Albany - New York, Nov. 23, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Automated Fare Collection Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," the automated fare collection market was valued at US$5.12 bn in 2014, and is expected to reach US$10.87 bn by 2021, at a CAGR of 11.4% from 2015 to 2021.
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Automated fare collection (AFS) system is an automated ticketing systems designed for transportation networks. Automated fare collection system enables efficiency in the fare collection and helps in improving the transaction speed. The automated fare collection also helps in broadening the customer base for the transportation systems and establishment. The AFC system helps in saving considerable amount of time as it eliminates the wait in queues for buying tickets. Moreover, installation of AFC systems provides opportunity to the transportation authorities to enhance services to the end users.
Development of mono rail and metro services in developing cities and other metro cities is a major driver in the growth of the automated fare collection system. Government focus at improvement of transportation security and infrastructure is likely to drive the market. Use of app-based payment systems like credit, debit and bank card is likely to drive the market further. The cost of installation and development of infrastructure for the automated fare collection system is very high and is a major restraint for the growth of the automated fare collection market.
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The global automated fare collection market is broadly segmented into: North America, Europe, Asia Pacific and Rest of the World. North America accounted for the largest market share in the global automated fare collection market. In 2014, North America accounted for 35.1% of the total market share. Presence of developed nations like the U.S and Canada which has a high adoption of AFC system and uses the technology in all kind of transportation system in the region is driving the growth of AFC system in the region.
The automated fare collection market by technology has been segmented into: smart cards, NFC, magnetic strips, and OCR. Smart card technology in the automated fare collection market accounted for the largest revenue in 2014. The smart card segment in the automated fare collection market segmented by technology accounted for 44% market share. Smart cards are the most widely used technology in the automated fare collection market as they are secure and reliable.
The automated fare collection market by component has been segmented into hardware and software components. In 2014, the software segment accounted for 55% of the total market share in the automated fare collection market segmented by component. Growth in use of smart phones for making payments is expected to drive the market over the forecast period.
The automated fare collection market by industrial application is segmented into bus, toll, car rental, train, e-payment and others. The car rental segment in the automated fare collection market segmented by industrial application accounted for the largest market share and contributed 26% of the total market share in 2014. Use of AFC for payment, booking and ticketing in the car rental market is expected to drive the market over the forecast period.
Key players operating in the Automated Fare Collection market are Advanced Card Systems Ltd., Atos, Cubic Transportation Systems, Fare Logistics, GMV, LG, NXP Semiconductors, Omron Corporation, and Samsung SDS. This report provides strategic analysis of the automated fare collection market and the growth forecast for the period 2015 to 2021. The report covers competitive analysis of various market segments based on the technology types, components and industry applications and in-depth cross sectional analysis of the Automated Fare Collection market across different geographic segments.
The Automated Fare Collection market has been segmented as follows:
Automated Fare Collection Market: By Technology Type
- Smart cards
- Magnetic strips
Automated Fare Collection Market: By Components
Automated Fare Collection Market: By Industrial Application
- Car rental
Automated Fare Collection Market: By Geography
- United Kingdom
- Rest of Europe)
- South Korea
- Rest of Asia Pacific)
Rest of the World
- South America
- Middle East
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Source:Transparency Market Research