+1-888-308-5802     
News Contact Us

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.

Request for a sample of this research report @ www.gminsights.com/request-sample/detail/406

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.

Make an inquiry for buying this report @ www.gminsights.com/inquiry-before-buying/406

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.

Browse Full Reports: www.gminsights.com/industry-analysis/automated-fare-collection-AFC-system-market

About Global Market Insights

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.

Contact Us

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: [email protected]
Web: www.gminsights.com
Blog: www.industry-source.org

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

Related News

Antimicrobial Coatings Market Size is driven by strong application trends in healthcare application segment

Published Date: 2019-08-09         Author: Ronak Bora

Global antimicrobial coatings market is segmented into medical & healthcare application, indoor air quality application, food application, antimicrobial textile application, mold remediation application and construction. Medical & healthcare application segment can experience substantial ... Read More

Aromatic Solvents Market Size to witness heavy growth prospects via paints & coatings sectors

Published Date: 2019-08-09         Author: Ronak Bora

Aromatic solvents market finds extensive application in varied sectors such as automotive, oilfield chemical, pharmaceutical, and paints & coatings. Pharmaceutical application will exhibit a CAGR of more than 2% over 2016- 2024, owing to its significant usage in drug formulation. Paints & co... Read More

Synthetic Lubricants Market in Europe Will Touch $1.67 Billion Up To 2023

Published Date: 2019-08-09         Author: Ronak Bora

Europe synthetic lubricants market price is predicted to surpass $1.67 billion by end of 2023 due to presence of key automobile and airplaneproducing firms like Audi, Airbus, Volkswagen, Rolls Royce, Mercedes and BMW. Asia Pacific, led by India and China synthetic lubricants market, is predicted ... Read More

© 2019 Fractovia. All Rights Reserved