In simple and layman’s terms, the process of automating the ticketing system of the public transportation network and collecting of ticket fares automatically refers to the Automated Fare Collection Systems.
Market for Automatic Fare Collection Systems:
The Market For Automatic Fare Collection Systems in the year 2015 was close to USD 2.2 million. And between the period of 2016 and 2023 the market for AFCS is expecting a compound annual growth rate of 10.4%. There is a lot of support that is provided for the AFCS by different software companies and individual software developers, which is inclusive of database management systems, software development kits, server solutions, mobile platforms and applications, middleware, etc. they are all one of the main reasons that help to maintain the overall level of efficiency with regards to the systems.
Operating fare systems and payment services is one of the most complex processes involved and for this reason,various agencies involved in transportation look for IT, operational, and maintenance services from system suppliers, customer support and various other operations as well.About 30% of the world’s AFCS is occupied by smart cards and this is expected to grow a lot more in the forthcoming years. Between the years of 2016 and 2023 the NFC is expected to grow at the rate of 12.3%.
Advantages of Automatic Fare Collection Systems:
One of the biggest advantages is that automated fare collection systems providesbetter customer experience along withexpediency and ease of use, multi-services, new payment options, fast transactions,reliability and durability of fare media and less crowding at gates.
AFCS is a big industry that is growing every day and reducing the amount of manual labor involved. It has been a boon to the various other industries because of the ability to handle high volume and low maintenance costs.