Press release
Electronic Toll Collection Market - Explores New Growth Opportunities By 2024
A toll road, also known as a tollway or turnpike, is a private or public roadway for which a fee is accessed for passage. Frequently, these toll booths cause traffic delays during rush hours for the toll collection process. This is mainly due to manual operations, which are not only more prone to errors, they are also considerably slower than automated methods.Download Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1559
This factor has given birth to electronic toll collection system, which swiftly eliminates the manual operations by toll payers and receivers. As several developed and developing economies across the world invest and adopt new technology, the reflection is quite apparent on the adoption of these electronic toll collection systems. Consequently, the global market for electronic toll collection is projected for a double digit growth rate during the forecast period of 2016 to 2024.
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Need to save time is the primary driver for this market. However, the push by several governments for cashless travel facilities is further fueling the demand, especially in India which has a second maximum landscape of toll roads in the world and a vast number of commuters.
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The need to minimize congestion and fast toll transaction is another factor prompting the adoption. Conversely, factors such as high initial installation cost and the dependency on government approvals is expected to hinder the growth rate.
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