The passenger information systems market enjoys growing at the highest CAGR, due to the increased penetration and development of IoT in the transportation industry.
PORTLAND, OR, UNITED STATES, October 11, 2021 /EINPresswire.com/ – The increasing demand for real-time public transport information solutions for passengers, the increased adoption of smartphones, the increased penetration of IoT solutions in the transport sector and the advancement of telecommunications are expected to drive the growth of the world market. passenger information systems market. In addition, the boom in adoption of cloud and big data technologies is expected to create lucrative opportunities for market growth. However, the high costs associated with the implementation, management of passenger information and the dearth of advanced infrastructure among developing Asia-Pacific economies and LAMEA for the installation of these systems are expected to hamper market growth during the forecast period.
According to a recent report published by Allied Market Research titled Passenger Information Systems Market by Component, Solutions, and Transportation Mode: Global Opportunity Analysis and Industry Forecast, 20182025, the Global Information Systems Market on passengers was valued at $ 13,703 million in 2016, and is expected to reach $ 45,679 million by 2025, with a CAGR of 14.60% from 2018 to 2025.
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Based on the transport modes segment, the road segment dominated the passenger information systems market in 2016 and is expected to maintain its dominance in the future. However, the rail segment is expected to experience the highest growth, due to its increased need for a passenger information system to provide accurate and reliable updates to rail passengers before and throughout their journey.
The global passenger information systems market was led by North America in 2016 and is expected to maintain its dominance during the forecast period. However, Asia-Pacific is expected to experience the fastest growth, registering a CAGR of 20.20% during the forecast period.
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Key Findings of the Passenger Information Systems Market:
• The services segment is expected to show a significant increase in revenue during the forecast period.
• In 2016, the road segment represented the highest revenues among other modes of transport.
• The passenger information display system generated the highest turnover in 2016.
• Asia-Pacific is expected to show substantial growth over the forecast period.
Some of the major players operating in the passenger information systems market include Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales and Toshiba Corporation.
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