Automated Fare Collection Market Size Worth $39.15 Billion By 2032 | CAGR: 13.7%

Automated Fare Collection Market Size Worth $39.15 Billion By 2032 | CAGR: 13.7%

The global automated fare collection market size is expected to reach USD 39.15 billion by 2032, according to a new study by Polaris Market Research. The report “Automated fare collection Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software); By Technology; By System; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing demand for efficient and reliable transportation services globally has been a significant growth driver for the market. The implementation of AFC systems in various transportation modes, including buses, trains, and subways, has enhanced passenger experience and improved operational efficiency. Moreover, the rising focus on reducing traffic congestion, enhancing passenger safety and security, and improving overall transportation infrastructure has led to the adoption of AFC systems by transportation authorities and agencies.

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For instance, In May 2022, Indra Sistemas made an announcement stating that they will design, develop, and supply ticketing systems, access control systems, and automatic ticket vending machines for the Cairo monorail in Egypt. The technology employed will include contactless cards and QR codes, and the system will seamlessly integrate with mobile phones.

Moreover, the integration of advanced technologies, such as electronic payment systems, smart cards, and contactless payment, has also facilitated the implementation of AFC systems in transportation and logistics, contributing to the market's growth. These technologies have made the payment process more convenient and secure for passengers, resulting in an increase in the adoption of AFC systems. Furthermore, the integration of these technologies has enabled transportation authorities to collect data on passenger travel patterns, enabling them to optimize their services and improve overall transportation efficiency.

Automated fare collection Market Report Highlights

  • The hardware segment registered for the largest market share owing to its necessary physical components like ticket vending machines, gates, and validators. Transport networks require them in large quantities, contributing to high demand
  • The smart card segment held significant market share due to its ability to offer a convenient, secure, and reliable payment method for commuters.
  • The Ticket Vending Machine (TVM) segment had a substantial market share due to the increasing demand for TVMs in various transportation networks, such as airports, railways, and bus stations
  • The railways & transportation segment is a significant market contributor due to the rising demand for efficient and reliable transportation services globally. This has led to the implementation of AFC systems in various transportation modes, including buses, trains, and subways
  • North America dominated the global market in 2022 due to the region's well-established transportation infrastructure and high adoption of advanced technologies including buses, subways, and railways, integrated with advanced AFC systems.
  • The global players GMV, LECIP Holdings Corporation, Thales Group, Omron Corporation, Samsung SDS.

Polaris Market Research has segmented the automated fare collection market report based on component, technology, system, application and region:

Automated fare collection, Component Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hardware
  • Software

Automated fare collection, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • Smart Card
  • Magnetic Strip
  • Near-field communication (NFC)
  • Optical character recognition (OCR)

Automated fare collection, System Outlook (Revenue - USD Billion, 2019 - 2032)

  • Ticket vending machine
  • Ticket office machine
  • Fare gates
  • IC Cards

Automated fare collection, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Railways & Transportation
  • Parking
  • Entertainment
  • Others (Government Retail)

Automated fare collection, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa