Automated Fare Collection Market Attain USD 15.2 Billion in 2025

Posted by Steven Luke on March 16th, 2020

According to a new report by EMR titled, ‘Global Automated Fare Collection Market Report and Forecast 2020-2025′, the global automated fare collection market reached a value of almost USD 7.2 billion in 2019. The market is further expected to grow at a CAGR of 13.3% in the forecast period of 2020-2025 to attain USD 15.2 billion in 2025.

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Competitive Landscape & Supplier Analysis:

1. Advanced Card Systems Limited
2. Cubic Corporation(NYSE: CUB)
3. LG CNS
4. NXP Semiconductors N.V.(NASDAQ: NXPI)
5. OMRON Corporation(OTCMKTS: OMRNY)
6. SAMSUNG SDS America, Inc(KRX: 018260)
7. Scheidt & Bachmann GmbH
8. Thales Group(OTCMKTS: THLLY)
9. LECIP HOLDINGS CORPORATION(TYO: 7213)
10. Others

The global automated fare collection market is being driven by the rising demand for solutions enabling congestion-free traffic. The automated fare collection is an advanced payment method designed for intelligent public transport systems, enabling commuters to choose from a variety of transportation means like railways, metro, buses, and taxi for travelling using tickets and pre-paid cards. It is a reliable and efficient payment method for public transport. The market for automated fare collection is witnessing a growth due to the increasing investment by governments to make the process of fare collection time and cost-efficient.

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The rising digitisation of payment services is also supporting the market growth. In 2019, Cubic Corporation (NYSE: CUB), a leading key player in the automated fare collection market, Cubic Corporation announced that its business division, named Cubic Transportation Systems (CTS), has entered into an agreement with Google (NASDAQ: GOOGL) to assimilate transit cards with Google Pay. This collaboration will enhance the payment method by making it fast and easy for travellers to pay for their journeys using mobile phones. It will also provide the full benefit of Google’s user experiences to the transit agencies using Cubic’s world-class revenue management systems to encourage ridership and increase convenience. This technology will open avenues for the further enhancement of the existing contactless payment technology available in cities like London, Miami, and New York.

Market Analysis by Application:

1. Rail and Transport
2. Parking
3. Theme Park
4. Others

The automated fare collection market, on the basis of applications, is divided into rail and transport, parking, and theme park, among others.

Market Analysis by Service Type:

1. Consulting.
2. System Implementation
3. Training, Support & Maintenance
4. Managed Services

On the basis of service type, the market is divided into consulting, system implementation, training, support, and maintenance, and managed services.

Market Analysis by Technology:

1. Near-Field Communication (NFC)
2. Magnetic Stripes
3. Others

On the basis of technology, the market is segmented into near-field communication (NFC) and magnetic strips, among others.

Market Analysis by Industry:

1. Transportation and Logistics
2. Government
3. Media & Entertainment
4. Retail
5. Others

Based on industry, the market is divided into transportation and logistics, government, media and entertainment, and retail, among others.

Market Analysis by Region:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa

The global automated fare collection industry has its markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

1. The increasing use of automated fare collection system in the transportation sector is driving the growth of the automated fare collection market.
2. Commuters prefer a hassle-free and convenient payment method, which is being provided by automated fare collection, thus, further propelling the market growth.
3. The rise in the customer base and low operating expenses are providing further impetus to the market.
4. The automated fare collection system is catalyzed by the increasing opportunities for business expansion by location-based pricing, effective pricing, and cross-marketing between applications and services.
5. The market is also being aided by the use of real-time payments, plastic money, and digital payment gateways, such as credit card, debit card, and Near Field Communication (NFC) payment methods.
6. Better process management, financial fraud prevention, revenue generation, and superior system planning are enhancing the market for automated fare collection.

Key Offerings of the Report:

1. The EMR report gives an overview of the global automated fare collection market for the periods (2015-2019) and (2020-2025).
2. The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the application, service type, technology, industry, and regional markets of automated fare collection.

About Us:

EMR is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At EMR, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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