Automated Fare Collection System Market trend will be driven by rising adoption of electronic payments and integrated ticketing system. 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.
The industry is technology-driven, with continued efforts for enhancing information safety. NFC automated fare collection system market share is set to grow at 12.3% CAGR estimations from 2016 to 2023. In addition to facilitating automated connections, the technology also provides an improved user experience. NFC can be used from point-to-point to pay-as-you-go schemes and offers multiple payment options.
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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.
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.
Intelligent automated fare collection system market 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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Major companies accounting for automated fare collection 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.
Chapter 4 Automated Fare Collection System Market, By Component
4.1 AFC system market share by component, 2015 & 2023
4.2.1 Global market estimates by region, 2012 – 2023
4.3.1 Global market estimates by region, 2012 – 2023
Chapter 5 Automated Fare Collection System Market, By Technology
5.1 AFC system market share by technology, 2015 & 2023
5.2.1 Global market estimates by region, 2012 – 2023
5.3 Magentic strip
5.3.1 Global market estimates by region, 2012 – 2023
5.4.1 Global market estimates by region, 2012 – 2023
5.5 Smart cards
5.5.1 Global market estimates by region, 2012 – 2023
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