According to a new report Global Automated Fare Collection System Market, published by KBV research, The Global Automated Fare Collection System Market size is expected to reach $17.9 billion by 2026, rising at a market growth of 16.3% CAGR during the forecast period.
Smart card technology became the dominant segment and is projected to maintain the trend over the forecast period owing to its increased operational stability and higher loading speed than magnetic stripe cards. The NFC segment is projected to grow at the highest CAGR in the period from 2020 to 2026 due to increasing consumer preference for cashless fare collection systems for different modes of public transport. In addition, the promising development of rail and road transport infrastructure in developing regions such as Asia Pacific is also expected to accelerate segment growth.
North America dominated the retail market in 2019 and will remain dominant over the projected years due to the rapid proliferation of new technologies in the region. Factors such as growing tech-savvy population, enhanced internet and connectivity network infrastructures, and a large number of mobile users have also remained instrumental in promoting the widespread implementation and usage of AFC systems in the area over the years. The Asia Pacific regional market is experiencing a surge in the demand for AFC systems. This can be primarily attributed to the rising investments from governments of emerging economies aimed at the development of railway infrastructure, expansion of highway network, and metro projects to facilitate inter-city and intra-city travel.
Railways & Transport accounted for a substantial market share and is projected to emerge as the fastest-growing segment in the forecast period. This growth can be due to the massive expansion of rail infrastructure, highway networks and the construction of expressways through a number of countries. The Toll market is expected to witness a CAGR of 17.4% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/automated-fare-collection-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Omron Corporation, Atos Group, Dormakaba Holding AG, LG Corporation, NXP Semiconductors N.V., Samsung Electronics Co., Ltd. (Samsung Group), Thales Group S.A., Cubic Corporation, LECIP Holdings Corporation, and Scheidt & Bachmann GmbH.
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