Passenger Information System Market Revenue, Growing Demand, Key Manufacturer, Latest Technology, Forecast Till 2027
The global passenger information system market is garnering vast traction. The market growth attributes to the excellent benefits that these systems offer in improving transportation infrastructures. Besides, increasing smart city and transportation infrastructure upgrade projects drive the growth of the market. Moreover, growing technological advances in the transport sector escalate market growth.
According to Market Research Future (MRFR), the global passenger information system market is poised to create a valuation of approximately USD 21.39 BN by 2022, growing at a whopping CAGR of 23.17% throughout the review period (2016 to 2022). Rapid urbanization and ever-increasing population demand well-developed transportation infrastructures and futuristic systems to manage traveler information.
Moreover, the vast demand to counter rising security concerns at public transport infrastructures accelerates market growth. Due to the rising, threatening situations in crowded areas, security protocols have been tightened at every transport infrastructure, furnishing them with advanced equipment to ensure security. Resultantly, PIS implementations are rising, which is a key growth driver for the growth of the passenger information system market.
Conversely, the high cost of components and technical limitations are major factors projected to impede market growth. Technological advancements over the period have upgraded these passenger information systems to a great deal.
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The report is segmented into five dynamics:
By Transportation Mode: Roadways, Waterways, Railways, and Airways.
By Services : Cloud and Professional.
By Component : Multimedia Devices, Sensors, and others.
By Solution : Information Announcement & Display Systems, Emergency Communication Systems, Passenger Information, Infotainment Systems, Mobile & Applications, and other systems.
By Regions :Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Passenger Information System (PIS) Market – Geographical Analysis
North America dominates the global passenger information system market. The largest market share attributes to the vast development of technologies and early adoption. Besides, the strong presence of many technology providers and tech development centers drive the market growth, allowing the development and uptake of advanced technologies.
Moreover, increasing emphasis to provide an enjoyable experience to the passengers by offering them comfort and security, acts as a key driving force for the regional market growth. Also, augmenting regulatory support propels the regional market. The US accounts for the lion's share in the regional market owing to the massive demand for futuristic PIS.
Europe stands second in the global passenger information system market. The market growth is driven by the increasing demand for advanced passenger information systems and the resurging economy in the region. Additionally, increased funding in passenger convenience and concerns management substantiate the demand in the regional market.
The passenger information system market in the Asia Pacific region is growing briskly. Factors such as rapid improvement in network infrastructure and R&D and expenses on the transportation infrastructure upgrades led by the rising numbers of travelers fuel the regional market growth. The region has also seen a constant increase in the aviation sector due to the improving economy increasing air travels, which pushes the market growth further.
India, Indonesia, Malaysia, Philippines, and Thailand account for major shares in the regional market, owing to higher investments made on the airport development projects by the respective governments of these countries.
Passenger Information System (PIS) Market – Competitive Landscape
Highly competitive, the PIS market appears fragmented due to the presence of several notable players. To gain a larger competitive share, players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansions, and product/technology launch. Technology providers strive to develop PIS solutions that can deliver a suite of application offerings, addressing the needs at transport infrastructures.
These developers use time-tested methodologies and best practices to bring together differing point systems and technologies into a security-rich, integrated environment that enhances resource planning, passenger experience, and asset management.
Players leading the global PIS market are Passio Technologies, Inc. (US), General Electric Company (US), Infax, Inc. (US), DTI Group (Australia), Huawei Technologies Co. Ltd (China), Cubic Transportation Systems (US), Siemens AG (Germany), Advantech Corporation (Taiwan), Medha Servo Drives Pvt. Ltd (India), and Neusoft Corporation (China), among others.
September 10, 2020 -----Connectpoint, Inc. (the US), a leading provider of transportation systems, announced receiving a five-year digital signage contract by King County Metro to install smart city digital signs across the city. Connectpointwould be providing hundreds of smart city digital signs for the agency's RapidRide stations and transit centers. Connectpoint's cloud-based management system, CPAM, is specifically designed for the transit industry and implementable across all new digital information displays.
The new real-time passenger information signage from Connectpoint provides enormous messaging flexibility to enhance overall communications strategy and customer experience. Additionally, the Connectpoint Digital Bus Stop solution can offer static passenger information, installing at highly-trafficked bus stations, transit centers, and corridors across the city.
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Passenger Information System Market Research Report: Information By Solution (Information Announcement System, Display System, Emergency Communication System, Infotainment System, Passenger Information Mobile Application and Others), Component (Multimedia Display, Networking Devices, Communication Devices, Sensors and Others), Services (Cloud Services, Professional Services and Integration Services), Transportation Mode (Roadways, Railways and Airways) and Region [North America, Europe, Asia-Pacific and Rest of the World (the Middle East & Africa and South America)] - Forecast till 2026
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