Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The global Passenger Information System Market Size is predicted to touch USD 32,714.6 million and 12.4% CAGR between 2020-2026, reveals the current Market Research Future (MRFR) report. A passenger information system, simply put, is an automated system that is deployed by public modes of transport such as railways, airways, and roadways for displaying information about the arrival and departure of a transport vehicle that is scheduled at a particular time interval.
The user interface market is highly dynamic. The market is fueled by the surging need for real-time, consistent, and reliable passenger information, growing use of smartphones with improved connectivity to enhance transit experience, rising frequency of passenger journeys with public transport, growing demand for transit agencies, developments in the telecommunication sector, increasing adoption of IoT in the transportation sector, growing demand for intelligent transportation systems, and rising adoption of big data and cloud technologies.
On the contrary, the global passenger information system market may backtrack a little in its growth trajectory owing to the high cost to implement and manage these systems, and the lack of technologically updated & advanced system infrastructure.
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COVID-19 Impact on the Global Passenger Information System Market
The world has turned upside down due to the COVID-19 pandemic. It has hindered industries and economies in different countries owing to business shutdowns, travel bans, and lockdowns. The semiconductor industry has been badly hit, facing serious disruptions like supply chain breaks, and factory & office shutdown. The outbreak has led to supply chain disruptions and disruption in the production process. Besides, there has also been a shutdown of all forms of travel activities worldwide that had a negative impact on the global passenger information system market.
Industry Trends
On-board passengers look for information about vital items such as alternative routes, disruptions, arrival times, connections, on-board services, and others. The PIS system provides passengers the right information as per the journey’s punctuality status. The information is generally transmitted through loudspeakers and screens. The passenger information system technology is proving to be lucrative in the airways and railways sector to offer information to the passengers regarding the status of the journey.
Technological advancement in the transport sector is driving market growth, which is available in different forms like passenger information mobile applications, information announcement systems, display boards, and LEDs. Besides, transit agencies are laying emphasis on mobile apps of PIS for attracting passengers and offering them with real-time, quick, and reliable information through the medium of smartphones. The emergence of the multi-modal transit application for public transport is proving opportunistic for the market growth.
Market Segmentation
The passenger information system market has been bifurcated based on transportation mode, services, component, and solution.
By solution, the passenger information system market is segmented into passenger information mobile application, infotainment system, emergency communication system, display system, and information announcement system, and others. Of these, the display systems segment will lead the market over the forecast period. Meanwhile, the passenger information mobile application segment is likely to grow at a healthy 14.3% CAGR by 2026.
By component, the global passenger information system market is segmented into sensors, communication devices, networking devices, multimedia display, and others. Of these, the networking devices segment will dominate the market over the forecast period at a high CAGR.
Based on services, the market has been bifurcated into integration services, professional services, and cloud services. Of these, the integration services segment will spearhead the market over the forecast period and at the highest CAGR.
By transportation mode, the global passenger information system market is segmented into airways, railways, and roadways. Of these, the railways segment will have the lions share in the market over the forecast period. Meanwhile, the roadways segment will grow at the highest CAGR by 2026.
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Regional Analysis
North America to Remain the Driving Force
Geographically, the passenger information system market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW).
Of these, North America will remain the driving force in the market over the forecast period. The US has the utmost share in the market. The presence of several leading passenger information system market companies, growing investments in government-aided infrastructural projects, adoption of cutting edge technology and network infrastructure, favorable government initiatives to upgrade and digitalize the information system across the public transport sector, increasing implementation of PIS solutions in the transport sector, and growing ridership in public transport are adding to the global passenger information system market growth in the region.
In Europe, the global passenger information system market is predicted to have the second-largest share during the forecast period. The presence of several key players is adding market growth.
In the APAC region, the global passenger information system market is predicted to have favorable growth over the forecast period. Infrastructural changes and digitization in India, Japan, and China, smart city initiatives carried out in India and China, implementation of PIS on a large scale by transport sector departments to develop an integrated transport ecosystem, and growing ridership of passengers on public transport are adding to the global passenger information system market growth in the region. Besides, the increase in overseas travelers, huge investments made by key players, growing investments by the government, and evolving transportation infrastructure are also adding market growth.
In the RoW, the global passenger information system market is predicted to have healthy growth over the forecast period and at a 12.6% CAGR by 2026.
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Notable Players in The Global PIS Market Are:
- Stadler Rail AG (Switzerland),
- Hitachi, LTD. (Japan),
- S.A. (Spain),
- Construcciones Y Auxiliar De Ferrocarriles, CAF (EGYPT),
- ALSTOM (France),
- DTI Group (Australia),
- Passio Technologies, Inc. (US),
- INFAX, INC. (US),
- Neusoft Corporation (China),
- Medha Servo Drives Pvt. Ltd. (India),
- Advantech Corporation (Taiwan),
- Siemens AG (Germany),
- Cubic Corporation (US),
- Huawei technologies co. Ltd (China), and
- General Electric (US).
Industry News
January 2021- Merseyrail, a leading train operator, is trialing its latest digital passenger information system, which offers passengers and station staff with information on delays and problems much more quickly.
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