Automated Fare Collection System Market will reach $12.9 million by 2 Automated Fare Collection System Market Forecast a | Page 4

North America generated the highest revenue in 2016, in terms
of Automatic Fare Collection Market
North America led the AFC market by generating a revenue of $1.6 billion
in 2016 and is expected to grow at a CAGR of 12.5% during the forecast
period of (2017-2024). Being a developed region, the automated fare
collection technology is used nearly everywhere in the public transport
services of U.S. However, Asia Pacific is supposed to witness the highest
CAGR of 14.7%, as the number of developing countries is much larger in
this region as compared to other parts of the world.