Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Passenger Information System Market by Component (Solutions and Services), Location (On Board and In Station), Transportation Mode (Railways (Trains and Trams), Roadways, and Airways and Waterways) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global passenger information system market size is expected to grow from USD 26.5 billion in 2022 to USD 46.2 billion by 2027, at a CAGR of 11.8%
The proliferation of mobile Wi-Fi and the increase in the prevalence of smartphones and other handheld devices have led to a shift in the focus on mobile PIS solutions, as it offers the passengers the opportunity of easy and rapid information access. With the increase in the number of smartphone users and enhanced connectivity across the globe, passenger experiences have improved, with a rise in overall efficiency.
COVID-19 has been one of the biggest global challenges of the current generation. The ongoing projects were paused due to a decline in the budgets. The projects, which were highly strategic initiatives and projects involving technologies directly linked to COVID-19, were not put on hold.
The COVID-19 outbreak has impacted the supply chains worldwide, as well as the global trade and the transportation industry. COVID-19 has already had a negative impact on tourism, national trade, and overall productivity globally. These factors would affect the growth of the transportation industry and, in turn, the growth of the PIS market in the region.
Due to the pandemic, the preference for contactless fare payments by passengers for transportation has increased. The rise in the adoption of smart payment options has enabled safe and seamless travel for passengers.
The roadways transportation mode is estimated to account higher CAGR during the forecast period.
Smart transportation is growing in popularity, given the technology's ability to ease congestion and improve road safety by effectively monitoring and managing vehicular traffic. Buses are a primary mode of public transport in various countries, such as the US, Canada, Germany, the UK, China, India, and Australia.
There are a large number of buses in the transportation sector, and PIS solutions are increasingly being adopted in buses for reliable and safe service offerings to enhance the overall transit operations. The increase in awareness of benefits offered by PIS solutions among fleet operators is further projected to drive the growth of the market.
Deployment and integration services are expected to account for the largest market share during 2022.
The deployment and integration services help identify the need for the adoption or upgradation to support the PIS solutions in the existing infrastructure to avoid restrictions of this software. These services help in speed deployment, save time and cost, enable efficient working, and minimize deployment-related disruptions.
The adoption of deployment and integration services can help transit service providers to improve overall efficiency, along with decreasing operational costs. With time, deployment and integration services would increase as more transit service providers focus on installing new IT systems by replacing or integrating legacy systems with new and technologically advanced solutions.
Among regions, APAC to hold a higher CAGR during the forecast period.
The growth of the passenger information system market in APAC is highly driven by technological advancement across the region. China is anticipated to be the leading country for passenger information system Market growth in Asia Pacific, followed by India. The increase in the population growth rate in the region has intensified the need for transformation and expansion of the existing public transportation infrastructure, which has led to a rise in demand for PIS solutions.
The developing transportation sector, railway routes, bus stations, and airports are likely to create a demand for PIS in the region. It has been observed that transit agencies in the region are using advanced technology systems for improved service offerings to attract and encourage passengers to use public transport systems. As public transport for commuting in countries, such as Japan, China, and India, play a major role, it is projected to create a high demand for the PIS market in the coming years.
Premium Insights
- Rise in Demand for Real-Time Transit Information of Passengers to Drive the Market Growth During the Forecast Period
- On-Board Location Segment and China to Account for Largest Market Share in Asia-Pacific in 2022
- India to Grow at Highest Rate During Forecast Period
Market Dynamics
Drivers
- Rise in Demand for Intelligent Public Transportation Systems
- Increase in Adoption of Smartphones and Other Handheld Devices
- Advancements in the Technological Solutions to Enhance Passenger Experience
- Rise in Urban Population and Traffic in Public Transportation Systems
Restraints
- High Implementation and Maintenance Costs
- Stringent Transportation Regulatory Policies
Opportunities
- Adoption of IoT, 5G, and Automation to Enhance Technological Optimization
- Increase in Penetration of Cloud, Big Data, and Analytics
- Decline in Vehicle Ownership with Advancements in Mobility as a Service (Maas)
Challenges
- Complexities in the Integration Over the Legacy Infrastructure and Communication Networks
- Multiple Sensors and Touchpoints Pose Data Fusion Challenge
- Impact of COVID-19 on the Passenger Information System Market Dynamics
Case Study Analysis
- Use Case 1: Cubic Helps Mta Streamline Transit Experience of Travellers
- Use Case 2: Thales Provides Bane (Nor) with Next-Generation Traffic Management System
- Use Case 3: Huawei Helpes Ruili Airlines Improve Passenger Experience with Private Cloud Platform
- Use Case 4: Teleste Provides Stadler with an On-Board System for Its Helsinki Sm5 Trains
Technology Analysis
- Artificial Intelligence/ Machine Learning
- Big Data and Analytics
- Internet of Things
- 5G
- Cybersecurity
Patent Analysis
- Europe: Patent Applications, by Geographic Origin, 2013-2019
- Europe: Patent Applications, by Technology Field, 2013-2019
- Europe: Patent Applications: Digital Technology, by Applicant, 2020
- US: Number of Patents Granted, 2014-2019
Regulatory Implications
- International Organization for Standardization Standards
- Iso/Iec Jtc 1
- Iso/Iec 27001
- Iso/Iec 19770
- Iso/Iec Jtc 1/Swg 5
- Iso/Iec Jtc 1Sc 31
- Iso/Iec Jtc 1/Sc 27
- Iso/Iec Jtc 1/Wg 7 S E N S O R S
- General Data Protection Regulation
- Federal Motor Carrier Safety Administration (Fmcsa)
- Federal Highway Administration (Fhwa)
- Maritime Administration (Marad)
- Federal Aviation Administration (Faa)
- Federal Railroad Administration (Fra)
- Institute of Electrical and Electronics Engineers
- Cen/Iso
- Cen/Cenelec
- European Telecommunications Standards Institute
- Itu-T
Company Profiles
Major Players
- Advantech
- Alstom
- Wabtec
- Cubic
- Cisco
- Siemens
- Hitachi
- Huawei
- Thales
- Mitsubishi Electric
- Televic
- St Engineering
- Indra
- Medha Servo Drives
Startup/SMEs
- Efftronics
- Dysten
- Lunetta
- R2P
- Icon Multimedia
- Passio Technologies
- Teleste
- Lancom
- Simpleway
- Eke-Electronics
- Quester Tangent
- Lot Group
For more information about this report visit https://www.researchandmarkets.com/r/xcin27
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