Global AFC Systems Market 2015-2019
About Automatic Fare Collection System
An automatic fare collection (AFC) system automates the ticketing system in transportation networks. The AFC system improves the transaction rate, provides affordable operations, and enables more efficient fare collection. It also helps to broaden the customer base for transport systems and establishments. The introduction of latest technologies such as contactless technology, smartcard, and electronic payment reduces the transaction risk and cost associated with handling cash. The AFC system provides service providers with better record management and more effective operation facilities.
TechNavio's analysts forecast the Global Automatic Fare Collection Systems market to grow at a CAGR of 1.39 percent over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the Global Automatic Fare Collection Systems market for the period 2015-2019. To calculate the market size, the report considers revenue generated from the automatic fare collection systems software licenses, applications, services, and support and maintenance. The Global Automatic Fare Collection Systems market is divided into the following segments based on end-users: Government Sector, Healthcare Sector, Retail Sector, Telecommunication Sector, Education Sector, Corporate and Commercial Parks, BFSI Sector, and Construction Sector.
TechNavio's report, Global Automatic Fare Collection Systems Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas and the APAC and EMEA regions; it also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global AFC Systems Market 2015-2019
Technavio recognizes the following companies as the key players in the Global AFC Systems Market: Cubic Corp., OMRON Corp., Thales Group and Toshiba Corp.
Other Prominent Vendors in the market are: AtoS, Busan Transportation, Caravan KDE, CCS Challenge Card Systems, Founder International, GaoXin Modern Intelligent System, GRG Banking Equipment, KML Engineering, Nanjing Putian Telecommunications, Nippon Signal, Samsung SDS, Shanghai Huahong Jitong Smart System, Shanghai Huaming Intelligent Terminal Equipment, Shanghai Huateng Software Systems and ST Electronics
Commenting on the report, an analyst from Technavio’s team said: “The outsourcing of AFC solutions is one major trend being witnessed in the market. The increased adoption and usage of AFC solutions offers new opportunities for vendors. The solution providers have started to outsource services to third-party vendors, who can use the AFC systems to control costs and security.”
According to the report, the need for substantial cost reduction among organizations is one of the major drivers in this market. There is growing demand for automated business processes that allow flexibility in changing business conditions. Changing business demands and market environments have put considerable pressure on organizations to reduce costs incurred by human resources. The adoption of AFC solutions helps reduce the operational costs of organizations.
Further, the report states that system integration issues are one of the major challenges in this market. Organizations face difficulties in adopting AFC systems as they are integrated with various components to provide automatic and manual fare collection services. These issues may negatively affect the service providers and the growth of the market.
Cubic , Omron , Thales Group, Toshiba, AtoS, Busan Transportation, Caravan KDE, CCS Challenge Card Systems, Founder International, GaoXin Modern Intelligent System, GRG Banking Equipment, KML Engineering, Nanjing PutianTelecommunications, Nippon Signal, Samsung SDS, Sanghai Huahong Jitong Smart Systems, Sanghai Huaming Intelligent Terminal Equipment, Sanghai Huateng Software Systems, ST Electronics
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