by Application (Bus, Toll, Train, and Car Rental), Component (Hardware, and Software), and Technology Platform (Smart Card, Near Field Communications, Optical Character Recognition (OCR) and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automated fare collection system industry was estimated at $6.63 billion in 2019, and is expected to hit $12.75 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027. Drivers, restraints, and opportunities- Rise in the trend of contactless open payment, increasing demand for smartphones, enhanced transport infrastructure and security system, flexible fare plans, low manpower cost, and less operational time fuel the growth of the global automated fare collection system market. On the other hand, high installation and maintenance cost impede the growth to some extent. Nevertheless, surge in use of high-speed public transport, arrival of digitized payment, and global interoperability are anticipated to create multiple opportunities for the key players in the industry.