Automated Fare Collection System Market Growth Outlook by Key Companies: - Atos, LG Corporation, NXP Semiconductors, Omron Corp, Samsung, Siemens, Sony, Singapore Technologies Electronics Limited, Thales Group

Rising propensity towards smart payments and ticketing technologies is likely to propel automated fare collection system market over the predicted timeframe. AFC systems are a core component of the ITS (Intelligent Transport System) market. Owing to prolific expansion of transport infrastructure across the globe, AFC systems industry is poised to amass hefty proceeds in the years ahead.

Access to enhanced transportation statistics is contributing to more efficient planning for future infrastructure and service augmentations, thereby presenting lucrative prospects to the AFC systems market expansion.

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Intelligent or Smart AFC systems can calculate the ideal fare, taking into account myriad factors. These include prior journey logs, travel duration as well as relevant discounts. Transparency in fee collection is paramount to maintain customer satisfaction and provide a valuable experience to both end-users and transit authorities.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

Advanced Card Systems, Atos, Cubic Transportation Systems, Fare Logistics, GMV, LG Corporation, NXP Semiconductors, Omron Corp, Samsung, Scheidt & Bachmann, Siemens, Sony Corporation, Singapore Technologies Electronics Limited, Thales Group, Trapeze Group, Vix Technology,

The automated fare collection system market is highly competitive, owing to lengthy life spans and limited presence of participants. Entry barriers are also significantly high owing to the prevalence of long-term service agreements between buyers and companies.

Growth Drivers:
o Favorable government initiatives
o Expanding transport infrastructure
o Growing smartphones demand

Favorable government policies are expected to foster automated fare collection system market development over the coming years. The implementation of AFC systems presents several benefits to the transportation domain.
These include enhanced revenue management, transport planning proficiency and protection from fraud, to name a few. Automated fare collection system market expansion is also driven by extensive communications technology advancements in tandem with the growth of smartphones, tablets and other such personal mobile devices.

These trends are prevalent largely in the Asia Pacific region. As a consequence, the China automated fare collection system market is poised to surpass $700 million over 2023.

Meanwhile, the U.S automated fare collection system market accounted for over 85% of the North American revenue share in 2015, and is projected to maintain its leading position over the estimated timeline.

The automated fare collection system market is largely technology-driven, with consistent efforts being made towards improving data security. With respect to the technology spectrum, the NFC segment is expected to depict an appreciable growth rate of 12.3% CAGR through 2023.

NFC or near field communication technology aids automated connections in addition to offering a better user experience. The technology shows considerable application potential in pay-as-you-go or point-to-point payment schemes and also offers users a vast array of payment options.

The automated fare collection system market from the smart cards segment held more than 30% of the worldwide revenue in 2015. Smart cards have a multitude of advantages; they are portable, significantly less complex and more economical to produce than competing segments. The functionality of smart cards is based on the use of an embedded microchip, capable of writing and processing data in a secure environment. Smart cards can be either contactless or contact-based in nature.

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Hardware components are essential for the efficient implementation of automated fare collection systems. In fact, the automated fare collection system market from the hardware segment is estimated to grow at a sizeable rate of 10.3% CAGR through 2023.

Some Points From Table Of Content: -
Chapter 4 Automated Fare Collection System Market, By Component
4.1 AFC system market share by component, 2015 & 2023
4.2 Hardware
4.2.1 Global market estimates by region, 2012 - 2023
4.3 Software
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 NFC
5.2.1 Global market estimates by region, 2012 - 2023
5.3 Magnetic strip
5.3.1 Global market estimates by region, 2012 - 2023
5.4 OCR
5.4.1 Global market estimates by region, 2012 - 2023
5.5 Smart cards
5.5.1 Global market estimates by region, 2012 - 2023

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/automated-fare-collection-AFC-system-market

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