The article cited AMA's "Global Automated Fare Collection Systems Market Study" explored substantial growth of 11.01%. According to the report, Adoption of New Technologies Such as Near-Field Communication (NFC), Magnetic Stripes is one of the primary growth factors for the market. Increase in Number of Daily Travelers
is also expected to contribute significantly to the Automated Fare Collection Systems market. Overall, Transport & Logistic
applications of Automated Fare Collection Systems, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Component Type, such as Hardware, is boosting the Automated Fare Collection Systems market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The System Type, such as Transport & Logistic, is boosting the Automated Fare Collection Systems market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global Automated Fare Collection Systems market identified that the demand is rising in many different parts of the world as "Rising Demand for Advanced Public Transport Solutions in Both Nations
". Furthermore, some recent industry insights like "2019, Bharat Electronics launched the new automated fare collection system called SWAGAT for metro, bus, and trains. The recent developments in the transportation industry generating huge demand for automated fare collection system" is constantly making the industry dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Automated Fare Collection Systems market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2021 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Automated Fare Collection Systems market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Automated Fare Collection Systems market size is calculated using market estimation process, the Automated Fare Collection Systems market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Automated Fare Collection Systems market size has been validated using both top-down and bottom-up approaches.