PORTLAND, Ore., June 2, 2021 / PRNewswire / – Allied Market Research published a report titled, “Automated Fare Collection Systems Market by application (bus, toll, train and car rental), component (hardware and software) and technology platform (smart card, near-field communications, optical character recognition (OCR) and others): analysis of global opportunities and industry forecast, 2020-2027. “ According to the report, the global Automated Ticket Collection System industry has been estimated at $ 6.63 billion in 2019, and is expected to reach $ 12.75 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027.
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Drivers, constraints and opportunities-
The increasing trend of open contactless payment, increasing demand for smartphones, improved transport infrastructure and security system, flexible pricing plans, low labor costs and reduced time operating systems are fueling the growth of the global automated fare collection systems market. On the other hand, high installation and maintenance costs hamper growth to some extent. Nevertheless, the increase in the use of high-speed public transport, the arrival of digital payment and global interoperability should create multiple opportunities for the main players in the sector.
- The outbreak of the pandemic has resulted in several restrictions on transportation around the world, which has negatively impacted the global automated fare collection system market.
- However, as the foreclosure is now reopened, the market is expected to recover soon. In addition, high health issues, the arrival of digital technologies and the growing inclination towards the contactless and automated payment system are expected to gain momentum in the years to come.
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The rail segment to be dominated by 2027-
On an application basis, the trains segment accounted for nearly two-fifths of the global automated fare collection systems market share in 2019 and is expected to maintain its dominance through the end of 2027. The same segment is also expected to register the Fastest 13.1% CAGR throughout the forecast period, driven by the growth of urban rail projects across the globe.
The smart card segment to pave the way
Based on a technology platform, the smart card segment has contributed approximately two-fifths of the global market automated ticket collection systems market revenues in 2019 and is expected to retain the lion’s share by 2027, due to ease of use. Simultaneously, the NFC segment is believed to represent the fastest CAGR of 13.9% during the forecast period, due to the increasing use of NFC-enabled smartphones and the increasing penetration of digital payment solutions.
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North America held the dominant share in 2019-
Based on geography, North America won the bulk in 2019, holding more than a third of the global automated ticket collection systems market. At the same time, Asia Pacific is believed to manifest the fastest CAGR of 14.4% through 2027. This is due to the high availability of cost-effective manufacturing solutions and the increasing rate of urban transportation projects in the region.
Leading market players-
- Cubic Transport Systems, Inc.
- Dormakaba Holding
- LECIP Group
- Samsung SDS
- LG CNS
- NXP semiconductors
- Atos SE
- OMRON Company
- Scheidt & Bacchhan GmbH
- Thales Group
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