Growing demand for Smart Card Systems Market in U.S. is expected to boost at 9% CAGR
US Smart Cards Automated Fare Collection System Market is forecast to achieve a CAGR of 9.0% for 2016-23 period. At this growth rate, US smart cards market is expected to grow from a valuation of US$6.6 billion in 2013 to US$11.9 billion by 2020.
Albany, New York, November 12, 2016: Automated Fare collection market is the focus of a new report that has been added to the repository of Market Research Hub (MRH). The report is titled as, “United States Smart Cards Automated Fare Collection System Market Report 2016”. This research analysis highlights key insights of the United States market, including the overview of AFC system with focus on its sales, market share and growth rate of smart cards in the given forecast of 2016 to 2021.
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Automated fare collection systems is the computerized d version of manual fare collection. It is a combined module, which facilitates the automated ticketing system for public transportation network. They offer a constant and integrated policy for all the actions concerned with fare gathering. -It includes ticket checking machine, ticket vending machine, and automatic gate machine. Growing adoption of open bank card payments for transportation fare, which also supports account-based architecture has resulted in extra benefits to transit agencies for assisting fare policies and other payment media. Through the regional analysis, it is obtained that U.S AFC system market share is assumed to gain at 9% CAGR from 2016 to 2023.
Further, in the report, automated fare collection system market is segmented on the basis of technology, types and components. Based on technology, the automatic fare collection system market can be considered as smart cards, magnetic strips, near field communication (NFC), and optical character recognition (OCR). The adoption of NFC technologies including- mobile ticketing and contactless smart card is expected to witness high growth owing to its benefits such as high speed contactless transaction and fault tolerance. These technologies reduce the cost linked with handling cash transactions and also saves the time of the travelers through queue elimination while obtaining tickets.
Now, automated fare collection methods have become the most crucial factor for customer satisfaction. By the constant growing transport set-up developments worldwide and favorable government initiatives, it is expected to drive growth for the market. The report also offers long term plans for these systems which include- check-in/check-out, and be-in/be-out facility for the customers.
The overall automated fare collection market is extremely modest in nature. This report examines sales of smart card automated fare collection systems market in United States with focus on the top players, such as:
• GFI Genfare
These key players in the automated fare collection market have adopted key strategies such as alliances, product launch, and acquisition to develop their market presence. At the end of the report, manufacturing cost analysis along with key raw materials analysis are also studied.
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US Smart Cards Automated Fare Collection System Market is forecast to achieve a CAGR of 9.0% for 2016-2023 period.At this growth rate, market grow of US$6.6 billion in 2013 to US$11.9 billion by 2020.
Nov 12, 2016