CHICAGO, May 6, 2021 /PRNewswire/ -- According to 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.
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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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