Automated Fare Collection System Market To Reach USD 22.1 Billion By 2032 - DataHorizzon Research [Yahoo! Finance]
SUMITOMO CORP S/ADR (SSUMY)
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Source: Yahoo! Finance
Fort Collins, Colorado, March 05, 2024 (GLOBE NEWSWIRE) -- The Automated Fare Collection System Market was valued at USD 6.2 Billion in 2023 and is projected to attain a market size of USD 22.1 Billion by 2032 at a CAGR of 15.1%. The industry is expected to experience strong growth owing to government initiatives to improve public transportation services. The overall market has a huge potential for expansion as most transit agencies do not have a complete AFC implementation. The increasing ridership, municipal efforts, and favorable regulatory framework are expected to contribute to the growth over the forecast period. Transport authorities play a crucial role in the AFC implementation as all the funding and contracts are through them. Increasing transport infrastructure developments and investments contribute to market developments. Passenger traffic worldwide is continuously increasing, owing to the rising population. According to the Organization for Economic Co-operation and
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