Automated Fare Collection System Market Growth, Trends, Analysis and Forecast

Summary

World Automated Fare Collection System Market is Expected to Reach $10.1 Billion by 2022-Allied Market Research

According to a current report published by Allied Market Research, titled, "Automated Fare Collection System Market", the World Automated Fare Collection System market is estimated to reach $10.1 billion, at a prominent CAGR of 13.2% from 2016 to 2022. The smart card segment accounted for around 41.4% of revenue share in 2015, and the market is expected to grow with a promising CAGR of 12.9% during the forecast period, owing to the increasing application of smart cards in bus, train and toll fare collection. North America and Europe collectively accounted for over 63% of the market share in 2015.

Growing demand of contactless open payment solutions and smart phones, reduction in fraud rates, flexible fare plans, reduced traffic congestion, and enhanced transport infrastructure in developed and developing economies are the major factors that contribute to market growth. Furthermore, factors such as reduced waiting time in queues, and quick and faster transactions are likely to foster the market growth throughout the forecast period. On the other hand, high installation and maintenance cost of automated fare collection systems restricts the market growth.

Browse full report with TOC@ https://marketreportscenter.com/reports/319311/world-automated-fare-collection-system-market-opportunities-and-forecasts-2015-2022

The technology platform segment is classified into smart cards, NFC, OCR, and magnetic stripes and bar coding. Smart cards dominated the market in 2015, and the segment is expected to witness impressive growth favored by continuous technological advancements, ease of carrying cards, secured transactions, and reduced waiting time in queues. However, the NFC segment is projected to grow at a CAGR of 14.8% over the forecast period, owing to growing adoption of NFC-enabled smart phone payment in various developed countries such as...