Automatic Fare Collection (AFC) Systems Market to grow by USD 4,672.71 million between 2022 - 2027

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Aug 16, 2023, 18:45 ET

Successful applications of various technologies to drive market growth

NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The Automatic Fare Collection (AFC) Systems Market is expected at a CAGR of 9.72% between 2022 and 2027. The market size is anticipated to increase by USD 4,672.71 million during the forecast period. The AFC systems market is segmented by component (hardware and software), application (railways, parking, entertainment, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa), providing a comprehensive understanding of its diverse facets.

Technavio has announced its latest market research report titled Global AFC Systems Market 2023-2027

The surge in demand for cost-effective public transportation solutions, coupled with government initiatives promoting AFC system adoption, forms the bedrock for the market's growth. Successful applications of diverse technologies, encompassing mobile ticketing, radio frequency identification (RFID), and Near Field Communication (NFC), are pivotal catalysts. Dynamic technological innovations, notably mobile ticketing and RFID are set to fuel exponential market growth. The integration of RFID technology in AFC systems, particularly in metro stations, is propelling the market forward.

Growth Prospects for Automatic Fare Collection (AFC) Systems Market in Emerging Markets include:

NFC, mobile wallets, and cashless transactions reshape fare collection methods.
Smartphone-based ticket purchase and storage gain widespread adoption.
Seamless integration of transportation modes with single-ticket solutions simplifies transfers.
Eco-friendly practices and energy-efficient technologies gain prominence.
User-friendly interfaces and personalized services improve overall satisfaction.

Heightened data privacy and security concerns pose a significant challenge to the AFC systems market. With the proliferation of electronic payment systems, the volume of personal and financial data processed and stored has surged, making the market susceptible to cyber threats. Ensuring robust data privacy and security measures is imperative to mitigate vulnerabilities and sustain market growth. Technavio provides a report on Automatic Fare Collection (AFC) Systems Market that includes the market's key drivers, trends, challenges, and customer landscape, download the sample report now.

The research report on the Automatic Fare Collection (AFC) Systems Market also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: Atos SE, Chinasoft International Ltd., Cubic Corp., Dormakaba Holding AG, Gaoxin Modern, GRGBanking, Indra Sistemas SA, KML Technology Group Ltd., Leadway Tech, LECIP Holdings Corp., LG Corp., Masabi Ltd., Nippon Signal Co. Ltd., NXP Semiconductors NV, OMRON Corp., Scheidt and Bachmann GmbH, Shanghai Huaming Intelligent Terminal Equipment Co. Ltd., Siemens AG and Thales Group.

These companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and service launches, to maintain a competitive edge in the market.

The Automatic Fare Collection (AFC) Systems market is projected for robust growth, driven by successful technological applications, a focus on sustainable and paperless transactions, and a commitment to data privacy and security. The collaboration between technology, innovation, and consumer demands is propelling the AFC systems market toward a dynamic and prosperous future. Buy the full report and make informed decisions to uplift your company.

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