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Automated Fare Collection System Market Analysis - New Opportunities Explored, Expansion at High CAGR Anticipated by 2025: Radiant Insights, Inc.
The ever-increasing usage on the part of smartphones to access travel information apps are is acting as a catalyst to the automated fare collection system market. The companies inclusive of Google, Samsung, and Apple also play a vital role in paying transportation fees via AFC systems. Smartphones prove to be a one-stop solution with respect to integration of mobile application ticketing, online ticketing, and on-board ticketing. This, in turn, lets transport operators and authorities deliver much better services to clients; thereby minimizing fare evasion and fund leakage.
The market of automated fare collection system is segmented based on component, technology, and geography. By component, the market spans hardware and software. By technology, it says AFC, NFC, magnetic strip, OCR (Optical Character Recognition), and smart cards. By geography, the market of automated fare collection system comprises North America , Europe , Asia Pacific , LATAM, and MEA.
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Asia Pacific leads the automated fare collection system market. This could be credited to support extended by the governments of economies herein to enhance public transportation. For example – Kuala Lumpur government, in the year 2015, did bring up BRT (Bus Rapid Transit) service in Sunway for minimizing traffic congestion therein. Around the same time, Delhi ( India ) metro authorities did install 210 novel AFC gates in Nehru Place and Huda City Center Stations for ensuring the passengers' smooth flow.
The players contributing to the automated fare collection system market include LG Corporation, Sony Corporation, Fare Logistics, Atos, Vix Technology, Scheidt & Bachmann, GMV, Advance Card Systems, Omron Corporation, Samsung, and Thales Group.
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Michelle Thoras.
Corporate Sales Specialist
Radiant Insights, Inc.
Phone: +1-415-349-0054
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