The optical character recognition (OCR) automated fare collection systems market size is expected to see rapid growth in the next few years. It will grow to $2.45 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to data-driven decision-making, smart city initiatives, and mobility as a service (MaaS) initiatives. Major trends in the forecast period include enhanced biometric integration, seamless integration with mobility platforms, and personalized fare pricing.
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Segmentation & Regional Insights
The optical character recognition (OCR) automated fare collection systems market covered in this report is segmented –
1) By Type: Ticket Vending Machine (TVM), Gate (Entry Or Exit Ticket Machines), Europay, Mastercard, And Visa, Other Types
2) By Component: Hardware, Software, Services
3) By Technology: Smart Card, Near Field Communication (NFC), Barcode, Other Technologies
4) By Application: Bus, Train, Metro, Other Applications
North America was the largest region in the optical character recognition (OCR) automated fare collection systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical character recognition (OCR) automated fare collection systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for contactless payments is expected to propel the growth of the optical character recognition (OCR) automated fare collection systems market going forward. Contactless payments refer to transactions made using technology that allows for secure payment without needing to swipe or insert a card into a point-of-sale terminal physically. The demand for contactless payments is rising due to convenience, as consumers prioritize touch-free transactions for safety and hygiene concerns. OCR-based automated fare collection systems can integrate with smart mobility solutions and digital platforms to offer additional services and functionalities, offering convenience and speed for users and allowing them to pay for fares quickly and easily without needing physical contact or cash transactions. For instance, in March 2022, according to UK Finance, a UK-based financial services company, in 2021, 13.1 billion contactless payments were made, averaging 415 transactions per second, representing a 36% increase from 2020. Therefore, the rising demand for contactless payments is driving the growth of the optical character recognition (OCR) automated fare collection systems market.
Key Industry Players
Major companies operating in the optical character recognition (OCR) automated fare collection systems market are Thales Group, Ticketer Limited, Infineon Technologies AG, Indra Sistemas S.A., Hitachi Rail Limited, Conduent Transportation LLC, Gemalto N.V., Advantech Co. Ltd., Cubic Transportation Systems Inc., Cubic Corporation +, GFI Genfare (SPX Corporation), Siemens Mobility GmbH, Flowbird Group SAS, Scheidt & Bachmann GmbH, IVU Traffic Technologies AG, LECIP Holdings Corporation, Trapeze Group, INIT GmbH, Masabi Ltd., Farelogix Inc., Avail Technologies Inc
The optical character recognition (ocr) automated fare collection systems market report table of contents includes:
1. Executive Summary
2. Optical Character Recognition (OCR) Automated Fare Collection Systems Market Characteristics
3. Optical Character Recognition (OCR) Automated Fare Collection Systems Market Trends And Strategies
4. Optical Character Recognition (OCR) Automated Fare Collection Systems Market – Macro Economic Scenario
5. Global Optical Character Recognition (OCR) Automated Fare Collection Systems Market Size and Growth
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31. Optical Character Recognition (OCR) Automated Fare Collection Systems Market Other Major And Innovative Companies
32. Global Optical Character Recognition (OCR) Automated Fare Collection Systems Market Competitive Benchmarking
33. Global Optical Character Recognition (OCR) Automated Fare Collection Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Optical Character Recognition (OCR) Automated Fare Collection Systems Market
35. Optical Character Recognition (OCR) Automated Fare Collection Systems Market Future Outlook and Potential Analysis
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