Automated Fare Collection System Market Size

Automated Fare Collection System Market Size

Automated Fare Collection (AFC) System Market size estimated at USD 4 billion in 2015 and is predicted to register over 10% gains from 2016 to 2023.

To get key market trends

  Download Free Sample

The automated fare collection system market growth is attributed to favorable government initiatives worldwide for the development of sustainable & smart transport infrastructure coupled with rapid usage of advanced fare collection technologies including electronic payment systems and smartcards. Governments in the UK and the Netherlands have been introducing AFC systems to provide smart card technology to regional authorities. In December 2015, the UAE administration and Xerox transportation solutions introduced a smart fare collection system for buses by offering a single card for the usage on transit modes in Abu Dhabi, reducing passenger waiting time in queues and traffic congestion times. The growing usage of smartphones for accessing travel information applications will also support market growth. The major m-payment companies including Apple, Google, and Samsung are also playing an important role in the payment of transportation fees using AFC systems.
 

Smartphones help to integrate mobile application ticketing, on-board ticketing, and online ticketing into smart ticketing solutions, which allow transport authorities and operators to deliver better services to their clients and reduce fare evasion situations & fund leakage.