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.
UK automated fare collection system market size, by technology, 2012 - 2023 (USD Million)
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.
Read full market research report “Automated Fare Collection (AFC) System Market Size By Component (Software, Hardware), By Technology (Magnetic Strip, Smart Cards, Optical Character Recognition (OCR), Near Field Communication (NFC)), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, China, India, Japan, Brazil, Mexico, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2016 - 2023”, please click on the link below:
https://www.gminsights.com/industry-analysis/automated-fare-collection-AFC-system-market
https://www.gminsights.com/industry-analysis/automated-fare-collection-AFC-system-market
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.
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.
Competitive Trends
Key industry
players profiled in the report include:
- Cubic Transportation Systems
- Advanced Card Systems
- GMV
- Siemens
- Vix Technology
- Thales Group
- Omron Corporation
- NXP Semiconductors
- LG Corporation
- Atos
- Samsung
- Singapore Technologies Electronics Limited
- Fare Logistics
- Scheidt & Bachmann
- Sony Corporation
- Trapeze Group
Information Source: Global Market Insights, Inc
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