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