Automated Fare Collection System Market will reach $12.9 million by 2 Automated Fare Collection System Market Forecast a | Page 6

The AFC market growth is influenced by the growth of
technological advancements
The growth of AFC market is directly proportional to the growth of
technology. The rapidly increasing demand of contactless open payment
solutions is driving the growth of the AFC market. Reduction in fraud
rates, flexible fare plans, and traffic congestion are driving the market
growth. Improvised and enhanced transport infrastructure in developed
and developing economies are the major factors that will push the
market growth. Moreover, reduction in the waiting time in queues, and
easy & quick transactions are likely to stimulate the market growth
throughout the forecast period. The software and service component
type lead the market by holding a revenue share of nearly 55% of the
global Automated Fare Collection market, in 2016.