Global Automatic Fare Collection (AFC) Systems Market 2024-2028
Global Automatic Fare Collection (AFC) Systems Market 2024-2028
The automatic fare collection (AFC) systems market is forecasted to grow by USD 5853.4 mn during 2023-2028, accelerating at a CAGR of 10.87% during the forecast period. The report on the automatic fare collection (AFC) systems market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by successful applications of various technologies, rising demand for cost-effective public transportation solutions, and government initiatives to promote adoption of AFC systems.
Technavio's automatic fare collection (AFC) systems market is segmented as below:
- By Component
- Hardware
- Software
- By Application
- Railways
- Parking
- Entertainment
- Others
- By Geographical Landscape
- North America
- Europe
- APAC
- South America
- Middle East and Africa
This study identifies the increasing focus on paperless transactions as one of the prime reasons driving the automatic fare collection (AFC) systems market growth during the next few years. Also, growing demand for contactless payment options and integration of mobile ticketing and payment solutions will lead to sizable demand in the market.
The report on the automatic fare collection (AFC) systems market covers the following areas:
- Automatic fare collection (AFC) systems market sizing
- Automatic fare collection (AFC) systems market forecast
- Automatic fare collection (AFC) systems market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automatic fare collection (AFC) systems market vendors that include Atos SE, Chinasoft International Ltd., Cubic Corp., Dormakaba Holding AG, Gaoxin Modern, GMV Innovating Solutions SL, GRGBanking, Gunnebo AB, 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, STMicroelectronics International N.V., and Thales Group. Also, the automatic fare collection (AFC) systems market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.