Lake Shore Gazette

Leading News Website

Demand for Automated Fare Collection Afc System Market from Key End-use Sectors to Surge in the Near Future

AR (Augmented Reality) and VR (Virtual Reality) are looked upon as an indispensable part of our lives’ digitization. Technology is capable of enhancing the experience in virtual world, thereby making way for more satisfied customers. As such, 3D trial rooms and remote/virtual assistance would be the “new normal”. The Automated Fare Collection Afc System Market would be seen behaving this way in the near future, as far as AR and VR are concerned.

The need to improve driving experience goes in hand with the necessitation of deploying advanced regulatory systems for traffic and transportation. Automated fare collection (AFC) systems are becoming more popular across transportation authorities as an ideal solution for ticketing passengers. By improving the efficiency of ticketing systems and streamlining the fare transaction process, automated fare collection systems will soon be observed as an enhanced service arranged by transportation authorities. Persistence Market Research’s latest report projects that the global market for automated fare collection systems will surpass US$ 11.8 Bn revenues towards the end of 2024.

To remain ‘ahead’ of your competitors, request for a Sample@

automated fare collection system market

The report, titled “Automated Fare Collection Systems Market: Global Industry Analysis and Forecast, 2016-2024,” illustrates that the global automated fare collection systems market, which is presently valued at US$ 4.7 Bn will surge at 11.1% CAGR during the eight-year forecast period. Factors such as easy installation, low-cost maintenance and compatibility to technological advancements are observed to drive the demand for automated fare collection systems across the globe.

The market is expected to witness surplus revenue growth on the account of advancements instated in automated fare collection systems. Companies manufacturing such systems are providing additional features that further enhance the user experience, and continue to propel in accordance with transportation authorities.

Cubic Corporation, Thales Group, Xerox Corporation, Eurotech SPA, Nippon Signal Co. Ltd., Advantech Co. Ltd., NEC Corporation, Advanced Card Systems Holdings Limited, Omron Corporation and Scheidt & Bachman GmbH are profiled in the report as leading manufacturers of automated fare collection systems in the world.

Rising adoption of automated fare collection systems is also associated with growing need for advanced transportation solutions. Traffic authorities continue to struggle with old-fashioned transit systems and end up suffering losses worth millions of dollars. Through automated fare collection systems, these authorities will be at an advantage in terms of operational fluency and controlling expenditure budget.

For critical insights on this market, request for customization here@

A majority of automated fare collection systems are availed in the form of hardware. Revenues amassed from sales of AFC hardware have been projected to account for more than 40% share throughout the forecast period. Demand for AFC software will also gain traction, while services will continue to procure consistent share on global market value between 2017 and 2024.

The report reveals nearly half of automated fare collection systems sold across the globe will be installed for buses and light trail transit systems. Train services will be observed as the largest application, with a little over 40% share on global revenues by 2024-end. Likewise, public transport will remain the largest end-user industry for automated fare collection systems in the world, accounting for over three-fourth of global revenues at any point during the forecast tenure. Revenues from sales of automated fare collection systems in private transport circuits will grow at a steadfast CAGR of 11.9%.

The report further reveals that North America and Europe will remain at the forefront, dominating with a collective global revenue share of more than 55%. The Asia-Pacific automated fare collection systems market, on the other hand, is anticipated to showcase a robust value CAGR of 12.4% during the forecast period.

For in-depth competitive analysis, buy now@

Read More Trending “PMR Exclusive Article”

About us: Persistence Market Research

Contact us:

Persistence Market Research          
Address – 305 Broadway, 7th Floor, New York City,
NY 10007 United States
U.S. Ph. – +1-646-568-7751
USA-Canada Toll-free – +1 800-961-0353
Sales –

Leave a Reply

Your email address will not be published. Required fields are marked *