Automated Fare Collection System Market to grow at 10.4% CAGR from 2016 to 2023

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Global Automated Fare Collection System Market
share to exceed 9.84bn by 2023 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Industry Overview

• The growing adoption of electronic payments and
  integrated ticketing system across the globe will
  stimulate automated fare collection (AFC) system
  market trends. According to Global Market
  Insights, Inc., Global Automated Fare Collection
  (AFC) System market worth USD 4.51 billion in
  2015, will exhibit an annual growth rate of 10.4
  over the period of 2016 to 2023. 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.
• Automated fare collection system industry
  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).

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• 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.
  
• Based on the component, AFC industry is mainly
  segmented into hardware and software. The
  hardware segment worth more than USD 2.2 billion
  in 2015, is expected to witness a CAGR of 10.4
  over the period of 2016 to 2023. To reduce the
  complexity as well as to improve the efficiency
  of the AFC system, software-based technical
  support has deployed by the software developers
  and firms which will provide software development
  kits, database management systems, middleware,
  mobile platforms, server solutions. Many of the
  transportation agencies are increasingly looking
  for software based AFC system, which will
  stimulate software automated fare collection
  system industry size lucratively.
• 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.

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

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• 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.
• The market players will invest heavily in the RD
  activities to meet customer needs as well as to
  improve product range over the coming years. The
  collaboration and joint venture are some of the
  key strategies adopted by the industry
  participants to gain enhanced business share.
  Cubic Systems, Thales Group, Samsung, LG, Omron
  Corporation, Advance Card Systems, NXP
  Semiconductors, and Atos are some of the leading
  companies in the AFC market.

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