< Key Hightlight >

MARKET OUTLOOK

According to Triton Market Research’s report, the global automated fare collection system market is expected to register growth in revenue at a CAGR of 11.18% during the predicted years of 2021-2028. 

The decrease in frauds and counterfeiting, rising use of smartphones, flexible fare plans, and growing need for efficiency are key factors driving the growth of the automated fare collection system market. Additionally, the infrastructure upgradation and rising preference for contactless payment are generating new opportunities for the global market during the forecast period. 

However, the high capital investment and incomplete projects due to delay are hampering the global market’s future growth. 

REGIONAL OUTLOOK

The global market includes the Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa regions. 

The Asia-Pacific is likely to become the fastest-growing region in the automated fare collection system market over the forecast period. This growth can be attributed to the rise in demand for automated fare collection systems across various sectors. Additionally, advancement activities to enhance the transportation system across the region’s nations adds to the studied market’s progress. 

Furthermore, Japan has introduced smart cards that permit commuters to make cashless payments. Hence, this growth in the use of smart cards supplements the development of the automated fare collection system market across the APAC region. 

COMPETITIVE OUTLOOK

The major firms in the automated fare collection system market consist of Thales Group, Samsung SDS, Cubic Transportation Systems Inc, LG CNS, Lecip Holdings Corporation, NXP Semiconductors, Scheidt & Bachmann GmbH, Dormakaba Holding, Omron Corporation, and Atos SE.

LG CNS, a subsidiary of LG Corporation, is engaged in offering IT services, including consulting, outsourcing, system integration, and IT convergence. The company provides uninterrupted services to customers across the world. Besides, its comprehensive product portfolio includes a smart transportation system that maximizes the efficiency of transportation operations. Additionally, the company was the first Korean company to introduce a traffic card project across Europe. LG has operations across various regions, with headquarters in Seoul, South Korea.