Global Automated Fare Collection Market: Snapshot
The recent developments in the transportation systems across developed and developing economies alike are creating a huge demand for automated fare collection. This applies especially to a majority of Europe and Asia Pacific countries, where the development of smart transport systems is helping create a greater application scope for automated fare collection vendors. At the same time, the integration of stable automated fare collection systems can impart significant improvements in the transportation networks that already exist.
Another driver that automated fare collection companies can look for is the growth of the car rental business across the globe, coupled with the growing demand for e-payment solutions. App-based car rental and public transport is expected to be upcoming key trend in the market.
There are, however, complications in installing automated fare collection systems, such as the high installation cost and integration issues. These problems can be solved through improving technologies and the growth of healthy vendor competition.
Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=7784
These factors are collectively expected to put the automated fare collection at a revenue of US$10.87 bn by the end of 2024. This market is expected to progress at a CAGR of 11.4% from 2015 to 2024 by revenue.
North America App-driven Automated Fare Collection System Leads its Global Market
One of the key advantages that automated fare collection players are looking forward to is the large scale use of smartphones. This encourages the companies to create apps that can make it easier to implement automated fare collection in both public transport and car rental services. Government agencies and private transport companies are highly interested in the use of mobile apps to help reduce the need for separate additional software and transaction machines.
By the end of 2024, North America is expected to hold 35.6% of the market revenue, which will be the largest share held by a key region. This is primarily due to the massive usage of automated fare collection systems in the U.S. Almost all public transportation systems make use of some form of automated fare collection in this country, while the demand for advanced systems is increasing even further.
Looking for exclusive market insights from business experts? Request a Custom Report
Car Rental Services Show Highest Demand for Automated Fare Collection Systems
By 2024, an estimated 26.8% of the total automated fare collection market revenue will be held by the car rental applications. The use of app-based fare collection for car rental services is rapidly increasing in the Asia Pacific region, creating a high scope of market penetration for automated fare collection service providers. This complements the overall rise in demand for rental cars in the region. This demand is generated through both increasing civilian and tourist traffic.
The use of apps for pre-booking taxi services is also a key avenue for automated fare collection players to look into. The large demand for efficient taxi apps in most developing economies is helping create a greater application scope for automated fare collection systems.
The top players in the global automated fare collected market are NXP Semiconductors, Omron Corporation, Siemens AG, GMV, Atos, and Advanced Card Systems.
Read Our Trending Press Release Below: https://www.prnewswire.com/news-releases/strategy-of-developing-user-friendly-products-working-well-for-vendors-in-baby-diapers-market-tmr-301136594.html
