2017 Forecast - Automated Fare Collection System Global Market News, Industry Size, Share, Analysis and Research to 2022

New report on Automated Fare Collection System has various software enabled features including Oracle, Sybase support, support multitier architecture, and XML web services. Fare collection technology platforms such as Smart cards, NFC and OCR systems ensures full interoperability and independence of service providers. Factors such as increase in demand for smartphones, enhanced efficiency, reduced frauds, flexible fare plans, and enhanced security system strengthen the growth of this market. In addition, the government of India, China, and others are focusing on enriching the transport infrastructure and security system, which further drives the growth of the market. However, high installation and maintenance costs of automated fare collection system hinder the market growth. Opportunities such as increase in high speed of public transport, rise of technology payment, and global interoperability are likely to foster market growth.

The market is segmented on the basis of component, application, technology platform, and geography. On the basis of component, the market is categorized into hardware and software.

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Automated fare collection system is a contactless, end-to-end result for collecting fare payment, replacing traditional ticketing system with automated ticketing and fare collection systems. It comprises automatic gate machines, ticket vending machines, recharging terminals, and ticket checking machines. This system enables efficiency in fare collection, improves the overall transaction rate, and saves 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. It offers travelers to carry one card for use on all transit modes. For instance, in December 2015, UAE with Xerox Transportation solutions introduced automated fare collection system for Abu Dhabi buses, which reduced traffic congestion and waiting in queues.

Application wise, it is segmented into bus, toll, car rental, and train. Besides these, on the basis of technology platform, the market is divided into smart cards, near field communications, optical character recognition, and others (magnetic strips and bar codes). Smart cards generated maximum revenue in 2015 and would continue to dominate the market throughout the forecast period. Geographically, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA.

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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
• Near Field Communications
• Optical Character Recognition
• Others (Magnetic Strips and Bar Codes)

On the Basis of Geography

• North America
• Europe
• Asia-Pacific
• LAMEA
• Key Players

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