Pune, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Global Passenger Information System Market by Transportation Mode (Railways, Airways, Roadways), by Services (Cloud, Professional), by Component (Sensors, Multimedia Devices), by Solution (Display System, Infotainment System) - Forecast 2022
Passenger Information System Market
An efficient mode of public transport is the cry of the hour amid rising crude oil prices and passenger vehicles. With technology on its side, nations worldwide are updating their legacy systems to provide passengers with the latest information. Passenger information systems (PIS) are automated systems which offer customers with information regarding arrival and departure times of vehicles, making it a straightforward process. Medium of PIS comprise automated public address systems, mobile phone applications, platform-level signage, and others.
Passenger Information System Market Scope
The global passenger information system market size can mushroom to USD 21.39 billion by 2022, as stated in the latest report by Market Research Future (MRFR). It can achieve this by exhibiting an impressive CAGR of 23.17% from 2016 to 2022 (forecast period).
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The rapid rise in urbanization coupled with concerns of security at public spots is likely to drive the demand for PIS. Managing and controlling huge volumes of people is anticipated to boost market demand during the forecast period.
The huge potential of PIS in video surveillance and video analytics is bound to create opportunities for the passenger information system market. Its use in tracking the location of the vehicle in cases of extreme weather and untoward incidents can open up new avenues for the market. Development of smart cities and emphasis on proper planning is certain to expedite the sales of passenger information system in the near future.
Competition Analysis
Noteworthy players in the passenger information system market include Infax, Inc., DTI Group, Medha Servo Drives Pvt. Ltd., Cubic Transportation Systems, Passio Technologies, Inc., Siemens AG, Advantech Corporation, Neusoft Corporation, General Electric Company, and Huawei Technologies Co. Ltd. Partnerships and acquisitions are strategies being employed by these players to gain a larger share of the market. Research and development are at the core of their strategies as players are trying to one-up each other. In 2018, Teleste, decided to launch thin-film transistor LCD TVs for displaying passenger information more clearly. The displays can be hung on windows, doors, and other horizontal spaces.
Railways to be Benefit the Most from PIS
The Passenger Information System Market is segmented on the basis of transportation mode, service, component, and solution.
By transportation mode, the market is segmented into roadways, railways, and airways. The roadways segment had dominated in 2016 and will continue its reign over the forecast period. The railways segment is touted to experience massive growth owing to the need of PIS to provide accurate updates regarding their arrival and departure before and throughout the journey.
By service, the market is divided into cloud, professional, integration, and others. The integration segment will dominate the market throughout the forecast period and generate ample revenues at a 22.27% CAGR during the said period. The cloud services segment is anticipated to exhibit a 25.81% CAGR during the forecast period.
Components include multimedia displays, communication devices, networking devices, and sensors. The sensors segment had dominated in 2016 with a valuation of USD 2.63 billion. The networking devices segment is portended to grow at a 26.48% CAGR during the forecast period.
Solutions include display system and infotainment system. The display system segment had generated nearly USD 1.9 billion in 2016. It can continue its streak by growing at a 22%% CAGR over the forecast period.
Helping to Fight Crime
The migration crisis fueling the world due to wars and geopolitical tensions has culminated in the need for efficient screening processes. Advanced passenger information systems are systems used by the U.S. Customs and Border Protection (CBP) to provide pertinent data which may include passenger list, passport information, flight details, airline or carrier name, and destination and arrival state of operators.
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Regional Analysis
Regions covered in the passenger information system market include Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW).
The North America region dominated the global market with nearly 38% share in 2016. Developed network communication technologies and continuous advancements is expected to drive the market growth during the forecast period.
The Europe PIS market assumed the second position with 33% share in 2016. The APAC market is predicted to display a robust 25% CAGR over the forecast period and garnered 21% share in 2016. Improvements in network infrastructure is expected to fuel the market demand. For instance, the Indian government is planning to commence the production of smart trains integrated with state-of-the-art facilities such as Wi-Fi. The passenger information system will provide customers with relevant information such as train running times, cancellations, and train speed.
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