies in the regions such as the U.S., China, and India aim to develop the transportation infrastructure as well as security systems which in turn fuel the global market growth.
Global Automated Fare Collection Market: Competitive Players
The key market players in the global automated fare collection market include Samsung SDS, Cubic Corporation, ST Electronics, Omron Corporation, NXP Semiconductor, LG Corporation, Atos SE, Fare Logistics, and Thales Groups. The other companies that dominate the global market include Vix Technology, Trapeze Group, Advance Cards Systems Ltd., and Scheidt & Bachmann GmbH.