Automated Fare Collection (AFC) System Market revenue to witness growth at 10.4% CAGR during next seven years

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

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Component Trends

• 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.

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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Regional Trends

• 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.

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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