PUNE, India, June 2, 2016 /PRNewswire/ --
According to a new market research report "Automated Fare Collection Market by Application (Rail and Transport, Parking), by Service Type (Consulting, System Implementation), by Technology, by Industry, by Region - Global Forecast to 2021", published by MarketsandMarkets, the global market is estimated to grow from USD 6.42 Billion in 2016 to USD 11.95 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 13.2%.
Browse 66 market data Tables with 58 Figures spread through 157 Pages and in-depth TOC on "Automated Fare Collection Market"
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The government initiative for atomized transport system and low operating cost has opened up new avenues for AFC applications. The rising demand for improved automation of public transit systems and transportation system, in compliance with business and government policies are the driving forces of the AFC market.
Currently Rail and transport has the maximum application in AFC
Automated fare collection applications are majorly used in buses, railway ferries, and road toll areas to collect fare electronically. With the help of these applications, the passengers can commute faster. On service provider side, AFC systems provide full controllable, automated, and centralized systems that protect service providers from revenue leakages.
Increase in investment emphasis on automated fare collection by various governments
Factors that have pushed the growth of the AFC market are increased benefits of AFC, inclination to adopt new technologies, and new technologies being developed for AFC such as advanced traffic management system, commercial vehicle operation, AFC enabled retail system, theme parks, automated transportation pricing system, and advanced public transportation system. AFC eliminates the need for carrying out operations manually. Operations carried out by machines are always more accurate and reliable, and the possibility of errors is close to negligible. The security for transaction and other operations in AFC is higher than that achieved from traditional methods. Considering such factors, the governments of many countries are investing on various AFC projects.
The North American region is expected to contribute the maximum market share to the overall AFC market.
The North American region has been an extremely open and competitive market with regards to the adoption of AFC solutions across major industry applications. This region has been particularly responsive toward adopting the latest technological advancements, such as NFC and magnetic stripes. The major growth driver for the AFC market in this region is the strict government standards and regulations framed for various industries. This market is in the growing stage in Asia-Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America, therefore AFC in these regions have immense scope for enhancement. Moreover, there is a huge return on investment because of low operating expenses in the AFC market, as opportunities for improved performance are always increasing, hence AFC platform vendors continue to invest on more flexible and region specific application and services across all these regions.
The key market players such as Cubic Corporation, San Diego, California; Thales Groups, La Defense, France; Samsung SDS, Seoul, South Korea; and ST Electronics, Singapore; among others, adopted the strategies of partnerships, collaborations, agreements, and business expansions, M&A, and new product launches to expand their client base and enter new market space with improved solution capabilities. New product developments were the key strategy adopted by industry players to achieve growth in the AFC market. This strategy accounted for 39% of the total market share. The rising popularity of Cubic Corporation products and services and the high growth in the emerging markets encouraged companies to adopt this strategy. These major players are focused on developing new and advanced products to strengthen their product portfolio, expand their offerings to newer clients, and cater to the unmet needs of the subscriber's to expand their distribution network
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The Automated Fare Collection Market has been segmented into following types. On basis of application AFC includes rail and transport, parking, and theme park. Service types are consulting; system implementation; training, support, and maintenance; and managed service. Technology of AFC includes Near Field Communication (NFC), Magnetic Strips. Industries are further classified into transportation & logistics, government, media & entertainment, retail, and others. Furthermore, the report classifies the market according to the regions of North America, Europe, APAC, MEA, and Latin America.
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