The Automated Fare Collection Market is expected to rise at an annual rate of 13.20% in the forecast period of 2021 to 2028 and will reach USD 25,197.92 million by 2028 due to the increasing investment emphasis on automated fare collection by various governments.
On the other hand, a rise in the installation cost and slow growth in the developing and underdeveloped countries is expected to obstruct the market growth in the above-mentioned forecast period. Lack of interoperability and standardization among automated fare collection products is projected to challenge the automated fare collection market.
According to Data Bridge Market Research, the markets for automated fare collection is accelerating because of the decline in the environmental pollution and various benefit of cashless travel facility. Additionally, an increase in the need for solutions enabling congestion-free traffic positively affects the automated fare collection market.
Furthermore, growth in the transport infrastructure and security system and flexible fare plans extend profitable opportunities to the market players.
Now the question is, which are the other regions that automated fare collection market targeting? Data Bridge Market Research has estimated a large growth in Asia-Pacific due to growing investments from governments of emerging economies aimed at the growth of railway infrastructure and the development of highway networks.
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The automated fare collection market is segmented on the basis of countries into U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA)as a part of the Middle East and Africa (MEA).
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Key Market Competitors Covered in the Report
Above are the key players covered in the report. To know about more and exhaustive list of automated fare collection companies’ contact us https://www.databridgemarketresearch.com/toc/?dbmr=global-automated-fare-collection-market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or can drop down your inquiry.
The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market timeline analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis, and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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Global Automated Fare Collection Market – Industry Trends and Forecast to 2028