Dublin, Nov. 09, 2020 (GLOBE NEWSWIRE) -- The "Europe Automated Fare Collection System Market By Component (Hardware, and Software & Services), By Technology (Near Field Communication (NFC), Smart Card, Magnetic Stripes and Others), By End User Industry, By System Type, By Country, Competition, Forecast & Opportunities, 2025" report has been added to ResearchAndMarkets.com's offering.
The European Automated Fare Collection System Market is expected to grow at an impressive rate during the forecast period
Automated fare collection system brings efficiency in fare collection process, saves time and enhances the overall transaction rate, which in turn minimizes the waiting time in queues and the need for cash in order to buy tickets. The key factor expected to drive the market growth over the coming years is surging the demand for efficient and hassle-free transportation systems.
In addition to this, rising utility of plastic money, real-time payments, and digital payment gateways like credit & debit cards and near field communication payment applications are further anticipated to bode well for the growth of automated fare collection system in the region. However, some factors that might act as major impediments to the market growth through 2025 includes high installation and maintenance costs.
The European Automated Fare Collection System Market is segmented based on component, technology, end-user industry, system type, region and company. Based on technology, the market can be segmented into near-field communication (NFC), smart card, magnetic stripes and others.
Until 2019, smart card technology was the dominant segment and is projected to continue to hold its dominance through 2025 as well which can be attributed to its enhanced operating flexibility and faster processing speed when compared to magnetic stripe cards.
Also, the NFC segment is anticipated to witness the highest CAGR during the next 5 years on account of growing consumer preference for cashless fare collection system for several modes of public transportation.
Major players operating in the European Automated Fare Collection System Market include Cubic Corporation, Indra, Thales Group, GMV, ST Electronics, ATOS, Longbow Technologies S/B, Samsung SDS, Genfare, Advanced Card Systems Holdings Limited and others.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021-2025
Key Target Audience:
Automated fare collection system manufacturers, suppliers and other stakeholders
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to automated fare collection system
Market research and consulting firms
In this report, the European Automated Fare Collection System Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, By Component:
Software & Services
Market, By Technology:
Near-Field Communication (NFC)
Market, By End-User Industry:
Transportation and Logistics
Media and Entertainment
Market, By System Type:
Ticket Vending Machine
Ticket Office Machine
Market, By Country:
Company Profiles: Detailed analysis of the major companies present in the European Automated Fare Collection System Market
Longbow Technologies S/B
Advanced Card Systems Holdings Limited
For more information about this report visit https://www.researchandmarkets.com/r/93m6cw
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