The global automated fare collection system market is estimated to grow at a CAGR of 11.51% during the projected period of 2020-2028
NEW YORK, April 28, 2020 /PRNewswire/ --
KEY FINDINGS
The global automated fare collection system market is estimated to grow at a CAGR of 11.51% during the projected period of 2020-2028. The factors influencing the market growth are the increasing use of smartphones, less probability of fraud and counterfeit, the advancement of transportation infrastructure, customizable and flexible fare plans, and advantages of the contactless payment system.
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MARKET INSIGHTS
An automated fare collection system (AFCS) is an automated version of a manual fare collection that automates the ticketing system of a public transport network.The global AFCS market includes technologies such as smart cards, NFC, and OCR, bar codes, and magnetic strips.
Smart cards are used to make fare payment easy for travelers.Global smartphone shipments in 2019 increased by 2% as compared to 2018, which shows the rapid growth of smartphone adoption by the people.
The smartphone makes purchasing tickets online easier and convenient, and allows customers to purchase any kind of tickets and make a cashless payment.Project delay and funding problems are some of the factors restraining market growth.
In the transport infrastructure, finance plays an important role as the materials and construction equipment used in the industry is very expensive. Due to the economic slowdown, the developers are facing a huge monetary crisis. The situation has affected adversely not only new projects and investments, but also impacted project execution terribly. The intensity of market rivalry is high in the market as the buyers get competitive prices due to the presence of a large number of suppliers.
REGIONAL INSIGHTS
The global automated fare collection system market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World to understand the global market growth rate. As of 2019, North America holds the largest market share, owing to the rise in demand for contactless smart cards and NFC technology.
COMPETITIVE INSIGHTS
The market boasts of the presence of big players occupying a majority of the share together with many other small payers. Some of the prominent players operating in the market are OMRON Corporation, LG CNS, Scheidt & Bachmann GmbH, Atos SE, Cubic Transport Systems, etc.
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-- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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-- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
-- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
Companies mentioned
1. LG CNS
2. OMRON CORPORATION
3. SAMSUNG SDS
4. SCHEIDT & BACHMANN GMBH
5. CUBIC TRANSPORTATION SYSTEMS INC
6. ATOS SE
7. DORMAKABA HOLDING
8. LECIP HOLDINGS CORPORATION
9. NXP SEMICONDUCTORS
10. THALES GROUP
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