Artificial Intelligence

Automatic Fare Collection System Market Size is projected to reach USD 21.81 billion by 2031, growing at a CAGR of 11.20%: Straits Research

Published

12 months ago

June 6, 2023

New York, United States, June 06, 2023 (GLOBE NEWSWIRE) — The global transportation industry is being driven by the population explosion and the rising number of commuters. A ground-breaking automated technology that streamlines the fare collection process has been made possible by this scenario. Several urban public transportation systems use automated fare collection (AFC) systems as they transition from paper tickets printed using a small machine with a keypad to digital tickets (smart cards). Although paper tickets and passes still account for a sizeable portion of commuter rail and urban and rural rail transit systems’ ticketing methods, these have recently been replaced by inexpensive magnetic stripe cards and contactless smart cards, which offer more data collection options and security. Additionally, it is clear that AFC systems are preferred as the idea of smart cities gains popularity worldwide. Cities are incorporating cutting-edge technologies into municipal tasks, from infrastructure maintenance to transportation.

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Growing Smartphone Industry Drives the Market

The market for automated fare collection systems has accelerated as smartphones have developed into a necessary tool for online ticketing. Smartphones have made ticket purchasing easier and more convenient with the development of standalone applications for train and bus travel. This has helped the market expand. Customers can purchase any ticket type and pay with a cashless method. Using mobile applications for ticketing also has the advantage of accelerating boarding and streamlining cash-handling procedures. Customers today appreciate the ease of using preloaded cards when making purchases to enhance their travel experience. The automatic fare collection system in India has benefited greatly from the UPI payment method as well. The automatic fare collection system is anticipated to expand further over the course of the forecast period, thanks to recent developments in UPI and eWallet technology.

Rising Investments and the Development of Transit Projects give an Opportunity for Exponential Growth

Businesses that offer automated fare collection solutions may find new business opportunities as future transit infrastructure projects take place in both developing and developed economies. As more transit agencies use the technology, chances will present themselves to provide support services both during and after system installation. Driverless Metrino pods, LRT, BRT, Monorail, and Metro projects are just a few of the transportation options that the 100 Smart Cities Project in India plans to use. These projects are expected to include installed automated fare systems because it is anticipated that many commuters will use these services. In order to implement the locally created National Common Mobility Card (NCMC) throughout the entire Delhi Metro network, Delhi Metro has contracted with a consortium to upgrade the entire ecosystem, including the Automatic Fare Collection (AFC) system, in February 2022. Additionally, this upgrade will make it possible to travel using Near Field Communications (NFC) media, Account Based Tickets, and QR Tickets. The adoption of NCMC & QR tickets will enable hassle-free travel on metro rails and other public transportation systems across the country in addition to facilitating retail shopping and purchases. With mobile QR and NFC-based tickets, travelers will also be able to enter or exit a metro station through its hallways.

Report Scope

Report Metric	Details
Market Size	USD 21.81 billion by 2031
CAGR	11.20%
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Component, By Application, By Technology
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Advanced Card Systems Ltd. ,Cubic Transportation Systems ,Atos SE ,LG CNS ,NXP Semiconductors ,Samsung SDS ,Omron Corp ,Scheidt & Bachmann ,Thales Group ,LECIP Group
Key Market Opportunities	Increasing Investments in Automated Transit Projects
Key Market Drivers	Increasing Smartphone Penetration

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Regional Analysis

North America region is the highest contributor to the market. The public transportation system in North America has undergone a significant transformation as a result of investments made by local and federal authorities to modernize the region’s transit system. In urban areas like Baltimore, New York, Boston, Washington, D.C., Chicago, Atlanta, Los Angeles, Houston, and others, numerous upgrade programs have been implemented by reputable companies as their respective transit systems acquire new rolling stock, thereby expanding and modernizing the existing infrastructure to comply with the state-of-the-art AFC system. For instance, in 2018, Masabi, the company that pioneered Software-as-a-Service ticketing and payments for public transportation, partnered with the Regional Transit Service (RTS) in Rochester (New York) to deliver its cutting-edge automated fare collection (AFC) system using Justride. With the aid of Ticket Vending Machines (TVMs) that provide smart cards or printed barcodes, this system will allow commuters without smartphones and bank accounts to quickly pay for the fares.

During the anticipated period, the market for automatic fare collection systems is anticipated to expand rapidly in Europe. The market for automatic fare collection systems and ticketing is growing in Europe as new technology places a greater emphasis on low maintenance costs, dependable machinery, quick transactions, and security. Due to growing health and safety concerns in public transportation, including the higher risk of COVID-19 and other diseases transmission that cash presents, transit agencies now see contactless payments as an urgent matter. 35% of Americans and Germans who survived the pandemic said that, as a result, they spent less money. This number increases to 65% in the UK. Additionally, 55% of consumers said they intended to increase their use of contactless payments as a result of the pandemic, indicating that health issues may have had a long-lasting effect on their decision-making. In London, contactless transactions accounted for two-thirds of all non-cash transactions in 2019–20, with Oyster smart cards accounting for the remaining one-third. Innovation is encouraged by such technological adaptation trends, and advancements in the market for automatic fare collection systems will present a variety of opportunities.

During the anticipated period, the market for automatic fare collection systems is anticipated to expand significantly in Asia-Pacific. The Asia-Pacific region’s AFC system market has a larger development window thanks to the growing trend of digitization that is pushing several sectors in developing nations like China and India. Additionally, technologically advanced nations like Japan have the potential to adopt advancements and innovations in AFC systems, providing growth opportunities for the market. The modernization and standardization of 1,350 AFC gates on Singapore’s MRT will take place over a seven-year period, according to a contract the Singapore Land Transport Authority (LTA) awarded to the Thales Group in October 2021. Everyone will be able to commute without experiencing any delays thanks to the updated AFC gates, which use contactless technologies, increasing the effectiveness and accessibility of the public transportation system.

During the forecast period, the market for automatic fare collection systems worldwide is anticipated to grow moderately in the LAMEA region. Rapid urbanization, changing ticketing and automated fare collection technologies, and the integration of numerous multiple-mode transit providers in the African region prove to be crucial growth drivers for the AFC system market. Initiatives to create smart cities and the growing adoption of technology in the Middle Eastern region are continually creating new opportunities for transport operators. The pandemic has accelerated the digitization of transportation services and raised consumer demand for contactless payments, easy travel, and smart city technologies to be incorporated into commuters’ daily routines. In the Middle East and Africa, governments, communities, public and private bus operators, transportation authorities, and numerous NGOs support automatic fare collection with an open-loop ecosystem.

Key Highlights

The global automatic fare collection system market size is projected to reach USD 21.81 billion by 2031, growing at a CAGR of 11.20% during the forecast period (2023-2031).
Based on components, the global automatic fare collection system market is bifurcated into hardware and software. The hardware segment is the highest contributor to the market.
Based on the application, the global automatic fare collection system market is bifurcated into parking, transportation and logistics, and entertainment. The transportation & logistics segment is the highest contributor to the market.
Based on technology, the global automatic fare collection system market is bifurcated into near-field communication, magnetic strips & tokens, and smartcards. The smartcard segment is the highest contributor to the market.
North America is the highest contributor to the global Automatic Fare Collection System market.

Competitive Analysis:

Card Systems Ltd
Cubic Transportation Systems
Atos SE
LG CNS
NXP Semiconductors
Samsung SDS
Omron Corp.
Scheidt & Bachmann
Thales Group
LECIP Group

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Global Automatic Fare Collection System Market: Segmentation

By Component

Hardware
Software

By Application

Parking
Transportation and Logistics
Entertainment

By Technology

Near-Field Communication (NFC)
Magnetic Strips & Tokens
Smartcards

By Regions

North America
Europe
Asia-Pacific
LAMEA

TABLE OF CONTENT

EXECUTIVE SUMMARY
RESEARCH SCOPE & SEGMENTATION
1. Research Objectives
2. Market Definition
3. Limitations & Assumptions
4. Market Scope & Segmentation
5. Currency & Pricing Considered
MARKET OPPORTUNITY ASSESSMENT
1. Emerging Regions / Countries
2. Emerging Companies
3. Emerging Applications / End Use
4. Investment Landscape
5. New Business Models / Revenue Streams
6. TAM
MARKET TRENDS
1. Drivers
2. Market Warning Factors
3. Latest Macro Economic Indicators
4. Geopolitical Impact
5. Human Factors
6. Technology Factors
MARKET ASSESSMENT
1. Porters Five Forces Analysis
2. Value Chain Analysis
3. Sales And Distribution Channel Analysis
4. Case Study Analysis
5. Patent Analysis
6. M & A Agreements & Collabration Analysis
ESG TRENDS
GLOBAL AUTOMATIC FARE COLLECTION SYSTEM MARKET SIZE ANALYSIS
1. Global Automatic Fare Collection System Market Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
NORTH AMERICA MARKET ANALYSIS
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
5. U.S.
  1. By Component
    1. Introduction
      1. Component By Value
    2. Hardware
      1. By Value
    3. Software
      1. By Value
  2. By Application
    1. Introduction
      1. Application By Value
    2. Parking
      1. By Value
    3. Transportation And Logistics
      1. By Value
    4. Entertainment
      1. By Value
  3. By Technology
    1. Introduction
      1. Technology By Value
    2. Near-Field Communication (NFC)
      1. By Value
    3. Magnetic Strips & Tokens
      1. By Value
    4. Smartcards
      1. By Value
6. Canada
EUROPE MARKET ANALYSIS
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
5. U.K.
  1. By Component
    1. Introduction
      1. Component By Value
    2. Hardware
      1. By Value
    3. Software
      1. By Value
  2. By Application
    1. Introduction
      1. Application By Value
    2. Parking
      1. By Value
    3. Transportation And Logistics
      1. By Value
    4. Entertainment
      1. By Value
  3. By Technology
    1. Introduction
      1. Technology By Value
    2. Near-Field Communication (NFC)
      1. By Value
    3. Magnetic Strips & Tokens
      1. By Value
    4. Smartcards
      1. By Value
6. Germany
7. France
8. Spain
9. Italy
10. Russia
11. Nordic
12. Benelux
13. Rest Of Europe
APAC MARKET ANALYSIS
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
5. China
  1. By Component
    1. Introduction
      1. Component By Value
    2. Hardware
      1. By Value
    3. Software
      1. By Value
  2. By Application
    1. Introduction
      1. Application By Value
    2. Parking
      1. By Value
    3. Transportation And Logistics
      1. By Value
    4. Entertainment
      1. By Value
  3. By Technology
    1. Introduction
      1. Technology By Value
    2. Near-Field Communication (NFC)
      1. By Value
    3. Magnetic Strips & Tokens
      1. By Value
    4. Smartcards
      1. By Value
6. Korea
7. Japan
8. India
9. Australia
10. Taiwan
11. South East Asia
12. Rest Of Asia-Pacific
MIDDLE EAST AND AFRICA MARKET ANALYSIS
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
5. UAE
  1. By Component
    1. Introduction
      1. Component By Value
    2. Hardware
      1. By Value
    3. Software
      1. By Value
  2. By Application
    1. Introduction
      1. Application By Value
    2. Parking
      1. By Value
    3. Transportation And Logistics
      1. By Value
    4. Entertainment
      1. By Value
  3. By Technology
    1. Introduction
      1. Technology By Value
    2. Near-Field Communication (NFC)
      1. By Value
    3. Magnetic Strips & Tokens
      1. By Value
    4. Smartcards
      1. By Value
6. Turkey
7. Saudi Arabia
8. South Africa
9. Egypt
10. Nigeria
11. Rest Of MEA
LATAM MARKET ANALYSIS
1. Introduction
2. By Component
  1. Introduction
    1. Component By Value
  2. Hardware
    1. By Value
  3. Software
    1. By Value
3. By Application
  1. Introduction
    1. Application By Value
  2. Parking
    1. By Value
  3. Transportation And Logistics
    1. By Value
  4. Entertainment
    1. By Value
4. By Technology
  1. Introduction
    1. Technology By Value
  2. Near-Field Communication (NFC)
    1. By Value
  3. Magnetic Strips & Tokens
    1. By Value
  4. Smartcards
    1. By Value
5. Brazil
  1. By Component
    1. Introduction
      1. Component By Value
    2. Hardware
      1. By Value
    3. Software
      1. By Value
  2. By Application
    1. Introduction
      1. Application By Value
    2. Parking
      1. By Value
    3. Transportation And Logistics
      1. By Value
    4. Entertainment
      1. By Value
  3. By Technology
    1. Introduction
      1. Technology By Value
    2. Near-Field Communication (NFC)
      1. By Value
    3. Magnetic Strips & Tokens
      1. By Value
    4. Smartcards
      1. By Value
6. Mexico
7. Argentina
8. Chile
9. Colombia
10. Rest Of LATAM
COMPETITIVE ASSESSMENT
1. Adoption Matrix
2. Automatic Fare Collection System Market Share By Manufacturers
3. Automatic Fare Collection System Market Ranking By Revenue For Manufacturers
4. Average Price By Manufacturers
5. Vendor Footprint Analysis
MARKET PLAYERS ASSESSMENT
1. Advanced Card Systems Ltd.
  1. Overview
  2. Business Information
  3. Revenue
  4. ASP
  5. Gross Margin
  6. Swot Analysis
  7. Recent Developmments
2. Cubic Transportation Systems
3. Atos SE
4. LG CNS
5. NXP Semiconductors
6. Samsung SDS
7. Omron Corp
8. Scheidt & Bachmann
9. Thales Group
10. LECIP Group
RESEARCH METHODOLOGY
1. Research Data
  1. Secondary Data
    1. Major Secondary Sources
    2. Key Data From Secondary Sources
  2. Primary Data
    1. Key Data From Primary Sources
    2. Breakdown Of Primaries
  3. Secondary And Primary Research
    1. Key Industry Insights
2. Market Size Estimation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Market Projection
3. Research Assumptions
  1. Assumptions
4. Limitations
5. Risk Assessment
APPENDIX
1. Discussion Guide
2. Customization Options
3. Related Reports
DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/automatic-fare-collection-system-market/toc

Market News

In March 2022, Thales Group and PAL Aerospace signed an agreement to develop the next-generation mission systems.
In September 2022, Cubic Transportation systems partnered with New England Traffic Solutions to provide a single point of contact to all its customers, with combined customer service and broadening its footprint in the Northeast region.
In September 2022, Omron and NTT communications joined hands to develop solutions for faster manufacturing.

News Media

Global Intelligent Transportation Systems Market to Grow at a CAGR of 5.75% During 2022 –2030

Global Transportation Management Systems Market to Grow at a CAGR of 17% by 2030

Demand for Eco-Friendly Transportation Pumps Global Electric Bicycle Market to Grow at 13.2% CAGR by 2030

Airways Transportation Mode Segment to Grow at the Highest CAGR in Smart Transportation Market During The Forecast Period – 2026

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Logistics Services Market: Information by Logistics Model (1 PL, 2 PL), Logistics Deployment (Roadway, Airway), End-Use (Industrial & Manufacturing), and Region — Forecast till 2026

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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8 mins ago

May 23, 2024

CISION (PR Newswire)

info-tech-research-group-reveals-dr-timnit-gebru-and-meredith-whittaker-to-be-keynote-speakers-at-live-2024-it-conference

The annual Info-Tech LIVE conference provides CIOs and IT professionals with practical insights to drive technology-led transformations, impact business outcomes, and accelerate their professional careers over the coming year. The first round of anticipated keynote speakers for the September 2024 conference has been formally announced by the global research and advisory firm.
LONDON, May 23, 2024 /PRNewswire/ — Info-Tech Research Group, a global leader in IT research and advisory, has announced the first two highly anticipated keynote speakers for Info-Tech LIVE 2024: Dr Timnit Gebru and Meredith Whittaker. Info-Tech LIVE 2024 will provide leaders and industry professionals with unparalleled insights into the latest advancements in AI and Exponential IT. The prestigious annual three-day conference, which brings together global CIOs and IT professionals across diverse industries, is scheduled from September 17 to 19, 2024, at the iconic Bellagio in Las Vegas.

Dr Timnit Gebru, a pioneering computer scientist and advocate for ethical AI, is the founder and executive director of the Distributed AI Research Institute (DAIR), focusing on the impact of AI on marginalised communities. Dr Gebru is known for her groundbreaking work on the ethical implications of AI and her advocacy for greater diversity in the tech industry. Meredith Whittaker, a leading voice in AI policy and president of the Signal Foundation, has been instrumental in advancing secure communication technologies and data transparency. As the cofounder of the AI Now Institute, Whittaker’sWhittaker’s efforts have significantly influenced responsible AI practices and major policy reforms.
‘We are excited to welcome Dr Timnit Gebru and Meredith Whittaker as keynote speakers at Info-Tech LIVE 2024,’ says Gord Harrison, senior vice president of research and advisory at Info-Tech Research Group. ‘Their contributions and work in AI and technology ethics will offer our attendees unique perspectives and invaluable insights. By engaging with these influential leaders, participants will gain a deeper understanding of the profound impact of AI and Exponential IT on the future of technology and how to harness these innovations to drive their organisations forward.’
Special Keynote Speakers for LIVE 2024:
Dr Timnit GebruFounder & Executive Director, The Distributed AI Research Institute (DAIR)A trail-blazing computer scientist, Dr. Gebru is renowned for her efforts to reduce the potential negative impacts of AI. As the former co-lead of Google’s Ethical AI research team, Dr Gebru’s departure from Google after authoring a pivotal research paper on the risks of large language models (LLMs) ignited a labour movement, resulting in the formation of the first tech workers union at Google.
Meredith WhittakerPresident, Signal FoundationAs a cofounder of New York University’s AI Now Institute, Whittaker’s work has helped shape global AI policy. During her decade-long tenure at Google, she founded its Open Research Group and cofounded M-Lab, the world’s largest open data source on internet performance. Whittaker gained notable recognition as a key organiser of the Google walkouts and for her role in a protest against Google’s involvement in a military drone AI surveillance program.
‘Through cutting-edge insights and research, this year’s gathering of global experts will address the most pressing opportunities and challenges in today’s tech landscape,’ adds Harrison. ‘We are looking forward to welcoming distinguished CIOs, speakers, and partners to Las Vegas this September. Together, we will explore the future of AI, ethical considerations, and the exponentially evolving landscape of technology.’
Registration is now open for Info-Tech Research Group’s annual IT conference, Info-Tech LIVE 2024.
Updates and new details about speakers, agendas, and exclusive event experiences can be found via LinkedIn and Twitter over the coming months.
Media Passes for Info-Tech LIVE 2024Taking place September 17 to 19, 2024, at the iconic Bellagio in Las Vegas, this premier event offers journalists, podcasters, and media influencers access to exclusive content, the latest IT research and trends, and the opportunity to interview industry experts, analysts, and speakers. To apply for media passes to cover the insights presented at Info-Tech LIVE or to gain access to research and expert insights on trending topics, please contact [email protected].
About Info-Tech Research GroupInfo-Tech Research Group is one of the world’s leading research and advisory firms, proudly serving over 30,000 IT and HR professionals. The company produces unbiased, highly relevant research and provides advisory services to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organisations.
To learn more about Info-Tech’s divisions, visit McLean & Company for HR research and advisory services and SoftwareReviews for software-buying insights.
Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
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