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Global Automated Fare Collection Market to Grow at a CAGR of 13.3% between 2021 and 2026.

According to a new report by EMR titled, ‘Global Automated Fare Collection Market Report and Forecast 2021-2026', the global automated fare collection market reached a value of almost USD 7.2 billion in 2020. The market is further expected to grow at a CAGR of 13.3% in the forecast period of 2021-2026 to attain USD 15.2 billion in 2026.

The global automated fare collection market is being driven by the rising demand for solutions enabling congestion-free traffic. The automated fare collection is an advanced payment method designed for intelligent public transport systems, enabling commuters to choose from a variety of transportation means like railways, metro, buses, and taxi for travelling using tickets and pre-paid cards. It is a reliable and efficient payment method for public transport. The market for automated fare collection is witnessing a growth due to the increasing investment by governments to make the process of fare collection time and cost-efficient. 
The rising digitisation of payment services is also supporting the market growth. In 2020, Cubic Corporation (NYSE: CUB), a leading key player in the automated fare collection market, Cubic Corporation announced that its business division, named Cubic Transportation Systems (CTS), has entered into an agreement with Google (NASDAQ: GOOGL) to assimilate transit cards with Google Pay. This collaboration will enhance the payment method by making it fast and easy for travellers to pay for their journeys using mobile phones. It will also provide the full benefit of Google's user experiences to the transit agencies using Cubic's world-class revenue management systems to encourage ridership and increase convenience. This technology will open avenues for the further enhancement of the existing contactless payment technology available in cities like London, Miami, and New York.
Market Analysis by Application, Service Type, Technology, Industry, and Region: 

  • The automated fare collection market, on the basis of applications, is divided into rail and transport, parking, and theme park, among others.
  • On the basis of service type, the market is divided into consulting, system implementation, training, support, and maintenance, and managed services.
  • On the basis of technology, the market is segmented into near-field communication (NFC) and magnetic strips, among others.
  • Based on industry, the market is divided into transportation and logistics, government, media and entertainment, and retail, among others.
  • The global automated fare collection industry has its markets in North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The increasing use of automated fare collection system in the transportation sector is driving the growth of the automated fare collection market.
  • Commuters prefer a hassle-free and convenient payment method, which is being provided by automated fare collection, thus, further propelling the market growth.
  • The rise in the customer base and low operating expenses are providing further impetus to the market.
  • The automated fare collection system is catalyzed by the increasing opportunities for business expansion by location-based pricing, effective pricing, and cross-marketing between applications and services.
  • The market is also being aided by the use of real-time payments, plastic money, and digital payment gateways, such as credit card, debit card, and Near Field Communication (NFC) payment methods.
  • Better process management, financial fraud prevention, revenue generation, and superior system planning are enhancing the market for automated fare collection.

Key Offerings of the Report:

  • The EMR report gives an overview of the global automated fare collection market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the application, service type, technology, industry, and regional markets of automated fare collection.

Advanced Card Systems Limited, Cubic Corporation, LG CNS, NXP Semiconductors N.V., OMRON Corporation, SAMSUNG SDS America, Inc, Scheidt & Bachmann GmbH, Thales Group, and LECIP HOLDINGS CORPORATION, among others, are the key players in the global automated fare collection market as identified by EMR. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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