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MARKET OUTLOOK

According to Triton Market Research’s report, the automated fare collection system market in North America is projected to display a CAGR of 10.18% during the considered years 2021-2028. The United States and Canada form the market in this region.

In the United States, several prominent metropolitan areas have smart card systems installed to assist in fare collection. In recent years, travel agencies have been making plans to accept open bank card payments directly at the point of entry into a transit system, such as subway or bus stations. Among transit agencies, the Utah Transit Authority and Chicago Transit Authority have a fully operational fare collection system that accepts open bank cards. Furthermore, the presence of leading market players, such as Advantech, has influenced the adoption of smart transportation systems across the country. Therefore, such developments are propelling the automated fare collection system on a growth path. 

Canada is among the early adopters of automated fare collection systems. For instance, Brantford Transit was the first to install an automated fare collection system, including fareboxes and smart card readers. Additionally, Kingston Transit installed a complete system across its transit busses. This resulted in the adoption of automated fare collection systems across various locations, including Go Card in Saskatchewan and R-Card in Regina. Hence, the growing adoption of automated fare collection systems is likely to influence the growth of Canada’s automated fare collection system market. 

COMPETITIVE OUTLOOK

The well-known companies in the automated fare collection system market comprise Atos SE, Lecip Holdings Corporation, NXP Semiconductors, LG CNS, and Cubic Transportation Systems Inc.