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Automated Fare Collection System Market will be driven by growing preference for integrated ticketing and electronic payments

Author : Ronak Bora | Published Date : 2019-03-25 

Automated Fare Collection System Market trends will be stimulated by growing adoption of electronic payments and integrated ticketing system across. 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.

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Automated Fare Collection 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.

Major hardware includes booking office machines, Ticket Vending Machines (TVM), handheld and mobile terminals, fare gates, etc. automated fare collection system market in hardware segment is expected to grow at 10.3% CAGR from 2016 to 2023. Based on the usage location, these products can be categorized into on-board and off-board equipment. Consumables include proximity cards, flash pass, ticket personalization equipment, etc.

Automated fare collection 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.

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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.

Geographically, Asia Pacific automated fare collection 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.

North America automated fare collection system market was predominantly driven by U.S in 2015 and is anticipated to continue its dominance over the coming years. U.S. AFC system industry size will grow significantly by registering a CAGR of 9% over the coming six years. The growth can be attributed to the mounting intelligent transportation system market (ITS), which is anticipated to surpass a revenue of USD 45 billion by 2023.

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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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