Numerous countries around the world have thriving metropolitan areas, with a strong demand for efficient and streamlined public transport. North America and Asia-Pacific, specifically, are expected to make colossal investments in their transport networks and subsequently, fare collection systems.
Having an online system integrated with automatic data gathering is increasingly essential for rural and urban areas around the globe as the demand for ease of use and efficiency continues to gain pace among transit operators and customers alike.
Demand for Efficiency, Accessibility, & Affordability in Mobility
Several countries around the globe are observing an increase in the use of online platforms for ticket bookings, reservations, cancellations, and other associated activities. With customers demanding efficiency and accessibility in the ticketing process, transport operators are relying on innovation as a means to satisfy the growing consumer needs. Transportation and logistics sectors are expected to create an array of opportunities for automated fare collection systems.
The use of technology brings in efficiency and makes the whole process far simpler and more convenient. Automated fare collection systems find application in the retail rector, in public transport such as at subway and metro stations, and at airports. From a broader perspective, development from economic and technological standpoints is expected to bolster the growth of this market.
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Acceptance of New Technologies & Government Initiatives Towards Improving Mobility Drive Market Growth in NA & Europe
North America has been gradually shifting from paper ticketing to fare collection systems in the mobility sector. Fare collection systems are integrated with various technologies to serve pertinent tasks. The region’s technological prowess facilitates the penetration of new technologies and advancements, offering growth prospects for the AFC systems market.
In Europe, investments and steps run parallel with the goal of making public transport more convenient for commuters; this includes several aspects, ranging from cost to accessibility. Countries across the region are opting for smartcards and NFC, among other technologies as a step in leveraging the benefits of technological developments in the transport sector.
Growing Transportation Sector to Drive Market Growth in APAC
Asia-Pacific, Latin America, and the Middle East are all home to a number of developing economies that present significant scope for the application of automated fare collection systems. The growing transportation sector in countries such as China, India, Singapore, the UAE, and Malaysia calls for operational development. While developed countries such as the UAE and Singapore are adopting new technologies to meet the global standards in mobility, developing countries such as India represent growth potential in the form of transportation projects anticipated to be initiated or completed in the future. For instance, UAE’s metro rail will offer an array of opportunities for the AFC systems market.
Some of the key players operating in the automatic fare collection system market are Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, LG CNS, NXP Semiconductors, Samsung SDS, Omron Corp., Scheidt & Bachmann, Thales Group, and LECIP Group.
Global Automatic Fare Collection System Market Segmentation
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