As cited by the research report titled ‘Global Automated Fare Collection System Market 2021-2028’, available with MarketStudyReport, global automated fare collection system market is projected to expand significantly at 11.18% CAGR through 2028.
 

Increasing usage of smartphones, availability of flexible fare plans, focus towards decreasing in fraudulent and counterfeiting activities, and rising demand for efficient solutions are major factors driving the global automated fare collection system market. In addition, rising infrastructural development along with increasing preference towards contactless payments are generating lucrative opportunities for market growth.
 

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On the downside, higher capital investments and growing number of incomplete projects due to delays are likely to act as a bottleneck to the market progression over the estimated timeline.
 

Based on component type, global automated fare collection system industry is segmented into hardware and software. Speaking of application range, the marketplace is categorized into bus, train, toll, and car. Considering technology ambit, the business space is bifurcated into smart card, OCR (optical character recognition), NFC (near field communication), and other technologies.
 

The geographical analysis of the industry is done for major regions like North America, Asia Pacific, Europe, Latin America, Middle East & Africa, and rest of the world.
 

Experts cite that Asia Pacific is poised to grab a significant market share in the coming years, owing to growing demand for automated fare collection systems across various sectors and rising focus towards improving the transportation system. It is also worth mentioning that Japan has introduced smart cards that allow commuters to make cashless payments, thereby contributing to the development of the Asia Pacific regional market.
 

Prominent players influencing the global automated fare collection system industry dynamics are Thales Group, NXP Semiconductors N.V., LECIP Holdings Corporation, dormakaba Holding AG, Atos SE, Cubic Transportation Systems Inc., Scheidt & Bachmann GmbH, Samsung SDS, LG CNS Co Ltd, and Omron Corporation.
 

The report incorporates detailed profiles of the aforementioned players with information on their businesses and product portfolios. Also, strategies like collaboration, acquisitions, mergers, and partnerships are being undertaken by such companies to expand their customer base and amplify revenues has also been elaborated in the research document.