Press release
Automating Transit: OCR in Fare Collection Systems
According to The Business Research Company's, The optical character recognition (OCR) automated fare collection systems market size has grown rapidly in recent years. It will grow from $1.24 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to passenger convenience, interoperability and integration, and urbanization and traffic management.
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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Market Drivers and Trends:
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.
Companies in the optical character recognition (OCR) automated fare collection systems market focus on integrating smart card technology to provide a smooth and effective experience for users to pay for and utilize public transportation services. This innovative system leverages intelligent card technology to facilitate seamless fare payment and ticket validation, offering commuters a convenient and efficient way to access public transportation services. For instance, in August 2023, Datamatics, an India-based technology company, collaborated with the Memphis Area Transit Authority (MATA) to introduce the GO901 Smart Card System. This cutting-edge system represents a significant advancement in transportation services within Memphis, USA, delivering a seamless and user-friendly travel experience for commuters. MATA's Next Generation Fare System (NGFS) is an automatic fare collection (AFC) system, and Datamatics has successfully integrated its AFC platform into the GO901 Smart card solution. This integration enables commuters to make effortless ticket purchases, load smart cards, and travel contactless. Additionally, Datamatics has developed commuter-centric kiosks strategically positioned across the city to facilitate hassle-free card top-ups.
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Major Key Players of the Market:
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
Optical Character Recognition (OCR) Automated Fare Collection Systems Market 2024 Key Insights:
• 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%.
• Increasing Demand For Contactless Payments Fuels Optical Character Recognition (OCR) Automated Fare Collection Systems Market
• Transforming Public Transportation With Smart Card Integration
• North America was the largest region in the optical character recognition (OCR) automated fare collection systems market in 2023
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