Automated Fare Collection System Market By Application (Bus, Toll, Train and Car rental), By Component (Software & Services, hardware) By Technology Platform (Smart card, NFC, OCR, and Others), By Geography (North America, Europe, Asia Pacific and Rest of World), Global Opportunity Analysis and Industry Forecast, 2016 - 2024

September 2017

 Pages: 155

 ERC 6423

Automated Fare Collection System Market was valued at $4.81 billion in 2016 and is projected to reach $12.81 billion by 2024, growing at a CAGR of 13.3% from 2017 to 2024.By application type, Bus segment, generated the highest revenue share of $1.28 billion in 2016, growing at a CAGR of 13.6% in the global AFC market. Among major regions, North America AFC market was the highest revenue generating market valued at $1.6 billion in 2016.

An automated fare collection system, or AFC system, is a set of components that helps in the automation of ticketing systems of a public transportation network. The AFC system is usually the basis for integrated ticketing. Various technologies such as contactless smart cards and tokens have been seen more frequently in AFC. AFC enhances the efficiency in fare collection, improves the overall transaction rate, and saves an extensive amount of time, thereby minimizing waiting time in queues and searching for cash to buy tickets. In addition, it is the easiest method for revenue collection. AFC offers travelers to carry one card for use on all transit modes. For Example, Delhi Metro Rail has provided smart cards which has efficiently reduced traffic jamming and waiting in queues. The AFC system is comprised of the components such as automatic gate machine, ticket vending machine and ticket checking machine.

Market Determinants

Factors that are driving the growth of the AFC market are the enhanced benefits of AFC. Inclination of the people towards adopting new technologies, and the development of new technologies for AFC such as advanced traffic management system, commercial vehicle operation, AFC enabled retail system, automated transportation pricing system, and advanced public transportation system are driving the AFC market growth. This technology also helps to eliminate the need for carrying out operations manually, which is a very hectic task. AFC also reduces the risk of errors, as the operations carried out by machines are more accurate and precise, and the likelihood of errors is very less. Another major plus point of the AFC technology is that it is much more effective in terms of security for transactions as compared to other manual methods. As a result of these factors, the governments of various countries are investing on numerous AFC projects. However, lack of awareness and limited use of smart cards can act as the restraints for the growth of AFC Market.

 Market Segmentation

The segmentation of the AFC market is done on the basis of Component, Application, Technology Platform and Geography. On the basis of the component, the market is segmented as Hardware and Software. By application, the market is segmented as Bus, Toll, Train, and Car rentals. On the basis of technology platform, the market is segmented as Smart Card, NFC, OCR and Others. On the basis of geography, the market is segmented as North America, Europe, Asia-Pacific and Rest of World.

GLOBAL AFC MARKET REVENUE BY GEOGRAPHY, 2016 ($ MILLION)

                   automated fare collection system market

Some major players in the market are Advanced Card Systems Ltd., Atos SE, Cubic Transportation Systems, LG CNS, NXP Semiconductors, Omron Corp., Samsung SDS, Scheidt & Bachmann, Thales Group and LECIP Group.

AUTOMATED FARE COLLECTION SYSTEM MARKET SEGMENTATION

On the Basis of Component
   • Hardware
   • Software

On the Basis of Application
   • Bus
   • Toll
   • Train
   • Car Rental

On the Basis of Technology Platform
   • Smart Card
   • NFC
   • OCR
   • Others (Magnetic Strips and Bar Codes)

On the Basis of Geography
   • North America
   • Europe
   • Asia-Pacific
   • LAMEA

AUTOMATED FARE COLLECTION SYSTEM KEY MARKET PLAYERS

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

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    What Information does this report contain?

    • What was the market size of the Automated Fare Collection System Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions, and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Automated Fare Collection System Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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