South Korea Automatic Fare Collection System (AFC) Market was valued at USD 0.8 Billion in 2022 and is projected to reach USD 1.4 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The South Korea Automatic Fare Collection System (AFC) market has seen a transformative evolution, heavily influenced by the growing demands of modern transportation infrastructures. With the increasing need for contactless payments and seamless travel experiences, AFC systems have become pivotal to the functioning of public transport networks across the nation. The market has evolved to meet the specific needs of industries relying on efficient fare collection, and it shows no signs of slowing down. The key players in the AFC sector are continuously pushing for more innovative solutions to streamline operations and enhance user experiences.
Automatic Fare Collection (AFC) systems are integral to the daily operations of public transportation. These systems provide passengers with a cashless, convenient method to pay for their travel via smart cards, mobile apps, or contactless credit/debit cards. In South Korea, AFC systems are widely implemented in subway systems, buses, and even taxis. The adoption of these systems has been spurred by the need for higher efficiency, reduced congestion, and improved data collection for transport planning.
The main industries driving the demand for AFC solutions in South Korea include transport operators, technology providers, and government bodies. Transport operators benefit from AFC systems by reducing operational costs and minimizing human error associated with manual ticketing. For technology providers, AFC offers a profitable market for system development, including hardware for fare gates, ticketing kiosks, and software for data management. Government bodies also have an interest in AFC systems to improve urban mobility, reduce traffic congestion, and implement smart city initiatives.
The future of the South Korean Automatic Fare Collection System (AFC) market looks promising, with advancements in biometric authentication, mobile payments, and IoT integration. This progression ensures that the AFC systems will become even more sophisticated, providing real-time tracking, personalized services, and integrated solutions across various modes of transportation. As the market continues to expand, new trends will emerge, further shaping the landscape of urban mobility in South Korea.
With the AFC sector being an integral part of the nation’s transport system, industries are required to stay ahead of technological innovations and regulations to maintain competitive advantages. The continuous improvement of these systems is crucial to meeting the growing demands of passengers and service providers alike.
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Omron
Samsung SDS
Thales
Gunnebo
Chinasoft International
Huaming
GaoXin Modern
NXP Semiconductors
Shanghai Potevio Company Limited
GRG Banking
Huahong Jitong
Easyway
ST Electronics
KML Engineering Limited
Advance Cards Systems
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Automatic Fare Collection System (AFC) Market
Contactless Cards
Mobile Ticketing
Smartcards
Magnetic Stripe Cards
RFID
Near Field Communication (NFC)
Barcode/QR Code
Bluetooth
Public Transportation
Parking Management
Toll Collection
Access Control Systems
Hardware
Software
Services
Cash
Credit/Debit Cards
Mobile Wallets
Bank Transfer
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Automatic Fare Collection System (AFC) Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Automatic Fare Collection System (AFC) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Automatic Fare Collection System (AFC) Market, By Type
6. South Korea Automatic Fare Collection System (AFC) Market, By Application
7. South Korea Automatic Fare Collection System (AFC) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Automatic Fare Collection System (AFC) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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