Middle East & Africa Automated Fare Collection Market Size & Outlook
Middle East & Africa automated fare collection market, 2018-2030 (US$M)
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MEA automated fare collection market highlights
- The MEA automated fare collection market generated a revenue of USD 1,171.2 million in 2023.
- The market is expected to grow at a CAGR of 14.2% from 2024 to 2030.
- In terms of segment, smart card was the largest revenue generating technology in 2023.
- Near-field communication (NFC) is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, UAE is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,171.2 million |
| Market revenue in 2030 | USD 2,974.3 million |
| Growth rate | 14.2% (CAGR from 2023 to 2030) |
| Largest segment | Smart card |
| Fastest growing segment | Near-field communication (NFC) |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Smart Card, Magnetic Stripe, Near-field communication (NFC), Optical Character Recognition (OCR) |
| Key market players worldwide | Atos SE, Cubic Corporation, Indra Sistemas SA ADR, Siemens AG, Thales Group, OMRON Corp, Samsung Electronics Co Ltd |
Other key industry trends
- In terms of revenue, MEA region accounted for 10.2% of the global automated fare collection market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 7,796.9 million by 2030.
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Automated Fare Collection Market Scope
Automated Fare Collection Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa automated fare collection market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to automated fare collection market will help companies and investors design strategic landscapes.
Smart card was the largest segment with a revenue share of 33.32% in 2023. Horizon Databook has segmented the Middle East & Africa automated fare collection market based on smart card, magnetic stripe, near-field communication (nfc), optical character recognition (ocr) covering the revenue growth of each sub-segment from 2018 to 2030.
The growth of the market can be attributed to the increasing adoption of AFC systems across the region. For example, in September 2021, at the Seamless Middle East 2021, Mint Middle East announced a strategic agreement with Payolog, a leader in global payments solutions based in Texas, U.S.
The partnership allowed Mint Middle East to advance its efforts to promote further innovation in the field of online banking and payments, which when coupled with smart city-specific solutions, such as AFC platforms for transit, would guarantee that Mint Middle East's upcoming solutions provide comfort and assurance to a larger audience in the region.
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Our clientele includes a mix of automated fare collection market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa automated fare collection market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa automated fare collection market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA automated fare collection market size, by country, 2018-2030 (US$M)
Middle East & Africa Automated Fare Collection Market Outlook Share, 2023 & 2030 (US$M)
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