Worldwide Automated Fare Collection (AFC) System market outlook: Transportation Infrastructure to drive the industry dynamically over 2016-2023
The growing adoption of electronic payments and integrated ticketing system across the globe will stimulate automated fare collection (AFC) system market trends. According to Global Market Insights, Inc., “Global Automated Fare Collection (AFC) System market worth USD 4.51 billion in 2015, will exhibit an annual growth rate of 10.4% over the period of 2016 to 2023.” Transportation infrastructure will drive AFC system industry extensively, as it is used for maintaining customers log, estimating best fare calculation and to check relevant discounts. The implementation of AFC system across the various sectors such as transportation will offer benefits like improved revenue management and fraud prevention.
UK automated fare collection system market size, by technology, 2012 – 2023 (USD Million)
Automated fare collection system industry comprises technologies such as optical character recognition (OCR), magnetic strip, near field communication (NFC), and smart cards. OCR technology is extensively used to generate receipts and tickets. The near field communication technology is projected to record a CAGR of 12.3% over the coming six years, owing to the high demand for this technology owing to its high degree of compatibility. In addition, NFC is a user-friendly technology, which will add benefit over other alternatives such as QR codes and BLE (Bluetooth low-energy). Smart card accounted for 30% of the worldwide automated fare collection system market revenue in 2015 and will display eye-catching growth opportunities over the coming timeline. The smart cards offer favorable features such as portability, low complexity, and reliability, which influence the industry trends considerably.
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Based on the component, AFC industry is mainly segmented into hardware and software. The hardware segment worth more than USD 2.2 billion in 2015, is expected to witness a CAGR of 10.4% over the period of 2016 to 2023. To reduce the complexity as well as to improve the efficiency of the AFC system, software-based technical support has deployed by the software developers and firms which will provide software development kits, database management systems, middleware, mobile platforms, server solutions. Many of the transportation agencies are increasingly looking for software based AFC system, which will stimulate software automated fare collection system industry size lucratively.
Geographically, Asia Pacific automated fare collection system market will collect a revenue of more than USD 2.5 billion by 2023, owing to the escalating transit projects across this region. China and India will be the major revenue contributor.
North America automated fare collection system market was predominantly driven by U.S in 2015 and is anticipated to continue its dominance over the coming years. U.S. AFC system industry size will grow significantly by registering a CAGR of 9% over the coming six years. The growth can be attributed to the mounting intelligent transportation system market (ITS), which is anticipated to surpass a revenue of USD 45 billion by 2023.
The market players will invest heavily in the R&D activities to meet customer needs as well as to improve product range over the coming years. The collaboration and joint venture are some of the key strategies adopted by the industry participants to gain enhanced business share. Cubic Systems, Thales Group, Samsung, LG, Omron Corporation, Advance Card Systems, NXP Semiconductors, and Atos are some of the leading companies in the AFC market.
Author Name : Sunil Hebbalkar
Increasing demand for light weight, compact, and portable products have spurred the growth for thin film battery market. Internet of things has contributed towards a great deal in regards with increasing application of thin film battery in phablets and smartphones coupled with its utilization in sensor networks. Rising standard of living with high disposable incomes will generate increased adoption for wearable devices including watches, smart fabrics, fitness trackers, and glasses and will in turn favor the thin film battery industry trends. According to Global Market Insights, Inc., “Thin Film Battery Market size worth USD 200 million in 2015, is estimated to grow at a CAGR of 25% over the period of 2016-2024.” The various benefits allied with the use of thin film battery in electronics include lower cost, less weight, higher energy density, and smaller footprint.
UK Thin Film Battery Market size, by application 2013-2024 (USD Million)
The chargeable and disposable battery are the two-major product categories of the thin film battery industry. Chargeable batteries are suitable for wireless sensors networks and have accounted for over 40% of the overall industry revenue in 2015. The other type, i.e. disposable thin film battery acts as energy source for semi-battery-assisted passive RFID, greeting cards, toys, consumer music, semi-active tags with sensors, and one-time password display type smart cards. Disposable thin film battery market is estimated to register a CAGR of 20% over the period of 2016-2024.
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The ability of thin film batteries to perform better makes its adoption more common in medical devices, wearable electronics, consumer products, smart cards, RFID, sensors, and backup power applications. Increasing number of mobile users along with rising adoption of smart cards, SIM cars, EMV cards will stimulate the thin film battery industry share. The smart card application is projected to surpass USD 130 million by 2024. These batteries also find important application in security systems, as RFID and sensors are used to monitor risks related to cyber security and financial crimes augmenting the thin film battery market outlook.
US thin film battery market worth USD 70 million in 2015, is anticipated to witness heavy gains due to increasing adoption of EVM chip card technology. By 2018, over 95% of credit cards would be enabled with EMV chip which will create huge opportunities for regional growth. Furthermore, Brazil thin film battery market will also witness promising growth, owing to increasing implementation of EVM chips to minimize payment scams.
Backup power is another lucrative area of application where thin film battery finds immense application, owing to increasing demand for uninterrupted power supply and rapid growth of wireless communication system. Thin film battery industry demand from backup power is anticipated to register a CAGR of 20% over the period of 2016-2024. Moreover, medical device applications will witness heavy gains, owing to increasing adoption of throw-away medical equipment.
Asia Pacific thin film battery industry is anticipated to witness significant growth due to heavy regional demand for wearable devices and increase in per-capita income in countries such as China, South Korea, and Japan. China thin film battery market size is estimated to surpass USD 100 million in coming seven years.
Few of the notable industry players are Excellatron Solid State LLC, STMicroelectronics, BrightVolt Inc, Imprint Energy Inc, Cymbet Corporation, Enfucell Oy, Blue Spark, and FlexEl.
Author Name : Ojaswita Kutepatil