– Companies in the global passenger information system market are stepping up their R&D efforts to leverage the benefits of the Internet of Things (IoT) and collect and exchange data with consumers in real time
– Providing commuters with real-time information is a win-win for transportation providers and commuters
ALBANY, NY, March 7, 2022 /PRNewswire/ — The Global Passenger Information Systems Market is Expected to Reach a Value of US$65.3 billion by 2030. Based on revenue, the global market is expected to grow at a CAGR of 13.3% during the forecast period, 2020 to 2030. Commuters have high expectations and seek comfortable travel experiences . Connections, real-time information about routes, disruptions and other factors help travelers plan carefully and maximize their time. It also demonstrates a professional setup and solid reputation for transportation service providers. The quality of service has a significant impact on the decision of commuters to use the same mode of transport again. Providing commuters with real-time information benefits both the transportation service provider and the commuters. The global passenger information system market is expected to witness significant growth thanks to this innovative strategy.
In contemporary mass transit systems, software as a service (SaaS) is gradually becoming the new normal. The advent of subscription accounts, which allow the user to obtain information from the cloud, has been made possible by SaaS models. As a result, subscription activity has exploded in recent years, and the market for passenger information systems offers significant prospects. For example, LIT Transit is improving its efficiency in SaaS-based Passenger Information Systems (PIS) to bring versatility and flexibility to transit management.
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During the forecast period, North America is likely to dominate the global passenger information systems market. The United States is expected to dominate the passenger information systems market by North America. In terms of adoption of mobile SIP, the United States is likely to lead the way (Passenger Information System).
Key Findings of the Market Report
- Companies in the global passenger information systems market are benefiting from the increased availability of SIP on board. For example, Nomad Digital is expanding its offering of in-vehicle passenger information systems in the rail sector, which includes onboard train displays and the dissemination of travel information. The advent of innovative in-vehicle information systems for passengers is likely to fuel the global market in the years to come.
- Market players are observing growth prospects in mobile applications and designing applications that demand less storage space and training time on mobile devices. For transport organizations, flexibility in managing the content of on-board passenger information systems has become essential.
- A significant factor that is likely to fuel the growth of the global market is the growing need for real-time passenger information systems across all modes of transportation i.e. sea, air, road and rail. Integrating the AVL system with public transportation systems allows commuters to receive real-time vehicle location information. Thus, enabling them to gauge the exact arrival time of transit vehicles and plan their time appropriately.
- The quality of service has a significant impact on the decision of commuters to use the same mode of transport again. Providing commuters with real-time information benefits both commuters and the transportation service provider. This unique technique propels the market for passenger information systems to new heights.
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Global Passenger Information System Market: Growth Drivers
- The passenger information systems market is experiencing a transformation from hardware-dependent systems to software-only solutions. Due to the benefits of constant innovation as well as cost efficiency, transportation organizations are increasingly using SaaS systems. Following the implementation of SaaS systems, several agencies have noticed an improvement in their overall performance.
- Due to the increasing use of passenger information systems in ports, metros and airports across Asia Pacificthe market of Asia Pacific is expected to grow at a high rate during the forecast period. The market in the Middle East & Africa and South America are expected to experience moderate growth over the forecast period.
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Global Passenger Information System Market: Key Players
Some of the major players in the market are
- Televic Group SA
- Cubic transport systems
- Mitsubishi Electric Corporation
- Huawei Technologies Co., Ltd.
- Simpleway Europe as
- Cisco Systems Inc.
Global Passenger Information System Market: Segmentation
- Mobile SIPs
- Professional services
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