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. 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.
Request to view Sample Report: https://www.persistencemarketresearch.com/samples/6457
The report, titled “Automated Fare Collection Systems
Market: Global Industry Analysis and Forecast, 2016-2024,”
illustrates that the global automated fare
collection systems market, which is presently
valued at US$ 4.7 Bn will surge at 11.1% CAGR during the eight-year forecast
period. Factors such as easy installation, low-cost maintenance and
compatibility to technological advancements are observed to drive the demand
for automated fare collection systems across the globe. The market is expected
to witness surplus revenue growth on the account of advancements instated in
automated fare collection systems. Companies manufacturing such systems are
providing additional features that further enhance the user experience, and
continue to propel in accordance with transportation authorities.
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.
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full ToC @ https://www.persistencemarketresearch.com/toc/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.
View
Report @ https://www.persistencemarketresearch.com/market-research/automated-fare-collection-afc-system-market.asp
About Us
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methodology to help businesses achieve optimal performance.
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