By the end of 2024, the Market for Automated Fare Collection Systems will have Generated more than US$ 11.8 billion in revenue

According to the research, "Automated Fare Collection Systems Market: Global Industry Analysis and Forecast, 2024," the US$ 4.7 billion market for automated ticket collection systems would grow at a rate of 11.1% CAGR over the next eight years. The market for automated fare collection systems is projected to be driven globally by factors like simple installation, inexpensive maintenance, and compatibility with technology improvements.

Due to improvements implemented in automated fare collection systems, the industry is anticipated to experience excess revenue growth. Businesses that produce these systems are adding new features that improve the user experience and are continuing to advance in line with transportation authorities.

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.

Interesting.? Apply For A Sample Report @ https://www.persistencemarketresearch.com/samples/6457

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.

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.

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.

Make An Inquiry To Customize This Report @ https://www.persistencemarketresearch.com/request-customization/6457

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.

Related Reports:
Data Protection-as-a-Service (DPaaS) Market https://www.persistencemarketresearch.com/market-research/data-protection-as-a-service-dpaas-market.asp

Optical Communication and Networking Equipment Market https://www.persistencemarketresearch.com/market-research/optical-communication-and-networking-equipment-market.asp

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 - sales@persistencemarketresearch.com
Website - https://www.persistencemarketresearch.com

Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.