From 2016-2021, Automated Fare Collection System Market predicted to rise significantly

 


AFC is commonly used to replace paper-based public transportation tickets with electronic tickets. The AFC system is a stored value-based, contactless smart card application that may be upgraded with the mobile ticketing application. It is meant for public transportation and micro-payment activities.AFC is commonly used to collect consumption data quickly and effectively by automatically logging transactions, allowing for better service planning and optimization, variable pricing schemes, easy access to bundled services, and consumer convenience. AFC guards against the unauthorized creation and alteration of data stored on cards. It prevents you from reading one card while writing on another. It guards against card cloning..

During the projection period, the overall Automated Fare Collection System Market is expected to increase from USD 6.42 billion in 2016 to USD 11.95 billion in 2021, with a Compound Annual Growth Rate (CAGR) of 13.2 percent. Some of the elements that are predicted to boost AFC adoption trends in the next years include compatible features and easier access to the AFC network.In the years ahead, the necessity for solutions that allow for congestion-free travel and reduce pollution routes in enterprises is projected to boost AFC adoption trends. The use of AFC services has increased as a result of the increased use of AFC solutions.

During the projection period, the Rail and Transportation sub-segment in the application segment is predicted to have the greatest market size.

The need for service providers to have products that enable intercity operability with minimal revenue leakages is the driving force behind AFC adoption.

During the projection period, the training, support, and maintenance services sector is predicted to have the biggest market size.

The core themes that will help one comprehend the more complex principles of AFC technologies are covered in training, support, and maintenance services. It is recommended for business owners, application developers and operators, and other technical experts who wish to have a clear understanding of AFC. The installation of a proper maintenance schedule is critical to an AFC system's efficient performance. Users may complete work without interruptions thanks to maintenance and assistance. It entails resolving operational faults or conducting frequent inspections in order to avoid any unplanned or unfocused events.These AFC training, support, and maintenance services enable users to understand the various technological concepts and how to use them effectively.

From 2016 to 2021, the AFC market in APAC is predicted to develop at the fastest rate.

The transportation and logistics, government, and media and entertainment industries are the most common users of AFC products, owing to the huge number of fare collection systems found in these sectors. In most industries, including retail, media & entertainment, and government, APAC is the fastest-growing area for the Automated Fare Collection System Market.

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