India is on an all-around mission of turning its cities into smart cities, thus the number of smart products used in the near future will be far more accurate than the ones we already have. A growing population is increasing the pressure on the Indian transportation system. Various complications like traffic congestion, no space for parking and road accidents is stunting the growth of our economy. To make travelling and all facilities around it seamless, smart products are being introduced in the market.
These modern solutions help fleet operators as well as passengers to experience a swift transit. Minimizing the time required to collect tickets and looking for change is a major aspect of public transport we are looking at. Long queues are being eliminated, we can use the same time for something constructive. Thus Automatic Traffic Collection System is being installed throughout India.
The Automated Fare Collection System (AFCS) is an advanced electronic payment system that provides a range of services to the passengers while maintaining full system control with the stakeholder. By providing options of common paper tickets as well as contactless payment with chip cards, and provision for card recharging onboard as well as through vending machines, we eliminate the friction of technology adoption for users. A centralized system enables the quick capture and streamlining of data across various points and systems in the framework.
Automatic Fare Collection is a complex framework of hardware and software solutions for fare collection at entry and exit touchpoints at public transport networks such as metro trains, and bus rapid transit system enabled buses. Paid for our services both on a fixed fee basis and based on the value of transactions. Delhi metro has eased up the ticket collection with the help of AFCS. This top-up facility is evenly laid out between 54 stops along the whole line. Presently, about 70 per cent of the Metro commuters use smart cards. Approximately, 25,000 smart cards are sold every day from the various stations of the network.
According to research, the India Automated Fare Collection Systems market is projected to grow at a CAGR of over 18% during 2018-2024. In terms of market applications, the metro railway transport dominated the overall market revenues on account of the need for faster and automatic payment solutions across all metro railways in the country.
Additionally, with the increasing adoption of public transportation primarily, metro railways and rapid bus transport systems in Tier-I and II cities by daily commuters, the AFCS market is anticipated to generate considerable growth prospects over the coming years. The AFC installation was implemented under a public/private partnership between banks and fleet operators. By bringing the QR-code-based ticketing to India for the first time, in Noida, AFC will prove to be cost-effective for the Metro in comparison to the traditional token-based system currently installed across metros. The international overview says The Automated Fare Collection System market is expected to garner $10.1 billion by 2022, registering a CAGR of 13.2% during the forecast period 2016 – 2022.
The smart card segment accounted for around 41.4% of revenue share in 2015, and the automated fare collection system market is expected to grow with a promising CAGR of 12.9% during 2016 and 2022. The benefits of AFCS include -The report includes an in-depth analysis of the world automated fare collection system market, including current trends, drivers, restraints, and growth opportunities. Porters Five Forces model illustrates the potency of buyers and sellers, which is likely to help the market players to adopt effective strategies. Value chain analysis provides a clear understanding of the key intermediaries involved and their respective roles at every stage. Key market players have been profiled to gain an understanding of the strategies adopted by them.
Masstrans has entered the market to achieve safe and smooth travel for passengers. We also emphasize keeping travellers safe while they are commuting. Modern solutions have made it possible for us to achieve the goals halfway, rest shall be achieved as we spread all across the country.Know more about AFCS – Automatic Traffic Counters and Classifiers