AFC Systems Market Worth $8.52 Billion By 2022: Grand View Research, Inc.

Officials justify these initiatives for better management of revenue generated, fraud prevention, and better future planning of transport services, with passenger traffic worldwide constantly on the rise, owing to rising population.

Browsefull research report with TOC on"Automated Fare Collection (AFC) System Market Analysis By Technology (Smart Cards, Magnetic Strip, NFC, OCR), By Component (Hardware, Software) And Segment Forecasts To 2022"at:http://www.grandviewresearch.com/industry-analysis/automated-fare-collection-afc-system-market        

The rail passenger and freight traffic worldwide could grow at a considerable rate annually. To meet growing rail traffic needs, annual transport investment is expected to increase at a significant rate. AFC systems market is a core component of intelligent transportation systems (ITS) and the technology is primarily deployed to automate and manage the fare collection in public transport.

ITS is able to estimate the best fare for the commuter, depending on the travel length, prior journeys and any relevant discounts. It can therefore bring value to end-users along with transport authorities.

Investments for global infrastructure development are on the rise; however, delays and shortages of funding may also impede ongoing and future developments.

Further key findings from the study suggest: 

Grand View Research has segmented the automated fare collection (AFC) system market on the basis of technology, component and region:

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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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