Automated Fare Collection System Market: NFC Technology Platform to Grow at 13.9% During 2020 – 2027

Automated fare collection system market is set to reach $12,753.75 Mn, 11.6% CAGR globally by 2027, Asia-Pacific to grow at CAGR 14.4% CAGR during 2020-2027.

PORTLAND, ORAGON, UNITED STATES, September 14, 2022 /EINPresswire.com/ — 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.

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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.

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.

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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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research 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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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