Passenger Information System Market Size to hit $45,717.11 Mn, Worldwide by 2027 at 11.5% of CAGR: The Insight Partners

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Passenger Information System Market Size to hit $45,717.11 Mn, Worldwide by 2027 at 11.5% of CAGR: The Insight Partners

December 02
00:50 2021
Passenger Information System Market Size to hit $45,717.11 Mn, Worldwide by 2027 at 11.5% of CAGR: The Insight Partners
The Insight Partners
Passenger Information System Market is emerging with Rising Focus over Consistent, Real-Time, and Reliable Passenger Information by 2027

Passenger information system are established to make communication between transit authorities and passengers to delivering real-time data regarding vehicle location, journey schedule, timely announcements, and the overall updates required by passengers. Such types of systems are used to enhance the overall experience of passengers while transit by keeping them updated along with entertaining the passengers using various infotainment systems. Such systems are interconnected set of devices deployed on platform, bus stands, subway, port and others to dissipate real-time information about bus, train or flight. Growing focus over consistent, real-time, and reliable passenger information along with rising frequency of passenger journey through public transport are driving the growth of the passenger information systems market

According to the latest market study on “Passenger Information System Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solutions and Services), Location (On Board and In Station), Mode of Transportation (Roadways, Railways, and Waterways and Airways), and Functional Model (Multimedia Display, Audio Systems, Computing Systems, Networking and Communication Devices, Video Surveillance, and Content Management Systems),” the market was valued at US$ 19,314.66 million in 2019 and is projected to reach US$ 45,717.11 million by 2027; it is expected to grow at a CAGR of 11.5% during 2020–2027. The report highlights key driving factors and prominent market players along with their developments in the market.

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The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. Lockdowns, travel bans, and business shutdown measures implemented to mitigate the spread of the novel coronavirus are limiting the supplies of technology, media, and telecommunication solutions and services, which  represents a significant loss for passenger information system companies.

Rising Frequency of Passenger Journey Through Public Transport

Public transportation comprises different transit options such as buses, rail or metros, and airways and subways. Passenger information systems play vital role for those people who cannot drive or do not have access to personal vehicles. Also, these systems are quite cost-effective, safer, and sustainable solution. The rapidly rising population density is changing infrastructural urban centers. Moreover, rise in disposable income and shift in working demographic are another factors promoting the demand for public transport across passengers.

As per Pew survey conducted by Research Center in 2015, one-in-ten Americans (almost 11%) uses public transportation on a daily or weekly basis. The public transportation sector is undergoing a technological transformation across the globe. Further, the growing demand for advanced transit operations and rising preference toward interconnected, digitized, smart, and safe journey to uplift the overall experience drive the demand for passenger information system in public transportation. Public transport is gaining rapid momentum across urban infrastructural set-up as governments across the world are offering several transport-related subsidies to the various modes of transportation. The rising frequency of passenger journey through public transport is significantly proliferating the public transport sector; hence, generating the demand for passenger information systems (PIS).

A few of the key players operating in the passenger information system market are Huawei Technologies Co., Ltd.; Thales Group; Cisco Systems; Cubic Corporation; and Teleste Corporation. These companies provide passenger information system for the diversified industry applications, and operate their system production and distribution services in various countries across the world. These strategies help them in cater a wider customer base. Market players are highly focused on the development of high quality and innovative service offerings to meet the customer’s requirements. The companies are realizing the potential of passenger information system and are expanding their production facilities globally.

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About Us: The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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