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Automated Fare Collection System Market Size
Automated Fare Collection (AFC) System Market size estimated at USD 4 billion in 2015 and is predicted to register over 10% gains from 2016 to 2023.
The automated fare collection system market growth is attributed to favorable government initiatives worldwide for the development of sustainable & smart transport infrastructure coupled with rapid usage of advanced fare collection technologies including electronic payment systems and smartcards. Governments in the UK and the Netherlands have been introducing AFC systems to provide smart card technology to regional authorities. In December 2015, the UAE administration and Xerox transportation solutions introduced a smart fare collection system for buses by offering a single card for the usage on transit modes in Abu Dhabi, reducing passenger waiting time in queues and traffic congestion times. The growing usage of smartphones for accessing travel information applications will also support market growth. The major m-payment companies including Apple, Google, and Samsung are also playing an important role in the payment of transportation fees using AFC systems.
Smartphones help to integrate mobile application ticketing, on-board ticketing, and online ticketing into smart ticketing solutions, which allow transport authorities and operators to deliver better services to their clients and reduce fare evasion situations & fund leakage.
Why are stakeholders likely to invest in APAC AFC system market?
Favorable government policies for the development of transportation systems will aid stakeholders to invest in the industry.
What was the size of the automated fare collection system market in 2015?
The market size of automated fare collection system was valued over USD 4 billion in 2015.
What factors may boost the demand for optical character recognition technology?
Prevalent use of OCR technology in personal smartphone scanning devices, server-based solutions and desktop application are likely to boost the demand for optical character recognition technology.
What is the expected growth rate for automated fare collection system industry share during the forecast timespan?
The industry share of automated fare collection system market is projected to witness 10% growth rate during 2016 to 2023.
Which factors are likely to drive the demand for automated fare collection systems?
Dramatic rise in the demand for smartphone and favorable government initiatives are likely to drive the demand for AFC systems.
How will hardware segment provide substantial gain to automated fare collection system manufacturers?
Increase in the use of hardware electronics, including bus controller units, bus card processors and portable ticketing devices is likely to provide substantial gain to manufacturers of automated fare collection (AFC) system.