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(MoneyNewsWire.Net, March 09, 2018 ) Research Cosmos forecast the Automated Fare Collection market size to grow from USD 6.42 Billion in 2016 to USD 11.95 Billion by 2021, at a compound annual growth rate (CAGR) of 13.2%.
The AFC system can increase commuting convenience inter and intra-city. AFC has the potential to widen customer bases for transport systems and establishments, because end-users gravitate towards solutions that make their lives easier. Overall, an AFC system provides ease to end-user for commutation and hassle-free payment collection system to service providers.
Browse Market Data Tables and In-Depth TOC of the Automated Fare Collection Market to 2021 @ https://www.researchcosmos.com/reports/global-automated-fare-collection-market-analysis-and-forecast-to-2022-growth-opportunity/9441554
Presently, magnetic stripes technology segment is expected to account for the largest market share in 2016, and is expected to dominate the Automated fare collection market during the forecast period. NFC technology for AFC is expected to grow primarily due to the increase in the adoption of cashless fare collection system for transportation modes across all regions. With users rapidly adopting AFC applications and services, service providers are able to consolidate, centralize and manage their massive data, with reduction in revenue leakages. The NFC technology is estimated to grow at a faster pace in the APAC region compared to other regions, considering the widespread deployment of rail and transport application in this region
The managed services segment is expected to have the largest market share and highest CAGR during the forecast period. The AFC application and services are being increasingly adopted by companies and organizations in various industry verticals such as transportation & logistics; media & entertainment; retail; government; and others. Transportation and logistics is expected to dominate the AFC industry market, contributing the largest market share, during the forecast period.
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North America is expected to have the largest market share and would dominate the Automated fare collection market from 2016 to 2021. Asia-pacific (APAC) offers potential growth opportunities, as companies in the APAC region are turning toward AFC application and services providers to offer a high degree of services in terms of quality, performance, and capacity.
Major factors limiting the growth of the AFC system market is the high installation cost. AFC system installation requires higher cost than other toll collection systems, such as manual tolling. The system also requires high maintenance, which further increases the expenses. The key players in the AFC market are Cubic transportation, San Diego, California; Samsung SDS, Seoul, South Korea; Thales group, La Defense, France; Indra, Alcobendas, Spain; ST Electronics, Singapore; among others. These major players also launched new products and offerings to strengthen their product portfolio and to expand their offerings to new clients. These players adopted various strategies, such as mergers and acquisitions, partnerships, collaborations, and business expansion to cater to the needs of the Automated fare collection market.
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