Global automated fare collection system market is estimated to reach $10.1 billion, at a prominent CAGR of 13.2% from 2016 to 2022, according to a new report by published by Allied Market Research. The smart card segment accounted for around 41.4% of revenue share in 2015, and the market is expected to grow with a promising CAGR of 12.9% during the forecast period, owing to the increasing application of smart cards in bus, train and toll fare collection. North America and Europe collectively accounted for over 63% of the market share in 2015.
Growing demand of contactless open payment solutions and smart phones, reduction in fraud rates, flexible fare plans, reduced traffic congestion, and enhanced transport infrastructure in developed and developing economies are the major factors that contribute to automated fare collection systems market growth. Furthermore, factors such as reduced waiting time in queues, and quick and faster transactions are likely to foster the market growth throughout the forecast period.
On the other hand, high installation and maintenance cost of automated fare collection systems restricts the market growth.
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Category: Market Research Publishers and RetailersCompany about: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...