According the report, Technological Advancement of Card Payment and Transport Infrastructure is one of the primary growth factors for the market. Growing Need for Convenient and User-Friendly Mode of Fare Payment is also expected to contribute significantly to the Automatic Fare Collection System market. Overall, Rail and transport applications of Automatic Fare Collection System, and the growing awareness of them, is what makes this segment of the industry important to its overall growth.

AMA’s Analyst on the Global Automatic Fare Collection System market identified that the demand is rising in many different parts of the world as "Automated Fare Collection Systems Reduce the Number of Frauds and Prevent Counterfeiting. ". Furthermore, some recent industry insights like "On 21 April 2021, Cubic Corporation announces the expansion of the Automated Fare Collection to Vancouver’s HandyDART System. On Metro Vancouver's public transportation system, Cubic Transportation Systems will give consumers contactless payment options. HandyDART is a shared-ride service for those with physical or cognitive impairments who are unable to use public transportation without help. Cubic will offer technology to enable HandyDART users to use existing means of payment that are available to travelers on the traditional system. The extension will allow for electronic Compass card validation as well as ‘Tap to Pay' alternatives like contactless credit cards and mobile phone purchases." is constantly making the industry dynamic. One of the challenges that industry facing is "Lack of Interoperability and Standardization among Automated Fare Collection Products Limit the Growth of the Automated Fare Collection Market"

The Industry Vertical, such as Transportation and logistics, is boosting the Automatic Fare Collection System 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 Technology, such as Near field communication, is boosting the Automatic Fare Collection System 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 Services Type, such as Consulting, is boosting the Automatic Fare Collection System 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 Component, such as Hardware, is boosting the Automatic Fare Collection System 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 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 Automatic Fare Collection System 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

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 Automatic Fare Collection System market and other related sub-markets covered in the study.

o Key & emerging players in the Automatic Fare Collection System market have been observed through secondary research.
o The industry’s 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 Automatic Fare Collection System market size is calculated using market estimation process, the Automatic Fare Collection System 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 Automatic Fare Collection System market size has been validated using both top-down and bottom-up approaches.