Automatic Fare Collection System market analysis with opportunity segments

The Business Research Company's Automatic Fare Collection System Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, July 4, 2024 /EINPresswire.com/ -- The automatic fare collection system market has experienced robust growth in recent years, expanding from $9.47 billion in 2023 to $10.75 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to efficiency and speed of boarding, reducing revenue leakage and fare evasion, enhancing passenger convenience, integration with multi-modal transportation, and data collection for operational insights.

Strong Future Growth Anticipated
The automatic fare collection system market is projected to continue its strong growth, reaching $16.18 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to smart cities initiatives and IoT connectivity, integration with mobility as a service (MaaS), government initiatives and regulations, increased focus on passenger experience, and cybersecurity and fraud prevention.

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Growth driver of the automatic fare collection system market
Increasing smartphone penetration is expected to propel the growth of the automatic fare collection system market going forward. A smartphone is a mobile device that combines the functions of a traditional cell phone with those of a computer. Smartphones are used in automatic fare collection (AFC) systems to facilitate cashless and contactless transactions and enhance the efficiency, convenience, and user experience of public transportation.

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Major Players and Market Trends
Key players in the automatic fare collection system market include Sony Corporation, Siemens AG, Thales Group, NXP Semiconductors, Atos SE, Seiko Epson Corporation, Singapore Technologies Engineering Ltd, OMRON Corporation, Gaoxin Modern, KML Technology Group Ltd, Indra Sistemas, S.A, Chinasoft International Ltd, Cubic Corporation, SATO Holdings Corporation, NIPPON SIGNAL CO LTD, Dormakaba Holding AG, TSC Auto ID Technology Co., Ltd, Star Micronics Co., Ltd, Vix Technology, Scheidt & Bachmann GmbH, LECIP HOLDINGS CORPORATION, Trapeze Group, Leadway Tech, GRGBanking, Masabi Ltd, Advanced Card Systems Ltd.

Major companies operating in the automatic fare collection system market are focusing on advancements, such as automatic fare collection systems, to enhance operational efficiency, improve passenger experience, and generate additional revenue streams. Automatic Fare Collection (AFC) systems are technological solutions implemented in public transportation systems to automate the process of fare payment by passengers.

Segments:
1) By Component: Hardware, Software
2) By Technology: Smart Card, Magnetic Stripe, Near-Field Communication (NFC), Optical Character Recognition (OCR)
3) By Application: Railways And Transportation, Parking, Entertainment, Other Applications

Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the automatic fare collection system market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of automatic fare collection system.

Automatic Fare Collection System Market Definition
The automatic fare collection (AFC) system refers to a comprehensive set of components used in public transportation networks to collect fares from passengers in a convenient and efficient manner. These systems typically use electronic payment methods such as smart cards, mobile payments, or contactless payment systems to automate fare collection processes, eliminating the need for cash transactions.

Automatic Fare Collection System Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Automatic Fare Collection System Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automatic fare collection system market size, automatic fare collection system market drivers and trends, automatic fare collection system market major players, competitors' revenues, market positioning, and market growth across geographies. The automatic fare collection system market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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