Posted On: 2018-08-27
Middle East automated fare collection system market witnessed a steady growth during 2014-17 led by buoyant railway and metro construction activities primarily in Turkey. Oil crisis led to the slowdown in the construction activities across several key markets in the Middle East region primarily Saudi Arabia. Additionally, Turkey which is one of the key contributors to the automated fare collection system market in the Middle East, which witnessed political and economic instabilities.
According to 6Wresearch, Middle East Automated Fare Collection Systems Market is projected to reach $12.5 billion by 2024. With stabilization of oil prices, government spending is expected to grow and construction market is likely to regain momentum. Additionally, major global events such as World Expo 2020 in Dubai and Qatar World Cup 2020 coupled with government projects such as Smart city projects in Dubai and Saudi Arabia are expected to stimulate growth in the region. These factors would fuel the demand for automated fare collection systems.
According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, "Metro and railway application recorded key contribution in the automated fare collection market in 2017, primarily due to high prices of the complete automated fare collection systems installed in the metro and railway stations. Fare gates and smart ticketing systems are the key revenue generating segments in metro and railway application market.
"During the forecast period, parking and other applications are expected to register a healthy growth driven by expansion of retail and other entertainment hubs across the region, which would result in the installation of fare gates and smart ticketing options in the region, "Ravi further added
According to Muhammed Shabreen, an Industry Expert, "Like any other industry, streamlining revenue generation and its reporting in transportation Industry is a hot topic. There has been a series of research and implementation done to unify the fare collection from Public for the transportation mode they use. An output of such a research is the AFC systems or Automatic Fare Collection System.
Middle East market has several opportunities mainly due to strong fundamental system the government organizations have introduced. Most of the cities in Middle-East are on their way to have a pre-paid-cards for public transportation. All such transactions are then integrated into the centralized fare collection unit within their city. The advantages of pre-paid cards and a centralized fare collection system are countless especially, the toll balance of pre-paid accounts, the intelligence reports generated and subsequent model predictions are a few top ones. As per the current market research, cities such as Dubai, Abu Dhabi, Qatar, Riyadh are maintaining their momentum to enhance/upgrade their AFC units for better user experience and management."
Some of the major companies in the Middle East Automated Fare Collection system market include- Indra Sistemas, SA, Hanwha Techwin Co Ltd., Thales S.A., and Xerox Corporation.
"Middle East Automated Fare Collection System Market (2018-2024)" provides an in-depth analysis with 67 figures and 7 tables covered in more than 119 pages. The report estimates and forecast the overall Middle East Automated Fare Collection system market by revenues, by applications, by technology, and by countries. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles as well as market drivers and restraints.