Global Automated Fare Collection Market was valued US$ XX Bn in 2018 and is expected to reach US$ 22.60 Bn by 2026, at a CAGR of around XX % during a forecast period.

Global Automated Fare Collection Market



Automatic fare collection (AFC) System is a station equipment that involves automatic ticket checking. Nowadays, integrated platforms are essential to keep passenger flow run easily at all data purposes to be collected and transmitted into the center.Increasing the implementation of digital technologies to develop transaction processing speed and to reduce problems related to cash handling and automatic ticket managing are expected to driving factors in the market. Moreover, the fare collection equipment in other sectors in developing economies will provide ample opportunity for this market.Based on the component, the hardware segment is held dominated by XX% market sharing during the forecast period, owing to an improved quantity of deployments of automatic fare collection novel systems by managements across the domain to provide larger public transportation services.



Hardware electronics, such as automobile processors, bus controller components, and portable ticketing devices, which are required for effective application in the systems are key factors that are going to change the market dynamics.Smart card technology segment expected to dominate the XX% market share during the forecast period. The smart cards segment is to provide authentication, data storage, and application processing. Smart cards are normally used in applications that need secure transactions and protect personal information for instance credit cards and another form of a payment card, and transportation fare payment cards. Its improved operating flexibility and quicker processing speed than magnetic stripe cards.



Regionally, North America is expected to account for the largest share of the automatic fare collection market during the forecast period. North America region has been a particularly competitive market with respects to the assumption of automatic fare collection solutions across major business applications. This region has been most responsive to adopting the latest technological developments, such as near field communication and magnetic stripes. Furthermore, severe government values and regulations bounded for various businesses have also driven the growth of this region.



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