The demand within the global market for automated fare collection has been rising on account of advancements in the field of automation technologies, finds Transparency Market Research (TMR). The vendors in the global market for automated fare collection have been improving their services to fetch the benefits of superior performance. Furthermore, the competitive landscape of the global automated fare collection market is expected to become increasingly fragmented in the years to come. This is due to the continual entry of new players in the global automated fare collection market across the globe. There is also a possibility of voluminous revenues falling under the kitty of the leading vendors in the global automated fare collection market.
The leading vendors in the global automated fare collection market have been striking collaborations with transportation companies over the past decade. This has helped these vendors in building a strong foundation for launching their future products and services. The small and medium-sized vendors in the global market for automated fare collection are expected to form alliances amongst themselves. This could help these vendors in sustaining amidst cutthroat competition from established vendors. Some of the key vendors in the global automated fare collection market are Omron Corporation, GMV, Siemens AG, and Atos.
Transparency Market Research (TMR) finds that the global automated fare collection market would expand at a starry CAGR of 11.4% over the period between 2015 and 2024. The cumulative revenues within the global market for automated fare collection are expected to touch US$10.87 bn by 2024-end. On the basis of geography, the market for automated fare collection in North America is projected to expand at a starry rate in the years to come. This owes to the matured transport industry in the US and Canada.
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Advancements in the Transport Sector to Propel Market Demand
The transportation industry across the globe has been making rapid advancements over the past decade. The emerging economies have especially been steadfast in improving the transport industry. This factor has played a key role in the growth of the global automated fare collection market in recent times. Moreover, the domain of public transport has also made rapid advancements in recent times which has in turn given a boost to the demand within the global automated fare collection market. The investments made by governments towards inducting improved technologies in public transport facilities have aided market growth.
Need for Better Public Transport to Aid Market Growth
The growing demand for improved public transport can be attributed to the need for conserving fossil fuels. The environmental impact of fuel-powered vehicles is abysmal, and there is a need to reduce carbon emissions from vehicles. This has brought the use of public transport under the spotlight of attention in recent times. Hence, the global market for automated fare collection is expected to grow at an unprecedented rate. On the flip side, the high installation cost of automated fare collection systems could be a roadblock to the growth of the global automated fare collection market.
The review is based on TMR’s report titled, “Automated Fare Collection Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2024”.
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Key Segments of the Global Automated Fare Collection Market
Global Automated Fare Collection Market by Technology Type
- Smart Cards
- Magnetic Strips
- NFCs
- OCR
Global Automated Fare Collection Market by Component
- Software
- Hardware
Global Automated Fare Collection Market by Industrial Application
- Bus
- Car Rental
- Toll
- Train
- E-payment
- Others
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