The global automated fare collection market is expected to accrue a revenue of US$10.87 bn by the end of 2021. The revenue is speculated to be progressing at a CAGR of 11.4% within a forecast period from 2015 to 2021.
Smart card technology has contributed significantly to the revenue growth. This segment is expected to reach US$4.69 bn by 2021.
Obtain Report Details @ https://www.transparencymarketresearch.com/automated-fare-collection-market.html
North America will be the leading region for most automated fare collection releases and development. This region is expected to generate US$3.87 bn in the automated fare collection market by 2021. Europe automated fare collection follows closely with an expected revenue of US$3.44 bn in 2021.
“All parts of the world, whether developing or developed, hold transport at a high priority when it comes to development and expansion,” states a TMR analyst. “The latest development trend in transport is the implementation of smart transport systems, which can sync perfectly with the new automated fare collection systems available in the market.”
Get Sample Copy of this report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=7784
The use of automated fare collection in smart transport is expected to improve the overall flow of traffic and help government and other agencies cut down on operation costs. Additionally, the implementation of automated fare collection systems directly in the existing transport systems can also help substantially in reducing road congestion, which is a key cause of high fuel consumption and carbon emissions.
The implementation of automated fare collection systems involves the installation of multiple hardware and software in a transportation system. It brings out a key challenge faced by all players: the complex nature of an automated fare collection system and its integration. The various components in an automated fare collection system may make it exceedingly difficult to integrate them with a current organization, especially when it comes to switching between automatic and manual fare collection.