Press release
Automated Fare Collection (AFC) System Market Soaring at 10.4% CAGR During the Period 2016-2023
Growing preference for integrated ticketing and electronic payments will drive AFC system market size in the coming years. A core component of the Intelligent Transportation System (ITS) market, this technology is expected to witness growth due to increased transport infrastructure developments globally.
Request a sample copy of Automated Fare Collection (AFC) System Market Research Report @ https://www.marketstudyreport.com/request-a-sample/467686/?utm_source=opr-SK
Automated Fare Collection (AFC) System Market size is expected to reach USD 9.84 billion by 2023; as per a new research report.
Positive regulatory landscape is also forecast to impel automated fare collection system market growth. Fraud prevention, improved revenue management and transport service planning capabilities are among the key benefits of implementation. Considerable advancements in communications technology and proliferation of personal mobile devices such as smartphones and tablets will favorably impact the industry. This trend is particularly prevalent in Asia Pacific, with China AFC system market size forecast to surpass USD 700 million by 2023.
The industry is technology-driven, with continued efforts for enhancing information safety. NFC automated fare collection system market share is set to grow at 12.3% CAGR estimations from 2016 to 2023. In addition to facilitating automated connections, the technology also provides an improved user experience. NFC can be used from point-to-point to pay-as-you-go schemes and offers multiple payment options.
Smart cards accounted for over 30% of the global revenue in 2015. These products are portable, more cost effective to manufacture than competing segments, and present low degree of complexity. It works on the premise of an embedded microchip that can write and process data in a protected environment, and can be contact-based or contactless in nature.
Enquire about this report @ https://www.marketstudyreport.com/enquiry-before-buying/467686/?utm_source=pd-SK
Key insights from the report include:
Major hardware includes booking office machines, Ticket Vending Machines (TVM), handheld and mobile terminals, fare gates, etc. The segment is expected to grow at 10.3% CAGR from 2016 to 2023.
Based on the usage location, these products can be categorized into on-board and off-board equipment. Consumables include proximity cards, flash pass, ticket personalization equipment, etc.
Intelligent AFC systems are capable of estimating the best fare on the basis of parameters such as relevant discounts, prior journey logs, and travel length. Transparent fee collection methods help significantly boost customer satisfaction and bring value to transport authorities and end users.
U.S. automated fare collection system market share was over 85% of the North American revenue in 2015, and is forecast to remain the leading country over the forecast timeline.
The availability of improved transport statistics for future infrastructure planning and service enhancements is a compelling growth driver for the industry.
Major companies accounting for AFC system market share are Thales Group, Omron Corporation, Cubic Transportation, etc. Long life span and limited number of industry participants has led to intense competition. Companies enter into long term service contracts with buyers, leading to high entry barriers.
Related Reports: -
Global (North America, Europe and Asia-Pacific, South America, Middle East and Africa) Enterprise Cyber Security Market 2017 Forecast to 2022
Cyber Security is the body of technologies, processes and practices designed to protect networks, computers, programs and data from major cyber threats, such as cyber terrorism, cyber warfare, and cyber espionage. In their most disruptive form, cyber...
https://www.marketstudyreport.com/reports/global-north-america-europe-and-asia-pacific-south-america-middle-east-and-africa-enterprise-cyber-security-market-2017-forecast-to-2022/?utm_source=RR-SK
About Us:
Centralize market research purchases across your entire organization in one place.Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.
Market Study Report
The Green Suite #4587,
Dover, DE 19901
United States
Phone: 1-201-355-0868
US Toll Free: 1-866-764-287
Email: sales@marketstudyreport.com
Website: https://www.marketstudyreport.com
News: https://www.marketstudyreport.com/category/news-releases/
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Automated Fare Collection (AFC) System Market Soaring at 10.4% CAGR During the Period 2016-2023 here
News-ID: 706300 • Views: …
More Releases from marketstudyreport.com
Load Bank Market Growth Prospectus by 2028 - Business Opportunities by ASCO Powe …
A concise assortment of data on the 'Load Bank Market' offers an exhaustive study targeting current market trends influencing the business across assorted regions. Significant details related to market size, market share, applications, and statistics are put together to convey an ensemble prediction of the industry. The research further focuses on comprehensive competitor analysis in addition to highlighting growth strategies embraced by market leaders.
Load Bank Market Size was estimated…
Agriculture Equipment Market is Expected to Reach USD 161640 Million by 2028 - J …
Global Agriculture Equipment Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of the market with the geographical landscape, demand, remuneration scale, and growth of this vertical have also been included in this report.
Global Agriculture Equipment Market Size was estimated at USD 114110 million in 2021 and is projected to reach USD 161640 million by 2028, exhibiting a CAGR of…
Electric Vehicle Market Size to grow at a CAGR of 23.5% through 2028| Tesla Inc. …
Global Electric Vehicle Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market with the geographical landscape, demand, remuneration scale, and growth of this vertical have also been included in this report.
The electric vehicles (EVs) market is estimated to witness a robust growth rate of 23.5% during the period 2019-2028.
The operation is done to stop ligament tears and…
Fuel Cell Air Compressor Market is Expected to Reach USD 512.3 Million by 2028 - …
Global Fuel Cell Air Compressor Market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market with the geographical landscape, demand, remuneration scale, and growth of this vertical have also been included in this report.
Global Fuel Cell Air Compressor Market Size was estimated at USD 215.1 million in 2021 and is projected to reach USD 512.3 million by 2028, exhibiting…
More Releases for AFC
Professional Polished Perfection with AFC Floor Care
Achieve gleaming floors with our professional polishing services
AFC Floor Care, a leading provider of professional floor care solutions, is proud to announce the expansion of its service offerings to include comprehensive restoration services for a variety of flooring types, including Travertine, Terrazzo, Stone, LVT (Luxury Vinyl Tile), Laminate, Wood, Commercial Floor, and Commercial Carpet. With a commitment to excellence and customer satisfaction, AFC Floor Care is now the go-to choice…
Automated Fare Collection (AFC) Market Report Up to 2031
Visiongain has published a new report on Automated Fare Collection (AFC) Market Report to 2031: Forecasts by component (Hardware, Software), by technology (Near Field Communication (NFC), Radio-frequency Identification (RFID), Optical Character Recognition (OCR), Others), by industry vertical (Media & Entertainment, Government, Transportation & Logistics, Retail, Others). PLUS Profiles of Leading Automated Fare Collection Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Download Exclusive Sample of Report @…
Fuel Cells Market Study by 2025 | AFC Energy PLC
Global Fuel Cells Market: Snapshot
Fuel cell technology has risen in prominence as a combustion-free conversion device for producing electricity, apart from producing heat and water. They can be made to power systems in variety of stationary application, particularly in backup power systems, and are more efficient than most conventional combustion engines. Hydrogen is one of the most versatile fuels used and its demand has gained traction in modern fuel cell…
Office Furniture Market Is Thriving | 9to5 Seating, AFC SYSTEMS, BERCO DESIGNS
A new research document with title 'Global Office Furniture Market 2017-2021’ covering detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like APAC, Europe, North America, ROW and important players/vendors such as 9to5 Seating, AFC SYSTEMS, BERCO DESIGNS The report will help user gain market insights, future trends and growth prospects for forecast period of 2017-21
Request a sample report @ https://www.htfmarketreport.com/sample-report/787696-global-office-furniture-market-5
HTF recognizes the…
AFC System Market share to reach $9.84bn by 2023
The technology 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”, by Global Market Insights, Inc. says Automated Fare Collection (AFC) System Market size is…
Automatic Fare Collection System (AFC) Market Forecast 2017-2022
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Automatic Fare Collection System (AFC) in these regions, from 2012 to 2022 (forecast), covering:
Regions covered this report: North America, Europe, China, Japan, Southeast Asia, India.
Global Automatic Fare Collection System (AFC) market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players…
