India Markets open in 3 hrs 44 mins

Automated Fare Collection System Market to Hit $12.75 Billion by 2027: Says Allied Market Research

Allied Market Research
·5-min read

Rise in the trend of contactless open payment, increasing demand for smartphones, improved transport infrastructure and security system, flexible fare plans, low manpower cost, and less operational time fuel the growth of the global automated fare collection system market. By application, the train segment generated the highest share in 2019. By geography, on the other hand, Asia-Pacific would exhibit the fastest CAGR by the end of 2027.

Portland, OR, Jan. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automated fare collection system market was estimated at $6.63 billion in 2019 and is expected to hit $12.75 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.

Increase in the trend of contactless open payment, rising demand for smartphones, improved transport infrastructure and security system, flexible fare plans, low manpower cost, and less operational time drive the growth of the global automated fare collection system market. On the other hand, high installation and maintenance cost restrain the growth to some extent. However, surge in use of high-speed public transport, arrival of digitized payment, and global interoperability are expected to create lucrative opportunities in the coming years.

Download Report Sample (268 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/1401

COVID-19 Scenario-

  • The outbreak of the pandemic initiated several restrictions on the transportation across the globe, which impacted the global automated fare collection system market negatively.

  • Nevertheless, as the lockdown has loosened off, it is anticipated that the market would recoup soon. Also, high health concerns, emergence of digital technologies, and growing inclination toward automated payment system are expected to gain momentum in the coming years.

Get detailed COVID-19 impact analysis on the Automated Fare Collection System Market Request Now!

The global automated fare collection system market report is analyzed across application, component, technology platform, and region. Based on application, the train segment contributed to nearly two-fifths of the total market revenue in 2019 and is projected to maintain the lion’s share by the end of 2027. The same segment is also expected to grow at the fastest CAGR of 13.1% during the forecast period.

Based on technology platform, the smartcard segment accounted for around two-fifths of the total market share in 2019 and is expected to retain its dominance by 2027. At the same time, the NFC segment would exhibit the fastest CAGR of 13.9% from 2020 to 2027.

Interested to Procure The Data? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/1401

Based on geography, North America generated the highest share in 2019, holding more than one-third of the global market. Simultaneously, Asia-Pacific would portray the fastest CAGR of 14.4% by 2027. The other two regions studied through the report include Europe and LAMEA.

The key market players analyzed in the global automated fare collection system market report include Cubic Transportation Systems, Inc., dormakaba Holding, LECIP Group, LG CNS, NXP Semiconductors, Thales Group Atos SE, Samsung SDS, OMRON Corporation, and Scheidt&Bacchhan Gmbh. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/1401


Similar Reports We Have on Automotive Industry:

Asia-Pacific Tolling and City Congestion Market by Product Type (Electronic Tolling, ATMS, and UTM): Opportunity Analysis and Industry Forecast, 2018 – 2025.

Thailand and Philippines Tolling & City Congestion Market by Product Type (Electronic Tolling, ATMS, and UTM): Opportunity Analysis and Industry Forecast, 2018 – 2025.

Electronic Toll Collection Market by Subsystem (Automated Vehicle Identification, Automated Vehicle Classification, Violation Enforcement System, and Transaction Processing), Technology (Radio-frequency Identification, Dedicated Short-range Communication, Infrared, GNSS & GPS, and Video Analytics), and Application (Urban and Highways) - Global Opportunity Analysis and Industry Forecast, 2018-2025.

U.S. & Europe Automatic Toll Payment Machine Market by Component (Hardware, Software, and Service) and Application (Tollink, Transportation, Parking, Kiosk, and Others): Opportunity Analysis and Industry Forecast 2020–2027.


About Allied Market Research

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

Follow Us on | Facebook | Twitter | LinkedIn |