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NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET FORECAST 2023-2032

SCOPE OF THE REPORT

North America Automated Fare Collection System Market by Component (Hardware, Software, Services) Market by Technology (Smartcards, Optical Character Recognition, Near-field Communication, Other Technologies) Market by Application (Transport & Logistics, Parking, Media & Entertainment, Other Applications) by Geography


MARKET OVERVIEW

The North America automated fare collection system market is projected to register a CAGR of 9.91% over the forecasted period of 2023-2032, capturing a revenue share of $6115.26 million by 2032.

Some of the top factors influencing the market growth of the region include the rise in road accidents and traffic congestion, significant investments in automated fare collection system solutions, and the increasing demand for contactless smartcards and NFC technology. However, the North America automated fare collection system market may likely be obstructed due to project funding challenges.

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The North America automated fare collection system market growth analysis includes the assessment of the United States and Canada. The United States houses various leading players, such as Advantech, that specialize in offering intelligent transportation system solutions, including automatic fare collection systems. Aligning with this, Regional Transit Service (RTS) in Rochester, New York, entered into a contract with Masabi in October 2018 to use Justride, an innovative account-based full fare collection system. The solution enables passengers to utilize a single payment platform to make payments across the RTS system. 

While such contactless payment systems are continually gaining traction, in order to minimize the spread of the novel coronavirus, a higher number of contactless payment systems are also expected to be installed over the upcoming years in the United States. As a result, these factors are set to contribute to the notable growth of the North America automated fare collection system market growth during the forecast period.

The North America automated fare collection system market is segmented into component, technology, and application. The technology segment includes smartcard, optical character recognition (OCR), near-field communication (NFC), and other technologies. Smartcards are characterized as credit-card-sized boards of plastic with an embedded microprocessor. The card easily fits in a wallet, is portable, and only needs to be connected to a battery or other sources of power when written or read.

On the other hand, optical character recognition (OCR) is a technology that translates scanned documents, PDFs, and images into a form readable by a computer. The technology entails an optical scanner as well as software for analyzing documents and viewing texts. Optical character recognition is utilized across various sectors, such as public transport, tourism, and the pharmaceutical industry, among others. Although automated fare collection through the use of OCR is a novel concept within the public transport system domain, countries across the globe are rapidly adopting this technology owing to the improved convenience it delivers. 

Some of the key companies operating in the North America automated fare collection system market include Cubic Transportation Systems Inc, Thales Group, Lecip Holdings Corporation, etc.

Cubic Transport Systems (CTS), a unit of Cubic Corporation headquartered in the United States, is a system integrator of payment as well as information technology and services aimed at intelligent travel solutions. The company specializes in the production, development, installation, design, maintenance, and operation of automated fare payment, real-time information collection systems, traffic management and enforcement solutions, and revenue management technologies and infrastructure for transportation agencies.

The company’s Fare Collection & Revenue Management is a future-ready and easily scalable solution, comprising individual account-based, card-based, and open payment ‘pay as you go’ options.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2032
Base Year2022
Market Historical Years2018-2021
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Component, Technology, Application
Countries AnalyzedThe United States and Canada
Companies AnalyzedLG CNS, Atos SE, Cubic Transportation Systems Inc, Dormakaba Group, Lecip Holdings Corporation, Scheidt & Bachmann GmbH, NXP Semiconductors NV, Omron Corporation, Samsung SDS, Thales Group

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
    5. MAJOR MARKET FINDINGS
      1. CONTACTLESS OPEN PAYMENT
      2. EFFICIENT TRANSACTION PROCESS
      3. CUSTOMIZED TRAVEL FARE OPTIONS
      4. LOW MANPOWER COST
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. SURGING NUMBER OF SMARTPHONES AND INTERNET SERVICES
      2. LESSER PROBABILITY OF FRAUD AND COUNTERFEITING
      3. ADVANCEMENTS IN TRANSPORTATION INFRASTRUCTURE
      4. ADVANTAGES OF CONTACTLESS PAYMENT SYSTEM
    2. KEY RESTRAINTS
      1. PROJECT FUNDING CHALLENGES AND HIGH INITIAL INVESTMENTS
  4. KEY ANALYTICS
    1. KEY TECHNOLOGY TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
    4. MARKET MATURITY ANALYSIS
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
      1. RESEARCH AND DEVELOPMENT (R&D)
      2. RAW MATERIAL & SOFTWARE SOLUTION SUPPLIERS
      3. ASSEMBLY UNIT
      4. DISTRIBUTION
  5. MARKET BY COMPONENT
    1. HARDWARE
    2. SOFTWARE
    3. SERVICES
  6. MARKET BY TECHNOLOGY
    1. SMARTCARDS
    2. OPTICAL CHARACTER RECOGNITION (OCR)
    3. NEAR-FIELD COMMUNICATION (NFC)
    4. OTHER TECHNOLOGIES
  7. MARKET BY APPLICATION
    1. TRANSPORT & LOGISTICS
    2. PARKING
    3. MEDIA & ENTERTAINMENT
    4. OTHER APPLICATIONS
  8. GEOGRAPHICAL ANALYSIS
    1. NORTH AMERICA
      1. MARKET SIZE & ESTIMATES
      2. NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET GROWTH DRIVERS
      3. NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET CHALLENGES
      4. NORTH AMERICA – KEY GOVERNMENT INITIATIVES
      5. NORTH AMERICA – KEY PLAYERS
      6. COUNTRY ANALYSIS
        1. UNITED STATES
          1. UNITED STATES AUTOMATED FARE COLLECTION SYSTEM MARKET SIZE & OPPORTUNITIES
        2. CANADA
          1. CANADA AUTOMATED FARE COLLECTION SYSTEM MARKET SIZE & OPPORTUNITIES
  9. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
    2. COMPANY PROFILES
      1. ATOS SE
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      2. CUBIC TRANSPORTATION SYSTEMS INC
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      3. DORMAKABA GROUP
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      4. LECIP HOLDINGS CORPORATION
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      5. LG CNS
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      6. NXP SEMICONDUCTORS NV
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      7. OMRON CORPORATION
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      8. SAMSUNG SDS
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      9. SCHEIDT & BACHMANN GMBH
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES
      10. THALES GROUP
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS / SERVICES LIST
        4. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – AUTOMATED FARE COLLECTION SYSTEM

TABLE 2: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY COMPONENT, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 3: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY COMPONENT, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 4: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 5: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY TECHNOLOGY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 6: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 7: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY APPLICATION, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 8: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 9: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY COUNTRY, FORECAST YEARS, 2023-2032 (IN $ MILLION)

TABLE 10: NORTH AMERICA – KEY GOVERNMENT INITIATIVES

TABLE 11: LEADING PLAYERS OPERATING IN NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET

TABLE 12: LIST OF ACQUISITIONS

TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 14: LIST OF PARTNERSHIPS & AGREEMENTS

 

LIST OF FIGURES 

FIGURE 1: KEY TECHNOLOGY TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING

FIGURE 4: MARKET MATURITY ANALYSIS

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, GROWTH POTENTIAL, BY COMPONENT, IN 2022

FIGURE 7: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY HARDWARE, 2023-2032 (IN $ MILLION)

FIGURE 8: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY SOFTWARE, 2023-2032 (IN $ MILLION)

FIGURE 9: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY SERVICES, 2023-2032 (IN $ MILLION)

FIGURE 10: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2022

FIGURE 11: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY SMARTCARDS, 2023-2032 (IN $ MILLION)

FIGURE 12: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY OPTICAL CHARACTER RECOGNITION (OCR), 2023-2032 (IN $ MILLION)

FIGURE 13: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY NEAR-FIELD COMMUNICATION (NFC), 2023-2032 (IN $ MILLION)

FIGURE 14: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY OTHER TECHNOLOGIES, 2023-2032 (IN $ MILLION)

FIGURE 15: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022

FIGURE 16: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY TRANSPORT & LOGISTICS, 2023-2032 (IN $ MILLION)

FIGURE 17: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY PARKING, 2023-2032 (IN $ MILLION)

FIGURE 18: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY MEDIA & ENTERTAINMENT, 2023-2032 (IN $ MILLION)

FIGURE 19: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, BY OTHER APPLICATIONS, 2023-2032 (IN $ MILLION)

FIGURE 20: NORTH AMERICA AUTOMATED FARE COLLECTION SYSTEM MARKET, COUNTRY OUTLOOK, 2022 & 2032 (IN %)

FIGURE 21: UNITED STATES AUTOMATED FARE COLLECTION SYSTEM MARKET, 2023-2032 (IN $ MILLION)

FIGURE 22: CANADA AUTOMATED FARE COLLECTION SYSTEM MARKET, 2023-2032 (IN $ MILLION)

FIGURE 23: ATOS SE– REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 24: ATOS SE – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 25: ATOS SE – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 26: CUBIC TRANSPORTATION – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 27: CUBIC TRANSPORTATION – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 28: CUBIC TRANSPORTATION – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 29: DORMAKABA GROUP – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 30: DORMAKABA GROUP – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 31: DORMAKABA GROUP – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 32: LECIP HOLDINGS CORPORATION – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 33: LECIP HOLDINGS CORPORATION – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 34: LECIP HOLDINGS CORPORATION – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 35: LG CNS – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 36: LG CNS – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 37: LG CNS – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 38: NXP SEMICONDUCTORS NV – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 39: NXP SEMICONDUCTORS NV – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 40: NXP SEMICONDUCTORS NV – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 41: OMRON CORPORATION – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 42: OMRON CORPORATION – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 43: OMRON CORPORATION – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 44: SAMSUNG SDS – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 45: SAMSUNG SDS – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 46: SAMSUNG SDS – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 47: SCHEIDT & BACHMANN GMBH – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 48: SCHEIDT & BACHMANN GMBH – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 49: SCHEIDT & BACHMANN GMBH – REVENUE BY SEGMENT IN 2021 (IN %)

FIGURE 50: THALES GROUP – REVENUE 2017 -2021 (IN $ MILLION)

FIGURE 51: THALES GROUP – NET PROFIT 2017 – 2021 (IN $ MILLION)

FIGURE 52: THALES GROUP – REVENUE BY SEGMENT IN 2021 (IN %)

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