Automated Fare Collection Market Projected To $11.95 Billion – The Market is Segmented into Rail and Transport

Northbrook, IL, USA, 2020-Apr-13 —

Automated fare collection is generally used to replace public transportation tickets printed on paper with electronic tickets. AFC system designed for public transportation and micro-payment operations is a stored value-based, contactless smart card application, which can be augmented with the mobile ticketing application. AFC is generally used to easily collect the usage data by automatically logging transactions, for better planning and optimization of services, flexible pricing schemes, easy access to combined services, and customer convenience.

Automated fare collection applications are majorly used in buses, railway ferries, and road toll areas to collect fare electronically. With the help of these applications, the passengers can commute faster. On service provider side, AFC systems provide full controllable, automated, and centralized systems that protect service providers from revenue leakages.

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Factors that have pushed the growth of the AFC market are increased benefits of AFC, inclination to adopt new technologies, and new technologies being developed for AFC such as advanced traffic management system, commercial vehicle operation, AFC enabled retail system, theme parks, automated transportation pricing system, and advanced public transportation system.

AFC eliminates the need for carrying out operations manually. Operations carried out by machines are always more accurate and reliable, and the possibility of errors is close to negligible. The security for transaction and other operations in AFC is higher than that achieved from traditional methods. Considering such factors, the governments of many countries are investing on various AFC projects.

Training, support, and maintenance services include the fundamental topics that will help one understand the more advanced concepts of AFC technologies. It is recommended for business owners, application developers and operators, and other technical professionals who want to have a clear understanding of AFC.

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