Automated Fare Collection Market

Automated Fare Collection Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Technology(Smart Card, Magnetic Stripe, Near-field communication (NFC), Optical Character Recognition (OCR)), By System(Ticket Vending Machine (TVM), Ticket Office Machine (TOM), Fare Gates, IC Cards), By Application(Railways & Transportation, Parking, Entertainment, Others (Government), By Regional(North America, Europe, Asia Pacific, Latin America) - Industry Forecast 2024-2031


Report ID: UCMIG45B2046 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Automated Fare Collection Market Insights

Market Overview:

In 2022, the global automated fare collection market was assessed to be worth USD 10.81 billion. Over the forecast period from 2023 to 2030, it is projected to exhibit a steady growth with a compound annual growth rate (CAGR) of 14.1%. This growth can be attributed to various factors such as increasing urbanization, the need for efficient transportation systems, and advancements in technology. Automated fare collection systems offer convenient and streamlined payment solutions for public transportation, enabling passengers to make cashless transactions through contactless smart cards, mobile apps, or other electronic mediums. As cities worldwide continue to invest in smart transportation infrastructure, the automated fare collection market is expected to witness significant expansion in the coming years.

Automated Fare Collection Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the IT Consulting & Other Services by segment aggregation, the contribution of the IT Consulting & Other Services in Software & Services and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

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FAQs

The market for Automated Fare Collection was estimated to be valued at US$ XX Mn in 2021.

The Automated Fare Collection Market is estimated to grow at a CAGR of XX% by 2028.

The Automated Fare Collection Market is segmented on the basis of Component, Technology, System, Application, Regional.

Based on region, the Automated Fare Collection Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Automated Fare Collection Market are Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, GMV, Indra Sistemas SA, LECIP Holdings Corporation, LG Corporation, Siemens AG, Thales Group, Omron Corporation, Masabi Ltd., Nippon Signal, Scheidt & Bachmann GmbH, Samsung SDS Co. Ltd..

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Automated Fare Collection Market

Report ID: UCMIG45B2046

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