Upsurge in Smartphones Usage is Stimulating Global Automated Fare Collection System Market Growth
According to a new market research report published by Inkwood Research, the Global Automated Fare Collection System Market is set to project a CAGR of 11.51% during the forecasting years of 2020-2028.
“Browse 39 market Data Tables and
46 Figures spread over 179 Pages, along with an in-depth TOC on Global Automated
Fare Collection System Market Forecast 2020-2028.”
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The automated fare collection
system, also known as an electronic fare collection system, is an automated version
of manual fare collection. It is the collection of components that automate the
ticketing system of a public transportation network. This system is designed to
handle very high volumes of cash and non-cash transactions, and provide a
convenient way of fare payment instead of cash.
Upsurge in the Use of Smartphones Fuels Market Growth
Rising use of smartphones is a
crucial factor in boosting the market growth. The total number of smartphone
users has crossed the three billion mark at present and is estimated to grow
and surpass seven million in the future. The highest number of smartphone users
are found in countries like India, China, and the United States, each of them
has over 10 million users. Buying travel tickets has become easy and convenient
using smartphone applications. It saves time of the authority and the
travelers. The increasing integration of NFC technology in smartphones will
further propel the market, and also encourages travelers to go cashless.
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Smart
Card Garners the Largest Market Share in Technology Segment
A smart card, chip card, or integrated circuit card is a
credit-card sized piece of plastic with an embedded integrated processor. The
card is portable and easy to store in a wallet like any other plastic card and needs
a battery or any other source of power connection to be read or written to.
Smart cards can provide authentication, data storage, and application
processing. Some of the smart card processors have the ability to manipulate data,
which makes the device flexible. Moreover, smart card technology is preferred
over paper tickets due to its capacity for high data storage, which helps to
reduce the number of frauds and counterfeits. The smart card market is
flourishing in North America and the Asia Pacific, owing to recent development
activities in the region. For example, the introduction of virtual ticketing
vending machines in railways has reduced the traveling time for travelers. The
development of monorail and metro services in various cities, and government
initiatives are driving the competitive edge of smart card services across the
globe.
Asia
Pacific Projected to Record the Highest Growth
The region of Asia Pacific is estimated to lead in terms of
the highest CAGR during the forecast period. The market region is analyzed
across the countries of India, Vietnam, Australia & New Zealand, Japan,
Indonesia, China, South Korea, Thailand, and the rest of Asia Pacific.
Different advancements to improve the transportation system in the region is
boosting the automated fare collection system market.
Competitive rivalry is high in the market due to the
presence of a large number of suppliers. The market has the presence of a few
prominent players occupying a large market share, along with many other small
players. Some of the well-established players functioning in the market are OMRON
Corporation, Scheidt & Bachmann GmbH, Samsung SDS, NXP Semiconductors, Cubic
Transport Systems, etc.
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