According to the research report titled ‘GLOBAL Automated Fare Collection System Market 2021-2028’, available with Market Study Report, global automated fare collection system market is anticipated to witness 11.18% CAGR between 2021-2028.
 

Increasing use of smartphones, focus towards decreasing in frauds & counterfeiting activities, and availability of flexible fare plans are key factors driving global automated fare collection system market growth. Growing demand for efficiency is also contributing to the industry outlook.
 

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While increasing preference towards contactless modes of payment and infrastructural upgradation will aid in significant revenue inflow, high capital investment and incomplete projects due to funding shortages & delays will act as challenges for businesses in this domain.
 

The report studies the market exhaustively by sub-dividing it into segments. Statistical information including market share and growth rate estimates of each segment over the analysis period are incorporated as well.
 

Based on component type, worldwide automated fare collection system industry is divided into hardware (turnstiles, validators, ticket vending machines and others) and software. Speaking of application scope, the market sphere is bifurcated into bus, toll, train, and car. Moving on to technology, the business domain is split into smart card, NFC (Near Field Communication), OCR (Optical Character Recognition), and others.
 

From regional frame of reference, Asia Pacific automated fare collection system market is slated to expand rapidly between 2021-2028 owing to growing product demand and rising efforts towards improve the transportation system. Moreover, Japan has launched smart cards that enable commuters to make cashless payments, which in turn will facilitate the regional industry growth as well.
 

Key players formulating global automated fare collection system market are Thales Group, LG CNS, NXP Semiconductors N.V., Omron Corporation, Lecip Holdings Corporation, Samsung SDS, Dormakaba Holding AG, Scheidt & Bachmann GmbH, Atos SE, and Cubic Transportation Systems Inc.
 

These companies have been making strategic decisions such as mergers & acquisitions, product launches, collaborations, partnerships, and investments in R&D activities to enlarge their profit margins and strengthen their foothold in this business domain.