Automated Fare Collection Market to Grow Beyond $8.5 Billion by 2024

30/mag/2018 11:07:40 susan hill Contatta l'autore

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The Automated Fare Collection Market is anticipated to be valued beyond USD 8.5 billion by 2024. Automated collection of systems are available, which facilitates the automated ticketing system for public transportation networks. They offer a constant and incorporated platform for ticketing machines.

These systems are chiefly used in several large transit areas, commercialplaces, government buildings, and public transport ports. The increasing demand for proficient, automated, and tranquil transportation is the requirement for automated making collection systems.

The escalating focus on improving the transport infrastructure and the potential for the purchaser is likely to stimulate the industry in the near future. However, the collection of systems can be influenced by the automatic making collection systems, as well as the overall market demand during the forecast period (2016-2024).

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The global market can be segmented by technologies, components, systems, systems, and regions. Technologies are magnetic strip, smart card, NFC, and OCR. Components consist of software hardware. Systems includes gates, ticket vending machines, ticket office machines, and IC cards. Market systems components are ticket vending machine by component, ticket office machine by component, gates by component, and IC cards by components.

Key regional segments in the market comprised North America, Europe, Asia-Pacific, the Middle East & Africa (MEA), and Latin America. Europe dominates the total AFC market and is strongly followed by the North American market.

The overall automated making collection is extremely competitive in nature. The key manufacturers are NXP Semiconductor, Omron Corporation Thales Group, LG Corporation, Advance Cards Systems, Fare Logistics, and Samsung SDS.

Strategic mergers & acquisitions and partnerships to be a competitive advantage in the promising markets. Also, this will potentially augment their technological capability. There has been a novel trend of partnerships among the transit service suppliers and product makers for the integration and interoperability of systems.

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