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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.
Market Summary:
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