Automated Fare Collection (AFC) is used
primarily in public transport networks. This automated process makes the
ticketing systems quick and efficient in public transport, such as the subway,
the bus and the railroad. It ensures security, as well as the management of
funds raised by the media and sales.
Automated Fare Collection Market Size, Growth Analysis:
Automated Fare Collection System market is anticipated to
garner USD 10.09 billion by 2022, registering a CAGR of 13.19% during the
forecast period 2016 - 2022.
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Growth Drivers and Restraints of Automated Fare Collection
Market:
The global Automated Fare Collection market is the acknowledgment
of the development and adoption of technology. Automated Fare Collection systems benefit from retail
transportation systems, traffic management systems, commercial vehicle
operations, theme parks, public transportation systems and automated
transportation price systems. Demand for accurate, reliable and error-free
systems has improved the market for worldwide rates. The global market is
expected to emerge due to increased security during charging. The key factors
driving the growth of the global automated
fare collection market are the strict government standards and
regulations that apply to different industries. New payment gateways, including
the use of debit cards, credit cards or other bank cards, accelerate the growth
of the global market.
However, high installation and
maintenance costs can hamper market growth, especially in developing countries.
The traffic area has also developed rapidly in recent years, fostering
opportunities within the global market. The digital payment infrastructure of
the region is expanding and it is expected that the penetration of smartphones
will provide profitable growth opportunities to the main players in the
industry over the next few years.
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Automated Fare Collection Market
Regional Presence:
North America dominated the world
market in 2018 and will continue to dominate the forecasting year by rapidly
adopting new technologies in the region. Factors such as the growth of the
population with technological knowledge, the improvement of the infrastructure
of telecommunication networks and the Internet and the increase of the users of
smartphones have also played an important role in facilitating the deployment
and the use of AFC systems in the region. In addition, the emergence of leading
integrators and manufacturers of AFC systems committed to the development and
deployment of the latest solutions will accelerate the growth of the region.
Asia Pacific markets are experiencing an increase in demand for AFC systems.
Key Companies Listed in this Automated
Fare Collection Market report are:
- Cubic
Corporation
- Indra
- Thales
Group
- GMV
- ST Electronics
and more
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