Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) — The "Global Automated Fare Collection Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com’s offering. According to the report, the global automated fare collection market reached a value of USD 9.3 billion in 2022. Aided by the escalating emphasis on digitalisation and efficient transit solutions, the market is projected to further grow at a CAGR of 12.50% between 2023 and 2028 to reach a value of USD 18.8 billion by 2028. Automated Fare Collection systems, representing the future of ticketing operations, encompass a range of ticketing methods including contactless smart cards, mobile ticketing solutions, QR codes, and NFC technologies. These systems are being widely adopted in public transportation networks – buses, trams, railways, and metros – to enhance the efficiency and speed of ticketing processes, thereby facilitating a seamless travel experience for passengers. A prominent driving force behind the automated fare collection market growth is the persistent global inclination towards smart cities and integrated transportation infrastructures. As cities burgeon and urbanisation intensifies, there is an increasing demand for swift, efficient, and hassle-free transportation systems. AFC, with its capabilities to reduce queues, eliminate the need for cash transactions, and curtail fraud, […]
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