Middle East Automated Fare Collection System market is projected to reach $12.5 billion by 2024.
The Middle East automated fare collection system market witnessed a steady growth during 2014-17 led by buoyant railway and metro construction activities primarily in Turkey. Oil crisis led to the slowdown in the construction activities across several key markets in the Middle East region primarily Saudi Arabia. Additionally, Turkey which is one of the key contributors to the automated fare collection system market in the Middle East, which witnessed political and economic instabilities.
The market is expected to register a fluctuating growth over the period of next five years owing to the different completion period of construction projects in the countries in the middle east region. The Middle East has recorded multiple infrastructural development projects in the region due to the increasing tourism in the region.
In the Middle East, Turkey held the major market for Automated Fare Collection System in terms of revenues on the back of completion of the metro construction project in 2017, Saudi Arabia market is expected to generate maximum revenues during the forecast period due to increase in public transportation development projects in the country to promote tourism.
The report thoroughly covers the market by Automated Fare Collection System by technology, applications, and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers, which would help stakeholders to the device and align market strategies according to the current and future market dynamics.