Passenger Information System Market to Rise at CAGR of 13.3% During Forecast Period, Observes TMR Study
- Firms in the global passenger information system market are stepping up their R&D efforts to leverage benefits of Internet of Things (IoT) and gather & exchange data with consumers in real time
- Providing commuters with real-time information is winning for both transportation providers and commuters
ALBANY, N.Y., March 7, 2022 /PRNewswire/ -- The global passenger information system market is predicted to reach value of US$ 65.3 Bn by 2030. On the basis of revenue, the global market is estimated to rise at a CAGR of 13.3% during the forecast period, from 2020 to 2030. Commuters have high expectations and are looking for comfortable travel experiences. Connections, real-time information regarding routes, disruptions, and other factors assists travellers in careful planning and maximizing their time. It also demonstrates a professional setup and strong reputation for transportation service providers. The quality of service has a significant impact on commuters' decisions to use the same mode of transportation again. Providing commuters with real-time information benefits both the transportation service provider and the commuters. The global passenger information system market is expected to grow significantly as a result of this innovative strategy.
In contemporary transit systems, Software as a Service (SaaS) is gradually becoming the new norm. The advent of subscription-based accounts, which enables the user to get information from the cloud, has been made possible by SaaS models. As a result, the subscription business has exploded in recent years, and the passenger information system market offers significant prospects. For instance, LIT Transit is improving its effectiveness in SaaS-based passenger information systems (PIS) to give transit management versatility and flexibility.
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During the forecast period, North America is likely to lead the global passenger information system market. The U.S. is expected to lead the market for passenger information systems in North America. In terms of mobile PIS adoption, the US is likely to lead the way (Passenger Information System).
Key Findings of Market Report
- Firms in the global passenger information system market are benefiting from greater on-board PIS availability. For instance, Nomad Digital is expanding its on-board passenger information systems offering in the rail industry, which includes on-train displays and the dissemination of travel information. Advent of innovative on-board passenger information systems is likely to fuel the global market in the years to come.
- Market players are observing growth prospects in mobile apps and designing apps that demand less storage space and training time on mobile devices. For transportation organizations, flexibility in content management in on-board passenger information systems has really become critical.
- An important factor likely to fuel the growth of the global market is the rising need for real-time passenger information systems across all modes of transportation, namely sea, air, road, and rail. The incorporation of the AVL system with public transportation systems enables commuters to receive real-time vehicle location information. Thus, allowing them to assess the exact arrival time of public transportation vehicles and plan their time appropriately.
- The quality of service has a significant impact on commuters' decision to use the same mode of transportation again. Offering commuters real-time information benefits both commuters and transportation service provider alike. This unique technique is propelling the passenger information system market to new heights.
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Global Passenger Information System Market: Growth Drivers
- The market for passenger information systems is experiencing a transformation from hardware-dependent systems to software-only solutions. Due to the benefits of constant innovation as well as cost effectiveness, transportation organizations are increasingly using SaaS systems. Following the implementation of SaaS systems, several agencies have seen an improvement in their overall performance.
- Due to growing usage of passenger information systems in ports, metros, and airports across Asia Pacific, the market in Asia Pacific is predicted to grow at a high rate during the forecast period. The market in the Middle East & Africaand South America is expected to grow moderately during the forecast period.
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Global Passenger Information System Market: Key Players
Some of the key market players are
- Televic Group NV
- Cubic Transportation Systems
- Mitsubishi Electric Corporation
- Huawei Technologies Co., Ltd.
- Simpleway Europe a.s.
- Cisco Systems Inc.
Global Passenger Information System Market: Segmentation
Component
- Hardware
- Software
- Mobile PIS
- Professional Services
Mass Transit Hub
- Airport
- Rail
- Road
- Ports
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