Market Research Report
Automated Fare Collection System Market, by System Component (Hardware, Software and Services), by Application, by End Use and by Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028
|Automated Fare Collection System Market, by System Component (Hardware, Software and Services), by Application, by End Use and by Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028|
Published: May 29, 2022
Coherent Market Insights
Content info: 120 Pages
Delivery time: 2-3 business days
Global Automated Fare Collection System Market
The automated fare collection system is combination of multiple devices to automate the whole fare collection system in public transport such as bus station, railway station. The automated fare collection system contains ticket vending machine, automatic gate machine and ticket checking machine all connected to central unit. In automated fare collection system there is very few human interaction is required. Automated fare collection system keeps passenger flow smoothly at peak hours and also collects the various data about passenger which helps further decision making process. . In automated ticketing system different types of technologies are used such as electronic payment, smart card, and contactless ticket vending. However, there are some restrain about the automated fare collection system such as machine may fail to operate in very cold weather leading to a chaotic situation.
Growing population and penetration of internet of things (IoT) in day to day life is driving the growth of the Global Automated Fare Collection System Market in the forecast period. Growing population is creating stress on the public transport. It becomes harder day by day to do all the process like ticket distribution, checking and other related activities with human operates. For instance, in 2017, 4.3 million peoples rode New York's subway making it one of the busiest subways in US. Adoption of automated fare collection system (AFC) will reduce significant amount of work load by making it automatic.
Moreover, adoption of Internet of things (IoT) in day to day making adoption of public transport apps related easier. For instance, according to coherent market insights study, instead of buying physical ticket consumers are prefers to us app or scan Quick Response (QR) code for buying tickets. The use of mobile app and other IoT technology will help the adoption of Global Automated Fare Collection System Market faster.
This report segments the global automated fare collection system market on the basis of system component, application, end use and region. On the basis of system component, the global automated fare collection system market is segmented into hardware, software and services. On basis of hardware, AFC market is further segmented into central computer system, station computer system and station equipment. On the basis of application, the market is segmented into bus rapid transit, light rail transit, train and others. On the basis of end-use industry, the market is segmented into public transport authority, private transport authority. On the basis of region, the market is segmented into North America, Latin America, Europe, Asia pacific and Middle East & Africa.
This report provides an in-depth analysis of the global automated fare collection system market and provides market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2022-2028), considering 2021 as the base year