Automated Fare Collection (AFC) System Market projected to reach USD 27 Billion by 2030, growing at a CAGR of 12.86% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study

The Global Automated Fare Collection (AFC) System Market was valued USD 10.26 Billion in 2023 and projected to reach USD 27 Billion by 2030, growing at a CAGR of 12.86% during the forecast period of 2023-2030

Richmond, Feb. 05, 2024 (GLOBE NEWSWIRE) — According to a research report “Automated Fare Collection (AFC) System Market”, by Components Type (Hardware, software, Others), Application (Automatic Gate Machine, Ticket Vending Machine, Ticket Kiosk, and Checking Machine, Industrial Ethernet Switches for AFC Systems, Others), End Use (metro rails, railways, bus rapid transit systems, ferries, waterways, parking lots, Others) and Region – Global Forecast to 2030.

Global Automated Fare Collection (AFC) System Market Report Scope:

Download the Sample – https://www.marketdigits.com/request/sample/3946

TOC Covers in Depth & Breath on Automated Fare Collection (AFC) System Market
170 – Market Data Tables
65 – List of Figures
225 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

Market Overview

The Automatic Fare Collection System serves as essential station infrastructure comprising automatic gate machines, ticket vending machines, and ticket checking devices. To ensure seamless passenger flow during peak hours, stable and integrated platforms are crucial. Simultaneously, all data is gathered and transmitted to the central system. This state-of-the-art solution is designed for digitally advanced urban transport systems like metro rails, automated parking lots, and rapid bus transport systems, handling significant foot traffic. It guarantees high security, scalability, and reliability without compromising user experience even with large passenger volumes. The modularity of the AFC system facilitates integration with various technologies and fare media, including open loop, EMV open loop, QR Code, NFC, account-based ticketing, card-based ticketing, and contactless mobile ticketing. The benefits include enhanced efficiency through electronic ticket encoding, processing, and distribution, the expansion of digitalization, increased smartphone usage, reduced cash handling costs, and transparent settlement with transport and other services. The AFC system market is driven by these factors, with opportunities arising from technological advancements, service quality improvements, system expansions, and growing demands for cashless payments, enhancing consumer lifestyles. In essence, the fare collection system extends beyond visible hardware, involving intricate software development, integration, and thorough testing before deployment. The dynamic evolution of technology in these systems enables transit operators to offer advanced services, gain more control over fare collection, improve customer experience, increase revenue, and reduce costs in the public transport value chain. Ultimately, automated fare collection systems contribute to an elevated passenger commuting experience and a more efficient overall transit operation.

Major Vendors in the Global Automated Fare Collection (AFC) System Market:

• Cubic Corporation
• Gaoxin Modern
• GMV Innovating Solutions S.L.
• LECIP HOLDINGS CORPORATION
• LG CNS
• Masabi Ltd
• NXP Semiconductors
• OMRON SOFTWARE Co., Ltd.
• Scheidt & Bachmann GmbH
• Thales

Request for Discount @ https://www.marketdigits.com/request/discount/3946

Growth in the use of smartphones

One of the primary drivers for the global Automated Fare Collection (AFC) System Market is the significant shift in consumer lifestyles. The fast-paced nature of modern life has led to an increased demand for convenient contactless and easily cashless options. The smartphone has become a crucial companion in our increasingly complex world, permeating various facets of daily life. Beyond its role as a communication device, it functions as a versatile ‘life organizer’ and a gateway to information and entertainment.

For public transport users, the smartphone merges travel information and ticketing into a single, possibly unified application. With a simple tap, users can effortlessly access journey planning and route details, while seamlessly managing ticketing processes on the same device.

Market Dynamics

Drivers:

• Expansion of digitalization
• Centrally managed electronic ticket distribution eliminates the need for cash
• Growth in the use of smartphones
• Eliminates the cost of cash handling
• Transparent settlement with transport and other services

Opportunities:

• Technological Advancements
• Upgrading existing AFC systems to record the utilized service
• Expansion of the AFC system
• Demands for cashless payments

 Technological Advancements

 Contactless payment technologies have revolutionized fare transactions in public transportation. Near Field Communication (NFC) technology, widespread in smartphones and contactless cards, enables passengers to effortlessly tap and pay, significantly boosting the speed and convenience of fare transactions. Mobile payment apps further contribute to this streamlined process by integrating with digital wallets, reducing the reliance on physical cards and cash. Biometric authentication methods, such as fingerprint and facial recognition, enhance security and efficiency in fare collection, providing passengers with a quick and secure identification method that diminishes the need for traditional ticketing methods. Integration with the Internet of Things (IoT) has ushered in a new era of connectivity in Automatic Fare Collection (AFC) systems. Utilizing connected devices allows real-time communication among fare collection gates, ticketing machines, and central systems. This connectivity facilitates immediate updates, remote monitoring, and efficient fare transaction management. Advanced analytics tools, driven by big data insights, empower operators to gain valuable information on passenger behavior, optimize route planning, and make informed decisions that enhance the overall efficiency of public transportation services.

North America dominates the market for Automated Fare Collection.

North America is ready for substantial expansion, driven by its extensive transportation network and widespread adoption of cutting-edge smart technologies in the transportation sector. Advanced technologies like AI-augmented mobility, integrated frictionless travel, digital identity, and enhanced customer experience are expected to fuel demand for automatic fare collection (AFC) systems in the region, contributing to overall market growth. Furthermore, the presence of key AFC manufacturers, such as Cubic Corporation based in California, United States, actively engaged in deploying and developing innovative solutions, further bolsters the market’s upward trajectory.

In the Asia-Pacific region, automated fare collection is projected to capture a significant market share, experiencing substantial growth in the future. Leading countries in the region, including Japan, South Korea, China, and Singapore, are driving this growth with robust economic expansion, increasing disposable income, rising infrastructure investments by local governments, and substantial commitments from industry leaders who recognize the growth potential in the region. India, in particular, emerges as a promising market within Asia-Pacific, driven by ongoing urban metro projects and the expanding car rental industry, which is likely to elevate the demand for automated fare collection systems in the coming years.

Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/3946

The Application Segments is anticipated to hold the Largest Market Share during the Forecast Period

In the global Automated Fare Collection System Market, the Application segment covers diverse categories, including Automatic Gate Machines, Ticket Vending Machines, Ticket Kiosks, Checking Machines, Industrial Ethernet Switches for AFC Systems, and Others. The importance of this segment can be attributed to its crucial role across various transportation modes such as metro rails, railways, bus rapid transit systems, ferries, waterways, parking lots, and more. A Ticket Machine, also referred to as a Ticket Vending Machine, functions as a vending machine capable of producing paper or electronic tickets or recharging stored-value cards, smart cards, or users’ mobile wallets accessible through smartphones. Token machines can dispense tickets in the form of tokens, functioning similarly to traditional paper or electronic tickets. In locations such as railway stations, bus stations, metro stations, and airports, passenger ticket vending devices generate fare tickets with minimal need for additional assistance. The integration of smart technology in the public transportation sector directly influences the demand for passenger ticket vending machines. This market is categorized based on four criteria: component, input type, application, and geography. Components are classified as hardware and software, while input types include smart cards, near-field communications, and other alternatives. This technology stands out as a more operationally efficient option compared to traditional ticketing systems, eliminating long queues at public transit stations and significantly saving time.

Segmentations Analysis of Automated Fare Collection (AFC) System Market: –

• By components Type
  • Hardware
  • Software
  • Others
• By Application
  • Automatic Gate Machine
  • Ticket Vending Machine
  • Ticket Kiosk, and Checking Machine
  • Industrial Ethernet Switches for AFC Systems
  • Others
• By End Use
  • Metro rails
  • Railways
  • Bus rapid transit systems
  • Ferries, waterways
  • Parking lots
  • Others
• By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights @ https://www.marketdigits.com/checkout/3946?lic=s

Browse Similar Reports:

Mass Notification System Market 2030 By Type, Distribution Channel, End-user and Region – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Customer Success platforms Market 2023 – 2030 by Deployment Mode, Organization Size, Vertical, Component, Application (Sales and Marketing Optimization, Risk and Compliance Management, Reporting and Analytics), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Automatic Identification System Market 2030 By Type, Distribution Channel, End-user and Region – Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

About MarketDigits:

MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.

Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: [email protected]
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |