Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Passenger Information System Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The passenger information system market size has grown rapidly in recent years. It will grow from $25.17 billion in 2023 to $27.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed in the historical period can be attributed to urbanization and the expansion of public transportation, efforts towards regulatory compliance, improvements in passenger experience, increased mobility and connectivity, and heightened concerns for safety and security.
The passenger information system market size is expected to see rapid growth in the next few years. It will grow to $42.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to personalized passenger services, the implementation of predictive analytics for service optimization, cybersecurity measures, and a focus on sustainability and eco-friendly transportation. Major trends in the forecast period include technological advancements in communication, the integration of augmented reality (AR) and virtual reality (VR), real-time travel information, seamless integration with mobile devices, and the promotion of multimodal transportation solutions.
Leading companies in the passenger information system market are strategically focusing on the introduction of advanced solutions, particularly passenger tracking solutions, to secure a competitive advantage. Passenger tracking solutions are innovative technologies specifically designed to monitor and track the movement of passengers within an airport, enabling swift responses to potential issues. A notable example is AeroCloud Systems, a UK-based software company, which, in March 2023, introduced AeroCloud Optic. This cutting-edge passenger tracking solution utilizes computer vision to intelligently and anonymously track passengers throughout the airport. AeroCloud Optic offers real-time monitoring of passenger flow and activates alerts in the face of operational bottlenecks, such as prolonged wait times at check-in or security. The solution not only optimizes airport operations but also significantly enhances the overall passenger experience, ultimately contributing to revenue maximization.
A selection of companies mentioned in this report includes
- Huawei Technologies Co. Ltd.
- Hitachi Ltd.
- Siemens AG
- Airbus SE
- Cisco Systems Inc.
- Mitsubishi Electric Corporation
- Toshiba Corporation
- Thales Group
- Alstom SA
- Atos SE
- Singapore Technologies Engineering Ltd.
- Wabtec Corporation
- Icon Multimedia
- Bombardier Inc.
- Indra Sistemas S.A.
- Advantech Co. Ltd.
- LOT Group
- Cubic Corporation
- Neusoft Corporation
- TOYO DENKI SEIZO K.K.
- Teleste Corporation
- LANCom D. O. O.
- Secheron SA
- ENABLE INTERNATIONAL LIMITED
- AMiT Transportation
- EKE-Electronics Ltd.
- Quester tangent Corp.
- Televic Rail
- Dittolive Incorporated
- Infotek Software & Systems Private Limited
- Stadler Rail
For more information about this report visit https://www.researchandmarkets.com/r/8o3zst
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