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To 2023, AFC System Market in software segment is expected to grow at almost 10% CAGR

Author : Ronak Bora | Published Date : 2019-03-20 

AFC System Market in hardware segment is anticipated to grow substantially due to diversified applications of hardware that include mobile and handheld terminals, ticket vending machines, fare gates. Software segment is expected to grow at almost 10% CAGR in the forecast timeline owing to consistent support from software developers and companies that include DBMS, software development kit (SDK), mobile platforms, middleware, and others. To reduce the complexity as well as to improve the efficiency of the AFC system, software-based technical support has deployed by the software developers and firms which will provide software development kits, database management systems, middleware, mobile platforms, server solutions. Many of the transportation agencies are increasingly looking for software based AFC system, which will stimulate software automated fare collection system industry size lucratively.

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AFC System Market in NFC segment is expected to grow at over 10% CAGR. This growth is attributed to the enhanced technology that provides improved user experience along with facilitating automated collections. Moreover, it offers multiple payment options and can be used from pay-as- you-go and point-to-point schemes. Smart cards accounted for 30% of the global revenue in the year 2015 and is anticipated to witness substantial growth in the forecast timeframe owing to their cost-effective manufacturing and their features such as portability and possess low degree of complexity. It works on the principle of an embedded microchip that can transcribe and process data in a protected environment, and can be contactless or contact-based in nature.

The growing adoption of electronic payments and integrated ticketing system across the globe will stimulate AFC system market trends. According to Global Market Insights, Inc., “Global Automated Fare Collection (AFC) System market worth USD 4.51 billion in 2015, will exhibit an annual growth rate of 10.4% over the period of 2016 to 2023.” Transportation infrastructure will drive AFC system industry extensively, as it is used for maintaining customers log, estimating best fare calculation and to check relevant discounts. The implementation of AFC system across the various sectors such as transportation will offer benefits like improved revenue management and fraud prevention.

Large scale development in infrastructure across the globe have created numerous opportunities for deployment of the product. Moreover, changing business environments and conditions has led to reduced costs, efficient ticketing systems, and affordable operation expenses. Considerable rise in the acceptance of innovative technologies such as electronic payments and contactless technology has induced immense potential to the automated fare collection market. Regulatory authorities across the globe are in support of this technology as it provides with the improved revenue generation and it is hard to breach the system.

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AFC System Market comprises technologies such as optical character recognition (OCR), magnetic strip, near field communication (NFC), and smart cards. OCR technology is extensively used to generate receipts and tickets. The near field communication technology is projected to record a CAGR of 12.3% over the coming six years, owing to the high demand for this technology owing to its high degree of compatibility. In addition, NFC is a user-friendly technology, which will add benefit over other alternatives such as QR codes and BLE (Bluetooth low-energy). Smart card accounted for 30% of the worldwide automated fare collection system market revenue in 2015 and will display eye-catching growth opportunities over the coming timeline. The smart cards offer favorable features such as portability, low complexity, and reliability, which influence the industry trends considerably.

North America accounted for highest market share in 2015 and is anticipated to continue the same owing to the growing intelligent transportation system. Moreover, rising adoption of automated fare collection systems across key industrial applications will propel the regional growth. Asia pacific is expected to showcase an exponential growth rate owing to developing transportation infrastructure in emerging economies that include India and China. These countries are undergoing multiple infrastructural development projects which is fueling the growth of automated fare collection market.

Geographically, Asia Pacific AFC system market will collect a revenue of more than USD 2.5 billion by 2023, owing to the escalating transit projects across this region. China and India will be the major revenue contributor.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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