Automated Fare Collection System Market size with 10.4% CAGR By 2023

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Automated fare collection system market size
predicted to grow with 10.4 CAGR to hit USD 9.84
billion by 2023 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Automated Fare Collection (AFC)
System Market

• Major hardware includes booking office machines,
  Ticket Vending Machines (TVM), handheld and
  mobile terminals, fare gates, etc. The 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.
• Intelligent AFC systems are capable of estimating
  the best fare on the basis of parameters such as
  relevant discounts, prior journey logs, and
  travel length. Transparent fee collection methods
  help significantly boost customer satisfaction
  and bring value to transport authorities and end
  users.

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Continued

• U.S. automated fare collection system market
  share was over 85 of the North American revenue
  in 2015, and is forecast to remain the leading
  country over the forecast timeline.
• The availability of improved transport statistics
  for future infrastructure planning and service
  enhancements is a compelling growth driver for
  the industry.
• Major companies accounting for AFC system market
  share are Thales Group, Omron Corporation, Cubic
  Transportation, etc. Long life span and limited
  number of industry participants has led to
  intense competition. Companies enter into long
  term service contracts with buyers, leading to
  high entry barriers.

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

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360 Analysis

• Application Analysis
• Modern systems are capable of calculating the
  best fare, based on parameters such as relevant
  discounts, travel length, as well as prior logs.
  This results in tangible benefits for transport
  authorities as well as customers. Transparent
  transport fee collection methods are most crucial
  factor for customer satisfaction.
• Regional Analysis
• U.S. AFC system market share is forecast to gain
  at 9 CAGR from 2016 to 2023. Growing intelligent
  transportation sector is likely to boost the
  industry. Global ITS market size is predicted to
  exceed USD 45 billion by 2023.
• Competitive Market Share
• 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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