Automated Fare Collection System Market: Core Technologies & Applications As a computerized version of manual fare collection, an automated fare collection (AFC) system entails a diverse range of components that automate a public transportation network’s ticketing system. The innovative system is typically the foundation for integrated ticketing, comprising a smartcard-based contactless back-to-back solution for fare collection as well as payments. According to Inkwood Research, the global automated fare collection system market is estimated to grow with a CAGR of 11.63% during the forecast years of 2023 to 2032. Automated ticketing systems enable operators to execute variable as well as flexible fare plans based on time, means of travel, or type of commuter. In addition, it also equips operators to cater to the demands of passengers through the customization of travel fare options, such as unlimited ride passes, discounted passes during off-peak periods, free intermodal transfers, and other modes.
What’s Trending? | Seamless Tech Integration for Operators & Consumers With the growing advantages of enhanced convenience and minimized operational costs, commuters, consumers, and operators alike are rapidly transitioning to automated fare collection systems from conventional ticketing solutions. While these systems help operators avoid manpower expenses and cash leakage, it also enables customers to avoid fare-related frauds and subsequently avail of efficient transaction processes.