Automated Fare Collection System Market is Estimated to Witness High Growth Owing to Growing Demand for Paperless Transit Tickets
Over the past few years, automated fare collection systems have gained immense popularity across public transportation systems globally. These systems enable contactless and cashless fare payments for various commutes via smart cards, near field communication devices and mobile applications. They help reduce waiting times, improve transport management and enhance customer experience overall. Automated fare collection systems allow transit operators to efficiently process high transaction volumes during peak hours while providing commuters with quick and convenient journeying.
Global Automated Fare Collection System market is estimated to be valued at US$ 27.94 Bn by 2030.
Automated Fare Collection System Market Trends is driven by increasing adoption of contactless payment technologies across public transport sectors. They help remove complexity in ticket purchasing and validation processes, thereby encouraging more people to use public transport regularly.
Key Takeaways
Key players operating in the automated fare collection system market are Cubic Corporation, TSC Auto ID Technology Co., Ltd, TEC Corporation, Bixolon Co., Ltd, Citizen Holdings Co., Ltd., Star Micronics Co., Ltd, Seiko Epson Corporation, SATO Holdings Corporation, Brother International Corporation, and Others.
The marketprovides numerous growth opportunities for players as urban transport systems across regions focus on upgrading their infrastructure with smart technologies. Modernization of existing transport hubs and integration of diversified payment solutions within public mobility ecosystems are expected to boost demand.
Technological advancements lie at the core of automated fare collection system innovations. The integration of IoT, cloud computing, AI and mobile apps are allowing transport authorities to gain real-time insights, optimize operations and deliver enhanced commuting experiences. Contactless open payment standards also enable usage of various digital wallets, credit/debit cards and wearables for fare deductions.
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