Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/406 Industry Trends Global Automated Fare Collection (AFC) System Market size was $45.2 billion for 2015 and is projected to register CAGR of about 10.4% during forecast timeframe touching $9.84 billion by 2023. Growing transport infrastructure and favourable government policies are predicted to promote the industry growth as it benefits both transport authorities and customers. Increasing choice for integrated ticketing and electronic payments will promote automated fare collection (AFC) market size in future. A main part of ITS (Intelligent Transportation System) industry, this technology is predicted to grow owing to enhanced transport infrastructure growth worldwide. But accessibility of paper ticketing systems can inhibit the industry growth. But the growth of internal technological replacements like contactless smart cards & NFC based mobile ticketing can propel the industry growth. Further, growing acceptance of open bank cards payment methods for transit fare have added to the industry expansion.

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Fuel Cell Market size worth $25.5bn by 2024
Automated Fare Collection (AFC) System Market revenue to witness
growth at 10.4% CAGR by next seven years: Global Market Insights
Inc.

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 Global Automated Fare Collection (AFC) System Market size was $45.2 billion for 2015
and is projected to register CAGR of about 10.4% during forecast timeframe touching
$9.84 billion by 2023. Growing transport infrastructure and favourable government
policies are predicted to promote the industry growth as it benefits both transport
authorities and customers.
 Increasing choice for integrated ticketing and electronic payments will promote
automated fare collection (AFC) market size in future. A main part of ITS (Intelligent
Transportation System) industry, this technology is predicted to grow owing to enhanced
transport infrastructure growth worldwide. But accessibility of paper ticketing systems can
inhibit the industry growth. But the growth of internal technological replacements like
contactless smart cards & NFC based mobile ticketing can propel the industry growth.
Further, growing acceptance of open bank cards payment methods for transit fare have
added to the industry expansion.
 Rapidly expanding smartphones industry segment is predicted to fuel the industry growth
trends with shipments projected to surpass 2.4 billion units by end of the forecast
timeframe. Favourable regulations are also predicted to push the industry growth.
Enhanced transport service planning, fraud prevention and improved revenue
management are few of the key advantages of AFC system implementation.
Industry Trends:

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 Automated Fare Collection (AFC) industry size was more than $2.2 billion for 2015 and
software segment is predicted to register 10.4% CAGR during the forecast timeframe.
Software and middleware form an essential part in efficacy and effectiveness of the AFC
system.
Component Trends
Technology Trends
 Smart cards contributed about 30% of automated fare collection system (AFC) market
share for 2015 and forecast to experience expansion due to its low manufacturing costs,
portability and less complexity.
 NFC technology is predicted to register 12.3% CAGR during the forecast timeframe. It is
fast and user friendly. Also growing use of this technique in mobiles and transit readers
helps rapid & easy ticketing along with effective access control. All of these factors have
contributed to the growth of the technology.

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 U.S. AFC system market is predicted to register CAGR of 9% during the forecast period.
Growing intelligent transportation systems segment is predicted to fuel the industry
growth with the global ITS industry size projected to surpass $45 billion by end of 2023.
 Asia Pacific AFC (automation fare collection) system market size is predicted to cross
$2.5 billion by end of forecast timeframe and is promoted by transit projects in India and
China.
Regional Trends
Technology Trends
 Automated fare collection system market share is comprised of Thales Group, Cubic
Systems, Omron Corporation, Atos, NXP Semiconductor, LG, Advance Card Systems,
Samsung, etc.
 Players in the industry practice high degree of innovation and customization to provide
unique solutions to existing and potential customers. Due to the long life expectancy of
these systems, there is fierce competition to win new contracts.

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UK automated fare collection system market size, by technology, 2012 - 2023 (USD Million)

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Browse Full Market Research Report On Automated Fare Collection (AFC)
System Market @ https://goo.gl/rmRB22
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