Automated fare collection is a system used in transporting networks, designed to increase the efficiency in the process of collecting fare and improvement in the transaction rate. It can also be called as automated ticketing system.
The automated fare collection system also facilitate the transport system in expanding customer base and its establishment. In addition, this system aids to save time as it removes waiting in queues for purchasing tickets.
This system consists of ticket vending machines, ticket checking machines, automatic gate machines and recharging terminals. This system enables travellers to access several transportation modes including railways, metro, buses and taxi, for travelling using pre-paid cards and tickets to pass or cross via the automated electronic gates.
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Development of metro and mono rail services in the developing cities is one of key driver facilitating the growth of automated fare collection market. Another reason for the growth of market is the increasing focus of governments towards improvement and advancement of both transportation infrastructure as well as transportation security.
The rising preference of people to make payments using their credit or debit cards is also driving the market for automated fare collection systems. Other factors propelling the market growth include awareness to adopt new and smart technology and increased benefits delivered by such systems.
Some of the new technologies developed for automated fare collection includes commercial vehicle operation, advanced traffic management system, automated fare collection enabled theme parks, advanced public transportation and advanced transportation pricing systems.
The preference and adoption of these systems is increasing due to its ability to deliver more accurate and reliable operations and reducing the probability of errors as compared to the traditional methods used for collecting fare. However, the high cost of installation required for automated fare collection systems and high cost included in the development of infrastructure are the major factors restricting the market growth.
Although, the increasing demand for systems that helps in the enhancement of business operations in order to maximize profitability is anticipated to drive the market in the near future. Many established transport agencies are entering into strategic partnerships with several automated fare collection system manufacturers, financial institutions and solution providers to incorporate the automate fare collection process and enable them to decrease the overall costs.
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The Market For Automated Fare Collection is classified on the basis of application, technology, service type, industry and geography. By application, the market is segmented into rail & transport, theme parks, parking and others.
On the basis of technology, the market is segmented by near-field communication, magnetic stripes and others. Further, based on service type, the market is bifurcated into consulting, training, support & maintenance, system implementation and managed services.
On the basis of industry vertical, the segmentation of the market includes government, transportation & logistics, retail, media & entertainment and others. Geographically, the market is bifurcated into North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
North America is expected to have a highly competitive and extremely open market for automated fare collection owing to the tendency to adopt new and latest technology and stringent government regulations framed for many industries in this region. APAC is analyzed to witness a high growth for the automated fare collection market in the near future attributed by increased implementation of these systems by companies to offer high degree of services to their customers in terms of performance, quality and capacity.
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Some of the key players in the market include Cubic Transportation, Samsung SDS, Thales Group, and ST Electronics among others.
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