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

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

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Request for a sample of this research report @ 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. – PowerPoint PPT presentation

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


1
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
2
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.

3
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.

4
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.

5
UK automated fare collection system market size,
by technology, 2012 - 2023 (USD Million)

6

Browse Full Market Research Report On Automated
Fare Collection (AFC) System Market _at_
https//goo.gl/rmRB22 Request for a Sample of
this Research Report _at_ https//www.gminsights.com/
request-sample/detail/406
7
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