Automated Fare Collection (AFC) System Market forecast to exceed Automated Fare Collection (AFC) System Market reve | Page 2

UK automated fare collection system market size, by technology, 2012 - 2023 (USD
Million)

Technology Trends
Smart cards contributed about 30% of automated fare collection system (AFC) market share
for 2015 and forecast to experience expansion due to its low manufacturing costs, portability
and less complexity.
NFC technology is predicted to register 12.3% CAGR during the forecast timeframe. It is fast
and user friendly. Also growing use of this technique in mobiles and transit readers helps
rapid & easy ticketing along with effective access control. All of these factors have
contributed to the growth of the technology.
Regional Trends
U.S. AFC system market is predicted to register CAGR of 9% during the forecast period.
Growing intelligent transportation systems segment is predicted to fuel the industry growth
with the global ITS industry size projected to surpass $45 billion by end of 2023.
Asia Pacific AFC (automation fare collection) system market size is predicted to cross $2.5
billion by end of forecast timeframe and is promoted by transit projects in India and China.
Read full market research report “Automated Fare Collection (AFC) System Market Size By
Component (Software, Hardware), By Technology (Magnetic Strip, Smart Cards, Optical
Character Recognition (OCR), Near Field Communication (NFC)), Industry Analysis
Report, Regional Outlook (U.S., Canada, Germany, UK, China, India, Japan, Brazil,
Mexico, Saudi Arabia, UAE), Application Potential, Competitive Market Share &
Forecast, 2016 - 2023”, please click on the link below:
https://www.gminsights.com/industry-analysis/automated-fare-collection-AFC-systemmarket

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