Automated Fare Collection System Market size in software segment to witness 10% CAGR up to 2023

Automated Fare Collection System Market in software segment is expected to gain momentum during the forecast timeframe owing to consistent support from software developers and companies that include DBMS, software development kit (SDK), mobile platforms, middleware, and others. AFC System Market is anticipated to witness high growth over the forecast timeframe due to diversified applications of hardware that include mobile and handheld terminals, ticket vending machines, fare gates.

NFC automated fare collection system market size is expected to grow at over 10% CAGR. This growth is attributed to the enhanced technology that provides improved user experience along with facilitating automated collections. Moreover, it offers multiple payment options and can be used from pay-as- you-go and point-to-point schemes. Smart cards accounted for 30% of the global revenue in the year 2015 and is anticipated to witness substantial growth in the forecast timeframe owing to their cost-effective manufacturing and their features such as portability and possess low degree of complexity. It works on the principle of an embedded microchip that can transcribe and process data in a protected environment, and can be contactless or contact-based in nature.

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Transportation infrastructure will drive automated fare collection system market 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.

AFC system market 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). Smart card accounted for 30% of the worldwide automated fare collection system market size 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.

North America accounted for highest market share in 2015 and is anticipated to continue the same owing to the growing intelligent transportation system. Moreover, rising adoption of automated fare collection systems across key industrial applications will propel the regional growth. Asia pacific is expected to showcase an exponential growth rate owing to developing transportation infrastructure in emerging economies that include India and China. These countries are undergoing multiple infrastructural development projects which is fueling the growth of automated fare collection system market.

The growing adoption of electronic payments and integrated ticketing system across the globe will stimulate automated fare collection system market size. According to Global Market Insights, Inc., Global 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.

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