As per Inkwood Research, the Global Automated Fare Collection System Market is estimated to grow with a CAGR of 11.63% in terms of revenue during the forecast period of 2023-2032.
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An automated fare collection system (AFCS), typically referred to as an electronic fare collection system, is an automated system that supports public transit operators in tracking and accounting for income. Furthermore, as a collection of hardware as well as software tools that facilitates easy-to-pay fares, AFCS also offers a convenient method of payment instead of cash, while verifying passenger travel.
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Surge in Smartphones and Internet Services to Augment Market Growth
As an integral tool for online ticketing, smartphones make ticket purchasing easier and more convenient, with dedicated smartphone applications for rail as well as bus travel. Moreover, it allows customers to make cashless payments and purchase any type of ticket, as well. Internet broadband is also a conducive factor for the implementation of automated fare collection, with the Asia-Pacific regarded as a booming region in terms of internet broadband connections.
The mobile industry is also steering social impact across the Asia-Pacific, predominantly through the provision of connectivity that encourages the growth of small businesses and the digital transformation of enterprises. Subsequently, this factor provides citizens with access to life-enhancing tools and services. In addition, as 5G network deployments continue, the technology’s potential to support next-generation offerings, including edge computing, AI, IoT, and cloud services, is projected to propel innovation and digital growth in the global automated fare collection system market.
Software to be the Major Component by End of Forecast Period
An automated fare collection system’s software has varied features, such as back-office and clearinghouse. The back-office computer system is essential since it includes a software database as well as communication infrastructure. It also outlines the maintenance support and security architecture for all components of the automated fare collection system. Moreover, in order to curb the reduction of the system’s life cycle, enterprises are also providing solutions like signaling, validating, revenue collection, and security.
Asia-Pacific Dominated the Global Market in 2032
The Asia-Pacific automated fare collection system market is anticipated to grow with the highest CAGR between 2023 to 2032, capturing the highest revenue share of approximately 41.20% by the end of the forecast period. The market growth is credited to the upcoming development initiatives to revitalize transportation systems across the Asia-Pacific and strengthen the region’s transportation framework.
The global market is dominated by several well-established players, occupying a significant market share compared to others. This factor has accelerated the overall demand for automated fare collection systems, which is anticipated to continue over the projection period.
Key players in the global automated fare collection system market include Thales Group, Cubic Transportation, NXP Semiconductors, etc.
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