THE worldwide drive for automated fare collection systems market stemmed from the popularity of automated ticketing system in mass transits.
Around the world, local governments, public transport planners, and other stakeholders in transport infrastructure pin high hopes on such systems to turn transit systems smarter and safe. Transit authorities in developed nations have laid down robust framework for end-to-end automated fare collection systems, thereby helping in the evolution of the automated fare collection systems market. Intensifying efforts by various stakeholders in making mass transit more sustainable will help bolstering the growth of the market.
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NFC-enabled Payments Gathering Steam Among Commuters
Growing demand for integrated system for ticketing in public transport networks is a key factor propelling the popularity of technologies used in automated fare collection. They are increasingly being integrated with new transport services. In various developing and developed nations, the global automated fare collection systems market has been experiencing robust momentum from the increasing focus on setting smart city infrastructures. Globally prominent organizations with the likes of the World Bank are putting high stakes in urban mobility solutions. This has surely and steadily help fuel growth in the automated fare collection systems market.
Advances in RFID systems and similar technologies will help in enhancing the functionality of automated fare collection systems. In recent years, numerous architecture for interoperable fare management system for multi-operator public transport has come to the fore. Growing application of contactless bank cards by commuters in several developing and developed regions is also boosting the market potential of automated fare collection systems. In coming years, near field communication (NFC) payment applications are expected to contribute prominent share in the automated fare collection systems market
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Growing Public Investments in Making Urban Mobility Smarter Bolsters Prospect
Growing use of closed loop systems by commuters to get access to rapid ticketing is a key trend boosting the demand for automated fare collection systems. The prospects are further strengthened by growing investments in automating urban mobility. Players in the automated fare collection systems are focusing on the duo of integration and interoperability to carve out a niche among commuters.
A key business proposition underpinning the uptake of automated fare collection systems in urban mobility is using them for targeted benefit schemes. That aside, there are bigger objectives that urban transport infrastructure can achieve through automated fare collection. A key trend of automated system to become an enabler for private-sector led innovations. Initiatives made by policy makers to set up a standardized protocol for integrated ticketing systems. A case in point is aiming for publicly-owned standard for the transaction framework. This has made the need for a better regulatory ecosystem imperative.
Emerging Economies Aim for Modernization of Fare Collection
The increasing trend of modernization of fare collection in emerging economies, notably in Asia Pacific, is augmenting the potential of the automated fare collection systems market. The benefits of affordability and convenience that automated fare collection systems offer will be bellwether for the growth in such emerging markets.
However, an imminent challenge is the security of the payment system under automated fare collection. Nevertheless, such technological hacks will attract better technology solutions as the automated fare collection systems market evolves. Moreover, the growing role of automated fare collection in improving the safety in urban transport has helped reinforce opportunity generation for various stakeholders in industrialized nations.
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