Research Report on Automated Fare Collection Market for Exploring Various Growth Dimensions
Global Automated Fare Collection Market: Snapshot
The recent developments in the transportation systems across
developed and developing economies alike are creating a huge demand for
automated fare collection. This applies especially to a majority of Europe and
Asia Pacific countries, where the development of smart transport systems is
helping create a greater application scope for automated
fare collection vendors. At the same time, the integration of
stable automated fare collection systems can impart significant improvements in
the transportation networks that already exist.
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Another driver that automated fare collection companies can
look for is the growth of the car rental business across the globe, coupled
with the growing demand for e-payment solutions. App-based car rental and
public transport is expected to be upcoming key trend in the market.
There are, however, complications in installing automated
fare collection systems, such as the high installation cost and integration
issues. These problems can be solved through improving technologies and the
growth of healthy vendor competition.
Car Rental Services Show Highest Demand for Automated
Fare Collection Systems
By 2021, an estimated 26.8% of the total automated fare
collection market revenue will be held by the car rental applications. The use
of app-based fare collection for car rental services is rapidly increasing in
the Asia Pacific region, creating a high scope of market penetration for
automated fare collection service providers. This complements the overall rise
in demand for rental cars in the region. This demand is generated through both
increasing civilian and tourist traffic.
The use of apps for pre-booking taxi services is also a key
avenue for automated fare collection players to look into. The large demand for
efficient taxi apps in most developing economies is helping create a greater
application scope for automated fare collection systems.
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The top players in the global automated fare collected
market are NXP Semiconductors, Omron Corporation, Siemens AG, GMV,
Atos, and Advanced Card Systems.
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