Passenger Information System Market Outlook 2031
The Global Passenger Information System Market size was valued at USD 26.50 Billion in 2022 and is likely reach to USD 72.31 Billion by 2031, expanding at a CAGR of 11.8% during the forecast period, 2023-2031.
The growth of the market is attributed to rising demand for transportation agencies to bring reliable and precise real-time journey information to passengers, as well as rising need among passengers to get information of journey for secure and convenient travelling.
Passenger information system (PIS) acts as a point of contact between travellers and transit agencies. This is digital information system that allows tracking, convenient handling of passenger data and monitoring. PIS is used for analysis of disturbances, delays, arrival time, and departure time.
Such systems are interconnected set of devices installed on subway, platform, port, bus stands, and others to display real-time information about flight, bus, and train. The system provides information on various platforms such as indicator panels, display system, announcement system, and others.
Additionally, it can be accessed from many channels such as computers, internet-connected devices, and phones. The COVID-19 pandemic outbreak hampered the global passenger information system market due to lockdown, quarantine measures, and travel ban. The market is expected to recover soon due to decline in the number of the COVID cases globally.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand of intelligent transportation system is a key factor driving the market growth.
- Rising government policies for safe and smart transportation is projected to drive the market expansion during the forecast period.
- Increasing difficulties in data collection and data sharing between multiple organization and public transport can hamper the market growth in the projected timeline.
- Escalating installation and maintenance cost for passenger information system acts as a major challenge that can restrict the market growth.
- Integrating Artificial Intelligence, big data, machine learning, and Internet of Things technology with passenger information system is projected to create significant growth opportunities for the market.
Scope of Passenger Information System Market Report
The report on the global passenger information system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Passenger Information System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Infotainment System, Information Display System, Passenger Information Mobile Solutions, Announcement System, and Others), Modes (Railway, Roadway, and Airway & Waterway), and Components (Services and Solution).
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Alstom SA; Cubic Transportation Systems; Huawei Technologies Co., Ltd.; TE Connectivity; Wabtec Corp.; Advantech Co., Ltd.; Cisco Systems, Inc.; Hitachi, Ltd.; Siemens AG; and Thales Group.
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Passenger Information System Market Segment Insights
Information Display System segment is anticipated to grow at a robust pace
Based on types, the global passenger information system market is divided into infotainment system, information display system, passenger information mobile solutions, announcement system, and others.
The information display system segment is anticipated to grow at a robust pace during the forecast period owing to rise in use of light-emitting diode (LED) and liquid crystal display (LCD) because of its cost-efficient pricing and compact size.
On the other hand, the passenger information mobile solutions segment is projected to expand at a substantial CAGR during the forecast period in the coming years due to increasing use of smartphones and demand of smartphone-based passenger information system application from passengers.
Roadway segment is projected to expand at a considerable CAGR
On the basis of modes, market is segregated into railway, roadway, and airway & waterway. The roadway segment is projected to expand at a considerable CAGR during the projected timeline due to roadway is a major mode of public transport across the world, increase in public transport facilities, and rapid urbanization.
However, the railway segment is expected to grow at significant growth rate in the coming years due to increasing advancements in public transport facility such as railway, trams, and metros leading to boost in the volume of passengers.
Solution segment is estimated to account for a significant market share.
In terms of components, the global passenger information system market is segmented into services and solution. The solution segment is estimated to account for a significant market share during the forecast period attributed to the use of communication devices, multimedia devices, and others by the solution segment.
This allows passengers to access information remotely with the help of web or mobile and physically within the transportation system. On the other hand, the service segment is anticipated to expand at a substantial CAGR during the forecast period in the coming years due to increase in professional consultancy in emerging economies.
Passenger Information System Market Regional Outlook
North America is anticipated to constitute a key market share
In terms of region, the global passenger information system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period due to, high investment in intelligent transportation system and focus on development of transportation infrastructure by both public and private sector.
However, the Asia Pacific market is anticipated to increase at a rapid pace during the forecast period owing to initiatives by private and government organizations for upgrade and digitalization of passenger information system across public transport sector.
Segments
Types
- Infotainment System
- Information Display System
- Passenger Information Mobile Solutions
- Announcement System
- Others
Modes
- Railway
- Roadway
- Airway & Waterway
Components
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global passenger information system market are Alstom SA; Cubic Transportation Systems; Huawei Technologies Co., Ltd.; TE Connectivity; Wabtec Corp.; Advantech Co., Ltd.; Cisco Systems, Inc.; Hitachi, Ltd.; Siemens AG; and Thales Group.
Companies are engaging in enhancing technological capabilities, and focusing on acquisitions, strategic mergers, and partnerships to expand their market share. In January 2021, Cubic Transportation Systems launched Umo. Umo is fully integrated platform for mobility service providers, riders, and transit agencies to complement its existing portfolio of transportation technology.
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