Machines & Equipment / OCR Automated Fare Collection Systems Market - Global Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions And By Key Players: Cubic Transportation, GMV, Kvsio, GRGBanking, Genfare, Avail Technologies, Inc
OCR Automated Fare Collection Systems Market - Global Growth, Trends and Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Cubic Transportation, GMV, Kvsio, GRGBanking, Genfare, Avail Technologies, Inc
Over the next five years the OCR Automated Fare Collection Systemsmarket will register an 14.4% CAGR in terms of revenue, the global market size will reach USD 17.9 billion by 2027.
OCR Automated Fare Collection Systems Market Overview
The market for automated fare collection has a sizable potential and is anticipated to expand between 2022 and 2027 as a result of various governments placing more emphasis on investing in automated fare collection. The expansion of the automated fare collecting market is also significantly influenced by the decline in environmental pollutants and other advantages of cashless travel. Another factor that is projected to fuel the expansion of the automated fee collecting market is the increase in demand for solutions that enable congestion-free travel. Additionally, throughout the aforementioned forecast period, advancements in the transportation infrastructure, security system, and flexible fare plans are anticipated to fuel market expansion for automated fare collection.
The automated fare collection market does, however, have some restrictions that are anticipated to hinder its potential growth, such as high installation costs and slow economic development in developing and underdeveloped nations. In addition, the absence of interoperability and standardisation among automated fare collection products may pose a threat to the market's expansion during the aforementioned forecast period.
The report aspects discussed the profile of the top manufacturers of the global OCR Automated Fare Collection Systems market. These aspects include financial status of major companies, trending advancements and entire market scenario. Growth of the report have examined OCR Automated Fare Collection Systems Market production, demand and growth potential, geographic analysis, as well as current market developments in various regions and countries.
Who are the Major Players in OCR Automated Fare Collection Systems Market?
The OCR Automated Fare Collection Systems Market is growing at a very fast pace and has seen the focus of many local and regional vendors offering precise application products for multiple end users. The three dependencies for the status of major companies in the market are: company profile, profitable gross margin, the prices they charge. These are the main players in this market Cubic Transportation, GMV, Kvsio, GRGBanking, Genfare, Avail Technologies, Inc, Magnadata International and others.
Industry News:
Cubic Expands Automated Fare Collection to Vancouver’s HandyDART System
April 21, 2021 – Cubic Corporation (NYSE:CUB) today announced its Cubic Transportation Systems business division is expanding the current Compass automated fare collection (AFC) system to Metro Vancouver’s 347 vehicle paratransit system, HandyDART. As of March 2021, three buses have received installations. HandyDART is a shared ride service for passengers with physical or cognitive disabilities who are unable to use conventional public transit without assistance. Cubic will provide equipment to extend existing forms of payment enjoyed by travelers on the conventional system to HandyDART customers. The expansion will enable electronic validation of Compass card product and include ‘Tap to Pay’ options such as contactless credit cards and mobile phone payments.
OCR Automated Fare Collection Systems Market provides details by vendors, including company total revenue (financials), company overview, market potential, global presence, his business report briefly talks about market performance of each business sector covering growth factors and sales volume. this analysis provides the This OCR Automated Fare Collection Systems Market analysis report provides recent trends, granular level data covering market size and share. It provides all the recent updates about CORONA virus and its impact on world economy and human health. By getting this data, key players can obtain profit making and right business opportunities for future growth. Its further guides to increase the product demand and business expansion.
What are the major Applications, Types and Regions for OCR Automated Fare Collection Systems Market?
By Type, it is segmented into
Ticket Vending Machine (TVM)
Gate (Entry/Exit Ticket Machines)
EMV
Others
By Applications it is segmented into
Bus
Train
Metro
Other
OCR Automated Fare Collection Systems Market Regional Analysis
Due to the rapid uptake of emerging technologies in this region, North America dominated the global market in 2018 and will continue to do so over the coming years. AFC systems have been widely deployed and used in the region throughout the years thanks to factors such a growing tech-savvy population, enhanced internet and communication network infrastructures, and a high number of smartphone users. Furthermore, the region's growth will be aided by the presence of top AFC system integrators and manufacturers that are consistently working on the creation and implementation of cutting-edge solutions.
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
The OCR Automated Fare Collection Systems Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global OCR Automated Fare Collection Systems Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
What is our OCR Automated Fare Collection Systems Market report scope?
Report Attributes
Report Details
Forecast Period 2022 to 2027 CAGR
CAGR of 14.4% during the review period (2022 to 2027).
Yes, the report can be customized as per your needs
Key Takeaways from this OCR Automated Fare Collection Systems Report
Evaluate OCR Automated Fare Collection Systems market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
Understand the different dynamics influencing the market - growth driving factors, specific challenges and hidden opportunities.
Get in-depth insights on your competitor performance – revenue, shares, business strategies, financial benchmarking, product benchmarking, SWOT analysis and more.
Analyze the sales and distribution channels across geographies to enhance top-line revenues.
Understand the demanding supply chain with a deep dive on the value augmentation at each, in order to optimize value and bring efficiencies in your processes.
Get a quick outlook on the OCR Automated Fare Collection Systems market entropy - M&A's, deals, partnerships, product launches of all key players for the past 4 years.
Evaluate the import-export statistics, supply-demand and competitive landscape for more than top 20 countries globally for the market.
All our reports are custom made to your company needs to a certain extent, we do provide 5 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report as your needs.
Frequently Asked Questions
What is the study period of this market?
The OCR Automated Fare Collection Systems Market is studied from 2017 - 2027.
What is the growth rate of OCR Automated Fare Collection Systems Market?
The OCR Automated Fare Collection Systems Market is growing at a CAGR of 14.4% over the next 5 years.
Who are the key players in OCR Automated Fare Collection Systems Market?
SECONDARY RESEARCH Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
