Automated Fare Collection System Market Global Analysis of Key Manufacturers, Dynamics & Forecast 2019-2027


Posted June 5, 2020 by rohit890

An automated fare collection (AFC) system is basic station equipment, consisting of automated gate machine, ticket vending machine, and ticket checking machine.
 
Market Overview

An automated fare collection (AFC) system is basic station equipment, consisting of automated gate machine, ticket vending machine, and ticket checking machine. This automated ticketing system is primarily used in public transportation, which is an efficient solution to conventional ticketing system. Adoption of automated fare collection system facilitates transport authorities to offer enhanced services to consumers. Moreover, incorporation of advanced technologies namely smart card, contactless technology, and electronic payment combined with automated fare collection system has decreased the cost related to manual ticketing systems in transportation industry. For AFC system, stable, and integrated platforms are essential to keep passenger flow run smoothly at peak hours. Furthermore, all the data will collected and transmitted into center.

The global automated fare collection system market is estimated to account for US$ 7,112.2 Mn in terms of value by the end of 2019

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Market Dynamics

Growing population and penetration of internet of things (IoT) in day to day life is driving the growth of the Global Automated Fare Collection System Market in the forecast period. Growing population is creating stress on the public transport. It becomes harder day by day to do all the process like ticket distribution, checking and other related activities with human operates. For instance, in 2017, 4.3 million peoples rode New York’s subway making it one of the busiest subways in US. Adoption of automated fare collection system (AFC) will reduce significant amount of work load by making it automatic.

Moreover, adoption of Internet of things (IoT) in day to day making adoption of public transport apps related easier. For instance, according to coherent market insights study, instead of buying physical ticket consumers are prefers to us app or scan Quick Response (QR) code for buying tickets. The use of mobile app and other IoT technology will help the adoption of Global Automated Fare Collection System Market faster.

Detailed Segmentation:

Global Automated Fare Collection System Market, By System Component:

Hardware

Central Computer System

Station Computer System

Station Equipment

Software

Services

Global Automated Fare Collection System Market, By Application:

Bus Rapid Transit

Light Rail Transit

Train

Others

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Major companies involved in the global automated fare collection system market are Cubic Corporation, Scheidt & Bachmann GmbH, Thales Group, Advantech Co. Ltd., Omron Corporation, Xerox Corporation, Advanced Card Systems Holdings Limited, Eurotech S.P.A., NEC Corporation, and Nippon Signal Co. Ltd.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.



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Issued By coherent market insights
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Categories Advertising , Blogging , Industry
Last Updated June 5, 2020