North America Automated Fare Collection System Market 2021-2028: Smart Card Systems Driving Market Growth

Dublin, July 07, 2021 (GLOBE NEWSWIRE) -- The "North America Automated Fare Collection System Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.

MARKET OUTLOOK

According to the publisher'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.

Key Topics Covered:

1. North America Automated Fare Collection System Market - Summary

2. Industry Outlook
2.1. Market Scope
2.2. Key Insights
2.2.1. Train Transport Systems Prominently Apply the Automated Fare Collection System
2.2.2. Smart Card is a Majorly Utilized Technology in the Automated Fare Collection System Market
2.2.3. Hardware Segment is Gaining Momentum in the Market
2.3. Porter's Five Forces Analysis
2.3.1. Threat of New Entrants
2.3.2. Threat of Substitute
2.3.3. Bargaining Power of Suppliers
2.3.4. Bargaining Power of Buyers
2.3.5. Intensity of Competitive Rivalry
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Market Drivers
2.6.1. Reduction in Frauds and Counterfeiting
2.6.2. Growing Use of Smartphones
2.6.3. Flexible Fare Plans
2.6.4. Growing Need for Efficiency
2.7. Market Restraints
2.7.1. High Capital Investment
2.7.2. Incomplete Projects Due to Delay and Funding Shortfall
2.8. Market Opportunities
2.8.1. Infrastructural Upgradation
2.8.2. Growing Preference for Contactless Payment
2.9. Key Strategic Developments
2.9.1. Merger & Acquisitions
2.9.2. Product Launch & Developments
2.9.3. Partnership, Contract/Agreement, & Collaboration
2.9.4. Business Expansion
2.10. Value Chain Analysis
2.11. Impact of Coronavirus on Automated Fare Collection System Market

3. North America Automated Fare Collection System Market Outlook - by Component
3.1. Hardware Component
3.1.1. Validators
3.1.2. Turnstiles
3.1.3. Ticket Vending Machines
3.1.4. Other Hardware Components
3.2. Software

4. North America Automated Fare Collection System Market Outlook - by Application
4.1. Bus
4.2. Train
4.3. Toll
4.4. Car

5. North America Automated Fare Collection System Market Outlook - by Technology
5.1. Smart Card
5.2. Ocr (Optical Character Recognition)
5.3. Nfc (Near Field Communication)
5.4. Other Technologies

6. Automated Fare Collection System Industry - North America
6.1. United States
6.2. Canada

7. Competitive Landscape

8. Research Methodology & Scope

List of Tables

List of Figures

Companies Mentioned

• LG Cns

• Omron Corporation

• Samsung Sds

• Scheidt & Bachmann GmbH

• Cubic Transportation Systems Inc

• Atos Se

• Dormakaba Holding

• Lecip Holdings Corporation

• NXP Semiconductors

• Thales Group

For more information about this report visit https://www.researchandmarkets.com/r/dvqagr

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