Global Passenger Information System Market Analysis by Component Type (Solution, Services), Functional Model Type (Multimedia Display, Audio Systems, Computer Systems, Networking & Communication Devices, CCTV, content management, others), by type of transport mode (railways, roads, airways and waterways), by type of location (on board, in station) and regional analysis by 2021-2028
This press release was originally distributed by SBWire
London, UK – (SBWIRE) – 01/12/2021 – The passenger information systems market is expected to reach USD 45.5 billion by 2028 from USD 16.7 billion in 2020, at a CAGR of 13. 56% from 2021 to 2028. Passengers are moving faster these days. They do not solely rely on static information from visual displays at platforms and stations, but require consistent and real information with alternative transport methods and navigation applications. PIS provides a solution for travelers so that they can track the estimated time of arrival and estimated time of departure of their respective means of transport and plan their journey accordingly with the real-time information of transit operations. This system collects, synchronizes and distributes PIS data from different transports efficiently and in real time, making it difficult for any system.
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The services segment includes managed services and professional services. Further, the professional segment can be segmented into consulting, system integration and implementation, and support and maintenance. The services segment is expected to grow at a higher CAGR owing to the complexity of operations and increasing deployment of passenger information system software. A passenger information system, sometimes referred to as a passenger information display system, is an automated system that provides information about the nature and status of a public transportation service to users through various functional modes , including visual, vocal or otherwise. PIS allows the management of all the details of the services provided to passengers to make their trip reliable and without chaos.
The market size for North America was USD 5.57 billion in 2020. The North America market is witnessing high growth owing to the increase in the adoption of advanced digital technologies and the development of increasing deployment of these solutions in various government organizations. Moreover, due to the presence of a number of passenger information system companies offering complete solutions to businesses, the North American market holds the highest share. The US passenger information system market is expected to account for the major share of the market, owing to the rise in road and rail transportation sector. Additionally, high investments in technology adoption in the utility and airport services vertical in the United States and Canada are expected to augment the market over the forecast period.
The European region holds 26% market share with a CAGR of 12.80%. European nations are the most developed region in the world, as almost all major companies are located in this region. Growing demand from major countries such as UK, Germany and France where the population is growing at a faster rate. Additionally, due to the presence of established software service providers in developed regions and the continuous increase in demand for passenger information systems from end-use industries and inclination towards adoption latest technologies in on-premises services as well as in the cloud. suppliers.
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The passenger information system market in Asia Pacific is expected to continue to grow faster in the coming years. Asia-Pacific, especially China, has seen a major change over the past 20 years, making China an attractive market for both products and services. The Chinese market was valued at USD 1.31 billion in 2020. With the passenger information system market witnessing a major transition in terms of technological advancements, product and service improvements and increasing investments in passenger safety , the market represents a lucrative option in the coming years. year. Rising population and rise in demand for better operational methods are expected to provide lucrative opportunities for the passenger information system market over the forecast period in Asia Pacific region.
The major companies profiled in the report are Cisco, Advantech Alstom, Wabtec, Cubic, Siemens, Hitachi, Huawei, Thales, Teleste, Televic Rail, Mitsubishi Electric. The major players have adopted strategies such as strong new product launches as well as strategies such as partnership and collaboration to increase its market share and increase its global penetration.
Market segmentation :
By component type:
By type of functional model:
Networking and communication devices
Content management system
By type of mode of transport:
Airways and waterways
By location type:
At the train station
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The passenger information system market serves as a communication link between a transit agency and the passengers. It can provide location information and real-time vehicle status updates, trip schedule and timely announcements. Along with these features, it focuses on improving the transit experience for passengers by entertaining passengers through infotainment systems. Moreover, these systems can be deployed on the platform and inside the transport vehicle such as bus/train/plane.
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For more information on this press release, visit: http://www.sbwire.com/press-releases/13-cagr-covid-19-impact-on-passenger-information-system-market-can-see -455-billion-by-2028-major-1349760.htm