According to the latest report by IMARC Group, titled "Passenger Information System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global passenger information system market reached a value of US$ 21.2 Billion in 2021. A passenger information system refers to an automated system that provides real-time information regarding public transport to individuals. It is a digital information system that acts as a communication link between passengers and a transit agency. Generally managed by a transportation company, it can be accessed through a custom smartphone application or a web-based browser. As a result, it offers customers with various options, including tracking, scheduling and emergency communication services. Besides this, it also assists passengers in attaining relevant information regarding the status of different transportation mediums, which enables them to plan their journey in advance conveniently.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Passenger Information System Market Trends:
The global market is primarily driven by significant growth in the telecommunication sector. Moreover, continual technological advancements and the widespread deployment of the Internet of Things (IoT), cloud computing and big data across the sector are acting as major growth-inducing factors. Additionally, the increasing demand for intelligent transportation systems and the rising need to enable faster data transfer capabilities are creating a positive outlook for the market. Furthermore, the penetration of high-speed internet connectivity across the globe and the widespread adoption of smartphones among individuals are significantly influencing the market growth. Apart from this, continuous improvements in the information technology (IT) industry and rising funding and investments in order to upgrade the existing transport industry are providing an impetus to the market growth. Other factors, including rapid urbanization and digitization, especially in the emerging economies, along with extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 41.6 Billion by 2027, growing at a CAGR of 11.7% during 2022-2027.
- On the basis of the mode of transport, the market has been segmented into airways, railways and roadways.
- Based on the component, the market has been bifurcated into hardware and software and services.
- On the basis of the system type, the market has been categorized into multimedia displays, audio systems, computing systems, networking and communication devices, video surveillance systems, content management system and others.
- Based on the location, the market has been segregated into on board and in station.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Advantech Co. Ltd., Cisco Systems Inc., Cubic Corporation, Hitachi Ltd., Huawei, Indra Sistemas S.A., Infax Inc., Mitsubishi Electric Corp., Passio Technologies, Siemens and Teleste Oyj.
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