Global Passenger Information System Market was valued US$ 14.34 Bn in 2017 and is expected to reach US$ 45.54 Bn by 2026, at a CAGR of 15.54% during a forecast period.
Passenger information system market is a communication link between a transport agency and passengers. It empowers to deliver information related to real-time vehicle location & status updates, timely announcements, and schedule of the journey.
Advancements in the telecommunication sector to enable faster data transfer capabilities, increasing IoT adoption in transportation sector, growing urbanization coupled with rising traffic in public transits, and increasing demand for intelligent transportation systems are the major factors for the growth of the market
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High cost associated with implementation, managing the passenger information and technical limitation are some of the factors restraining the market growth. Additionally, lack of awareness, use of legacy systems, and poor internet connectivity in the underdeveloped nations limit the deployment and usage of passenger information systems.
Increasing adoption of cloud and big data technologies is expected to provide good opportunities for the market growth.
Railway segment is estimated to grow at a significant pace during the forecast period owing to rising the traveling comfort for passengers, giving them real-time information. So that, we are designing, installing and maintaining passenger information systems for every rail environment.
Passenger information mobile applications allow passengers to look at availability of buses, while at home, in the office, hotel. Addresses safety concerns, makes managing simple, improves efficiency & time savings is boosting the passenger information mobile applications segment.
North America is the largest share of global passenger information system market owing to technological advancement and developed network architecture. However, the Asia Pacific and South America are estimated to grow at a higher rate during the forecast period due to the growing population and increased per capita income.
Key players in global passenger information system market are Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales, Advantech Co., Ltd, Huawei Technologies, Cisco, TE Connectivity, and Toshiba Corporation.
Scope of the Global Passenger Information System Market
Global Passenger Information System Market by Component
Global Passenger Information System Market by Solution
Information Display System
Passenger Information Mobile Applications
Emergency Communication Systems
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Global Passenger Information System Market by Mode of Transportation
Global Passenger Information System Market by Geography
Middle East & Africa
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Key Players operating in the Global Passenger Information System Market
Mitsubishi Electric Corporation
Singapore Technologies Electronics Limited
Advantech Co., Ltd