Passenger Information System Market: 11.9% CAGR Forecast to Reach $42,027 Million by 2026
The global passenger information system (PIS) market is experiencing robust growth, driven by the increasing importance of information in ensuring public safety. Passenger information systems play a pivotal role in connecting passengers with transit systems, offering real-time data and enhancing the overall travel experience.
Rapid Growth in Passenger Numbers
According to the International Civil Aviation Organization (ICAO), global passenger travel witnessed a substantial 6.4% increase in 2018, reaching a staggering 4.3 billion passengers. Additionally, the United Nations predicts that urbanization will drive the use of public transportation, including transit buses, rail, and metro systems, leading to a significant increase in urban areas by 2030. These factors are propelling the demand for passenger information systems across the globe.
Impressive Market Growth Projection
A recent study conducted by Fairfield Market Research reveals that the global passenger information system market was valued at US$19,264 million in 2018, with expectations to reach a remarkable US$42,027 million by 2026. This extraordinary growth is forecasted to occur at a striking Compound Annual Growth Rate (CAGR) of 11.9% between 2021 and 2026.
Global Workforce Creates Golden Opportunities
In todays connected world, rail and bus operators are faced with the challenge of making their services more appealing to travelers. Passengers now have higher expectations for safety, punctuality, and comfort during their journeys. They demand real-time, reliable data on arrival timings, connections, alternative routes, disruptions, and onboard amenities. As a result, the digitization of transit operations is underway, driven by passenger demands for comprehensive information, and is expected to drive market expansion in the years to come.
Urban Transport Development Fuels Market Growth
The growth of urbanization is closely tied to the expansion of public transportation services, including buses, trams, metros, and railways. Advances in data connectivity, increased mobile device usage, and advancements in transportation technology are contributing to this surge in public transportation usage. Rising fuel costs and the challenges of finding parking spaces further encourage individuals to opt for public transport, thus providing a significant boost to the market.
Adoption of Cutting-Edge Technologies
The adoption of technologies such as Internet of Things (IoT), 5G, and automation is enhancing transportation infrastructure. Artificial intelligence, machine learning, and big data are playing pivotal roles in improving connectivity and accelerating the transmission of transit information. Transport IT solution providers are striving to meet the dynamic passenger information needs by leveraging these technologies and enhancing communication networks.
Legacy Systems Present Challenges
However, the presence of legacy systems poses challenges for the passenger information system market. Legacy systems, outdated software and hardware, are still in use alongside modern technologies, leading to integration issues and communication gaps between traditional and advanced systems. Upgrading legacy systems requires substantial investments, creating complexity in the smart public transportation ecosystem.
Regional Dominance and Post-Pandemic Recovery
North America currently leads the global passenger information system market, with a market share exceeding 30%. The regions focus on transportation infrastructure development and substantial investments in intelligent transportation systems by both private and public sector companies contribute to this dominance. Europe is also expected to witness significant growth, driven by key players such as Alstom, Siemens AG, Advantech Co., and Thales Group.
The COVID-19 pandemic has temporarily impacted the passenger information system market due to travel restrictions and lockdowns. However, as worldwide restrictions ease, the demand for passenger information systems is expected to rebound post-2022.
Companies Emphasize Interoperability Integration
Key players in the global passenger information system market include Medha Servo Drives Private Limited, Mitsubishi Electric Corporation, Toshiba Infrastructure Systems & Solutions Corporation, Advantech Co., Ltd., Teleste Corporation, ALSTOM, Siemens Mobility, Quester Tangent, Indra, ST Engineering, Thales Group, Lunetta, Cubic Corporation, r2P GmbH, Kentkart, Tattile, Masstrans, Televic Group NV, and Icon Multimedia, among others.
The passenger information system market is poised for significant growth as it continues to play a vital role in enhancing passenger safety and convenience in an increasingly connected world.
Global Passenger Information System Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Location Coverage, Components Coverage, Mode of Transportation, End-Use Coverage, By Geography, Leading Companies) https://www.fairfieldmarketresearch.com/report/passenger-information-system-market
Our Trending Reports:
Warehouse Management System Market
https://www.fairfieldmarketresearch.com/report/warehouse-management-system-market
Server Operating System Market
https://www.fairfieldmarketresearch.com/report/server-operating-system-market
Manufacturing Execution Systems Market
https://www.fairfieldmarketresearch.com/report/manufacturing-execution-systems-market
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_440910054/2840/2023-09-25T13:12:24
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.