According to a new
market research report "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 2026", published by
MarketsandMarkets™, the global Passenger
Information System Market size is projected to grow from
USD 24.1 billion in 2021 to USD 41.0 billion in 2026, at a Compound Annual
Growth Rate (CAGR) of 11.2% during the forecast period.
The major factors
driving the growth of the Passenger Information System (PIS) Market include the
rise in demand for intelligent public transportation systems, including
real-time transit information of passengers, extensive usage of smartphones and
other handheld devices with increased connectivity, increase in the usage of
advertising and information systems, advancements in the technological
landscape to enhance the passenger experience, and a surge in urban population
and traffic in public transportation systems..
Browse and in-depth TOC on “Passenger
Information System Market”
345 – Tables
52
- Figures
325 – Pages
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Based on solutions, the mobile applications solutions
segment to grow at a higher CAGR during the forecast period
Mobile
applications are a new channel for delivering services to help passengers get
through the whole process of their journey, starting from buying the ticket to
checking in, boarding planes, arriving at their destination, and making their
luggage available for them at the other end. Mobile applications are also
increasingly deployed in every mode of transportation. In airlines and
airports, mobile applications act as a key medium of knowing the entire travel
information and helps to have a more personalized service for passengers.
Mobile applications can be used to offer real-time transit information to
passengers. These applications make transit services more accessible and
reliable for new passengers and can encourage people to use public transport
Based on location, the on board segment is expected to
lead the market during the forecast period
The
on board location is projected to dominate the global PIS location market in
terms of market share. The exponential increase in Smartphone usage and
advancements in network infrastructure enables transport authorities to provide
timely status and updates on board in a cost-effective way. These advancements
are projected to drive the demand for PIS solutions for On board locations. The
PIS on board segment is projected to account for a larger market size during
the forecast period. On board, PIS solutions and services can be used to inform
passengers about the next/previous stations or stops and provide advanced
vehicle information, such as precise arrival and departure information. On
board, PIS consists of LCD displays, a public-address system, and emergency
intercoms. LCD displays are text-only and advanced LED displays for
entertainment purposes.
Based on transportation mode, the roadways transportation
mode segment is expected to grow at a higher CAGR during the forecast period
Significant
growth in the volume of vehicular traffic across the world over the last couple
of decades and the inability of existing transport infrastructure to support
the same has led to a rise in focus on the importance of monitoring and
managing the vehicular movement, as well as and ensuring smooth traffic flow.
Smart transportation is growing in popularity, given the technology’s ability
to ease congestion and improve road safety by effective monitoring and
management of 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. Also, the growing use of mobility
and vehicles has led to an increase in the associated demand for PIS solutions
and services in the roadways transportation mode to drive the market growth.
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North America to hold the
highest market size during the forecast period
North
America is projected to account for the largest market size among other regions
in the Passenger Information System Market, and the trend is projected to
continue until 2026. The US and Canada are the leading countries in the region
as they witness significant advancements in terms of the development of smart
cities and transportation projects. These countries have sustainable and
well-established economic growth, empowering them to increasingly invest in
R&D activities, thereby contributing to the development of new technologies
in the PIS market.
North
America is one of the most developed regions where the network infrastructure
is in good condition. This has led to a rise in demand for PIS solutions and
services in the market. Most of the transport sectors have implemented PIS
solutions and services in the region on a large scale as the network
connectivity is available in every corner. The advent of SMEs and the adoption
of digitization in the transportation sector, along with high-speed networks,
are projected to drive the market growth in North America. In addition, 5G
continues to be the backbone for IoT connectivity due to its high speed and low
latency. The improved IoT connectivity through 5G solutions is projected to
improve transportation processes in the region, which leads to the market
growth.
Major
vendors operating in the Passenger Information System Market include Advantech
Co., Ltd. (Advantech), Alstom (Alstom), Wabtec Corporation (Wabtec), Cubic
Corporation (Cubic), Cisco Systems, Inc. (Cisco), Siemens AG (Siemens),
Hitachi, Ltd. (Hitachi), Huawei Technologies Co., Ltd. (Huawei), Thales Group
(Thales), Teleste Corporation (Teleste), Televic Rail (Televic), Mitsubishi
Electric Corporation (Mitsubishi Electric), ST Engineering (ST Engineering),
DYSTEN Sp. z o.o. (DYSTEN), Lunetta (Lunetta), R2P GMBH (r2p), Sistemas, S.A.
(Indra), ICON Multimedia S.L. (ICON Multimedia), passiotech.com (Passio
Technologies), LANCom Systems GmbH (LANCom), Simpleway Europe a.s. (Simpleway),
EKE-Electronics Ltd (EKE-Electronics), Medha Servo Drives Private Limited
(Medha Servo Drives), Quester Tangent (Quester Tangent), and LOT Group (LOT
Group).
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