+13% CAGR & COVID-19 Impact on Passenger Information System Market Can See 45.5 Billion by 2028 Major

Global Passenger Information System Market Analysis By Component Type (Solution, Services), By Functional Model Type (Multimedia Display, Audio Systems, Computing Systems, Networking and Communication Devices, Video Surveillance, Content Management System, Others), By Transportation Mode Type (Railways, Roadways, Airways & Waterways), By Location Type (On Board, In Station), and Regional Analysis by 2021-2028

London, UK -- (SBWIRE) -- 12/01/2021 -- The Passenger Information System Market is expected to reach USD 45.5 Billion by 2028 from USD 16.7 Billion in 2020, at a CAGR of 13.56% from 2021 to 2028. Passengers are moving faster nowadays. They are not relying only on static information from visual displays in platforms and stations but demand consistent and real information with alternative transportation methods and navigation apps. PIS provides a solution to travelers so that they can track the Expected time of Arrival and Expected time for Departure of their respective conveyance and plan their journey accordingly with the real-time information of transit operations. This system collects, synchronizes, and distributes PIS data from different transports efficiently and in real-time, making it challenging for any system.

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The services segment includes managed services and professional services. Further, the professional segment can be segmented into consulting, system integration and implementation, and support & maintenance. The service segment is expected to grow at a higher CAGR owing to the complexity of operations and the rise in deployment of Passenger Information System software. A passenger information system, sometimes known as a passenger information display system, is an automated system that provides information on the nature and status of a public transportation service to users via various functional modes which include visual, voice, or other media. PIS enables the management of all the details of services provided to passengers to make their journey reliable and chaos-free.

Regional Analysis:
The market size for North America was USD 5.57 Billion in 2020. The North American market is witnessing strong growth owing to the rise in the adoption of advanced digital technologies, and the development of the growing deployment of such solutions across various government organizations. Moreover, due to the presence of a number of Passenger Information System companies offering comprehensive solutions to the enterprises, the North American market holds the highest share. The U.S. Passenger Information System market is anticipated to account for the major share of the market, due to the rise in Road & Rail Transport Sector. Moreover, high investment in the technological adoption in the Utility and Airport services vertical in the U.S. and Canada is expected to increase the market during the forecast period.

The European region holds 26% of the market share with a CAGR of 12.80%. European nations are the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as UK, Germany, and France, where the population is growing at a higher pace. Moreover, due to the presence of established software service providers across the developed regions and with the continued increase in the demand for Passenger Information systems from end-use industries and inclination towards adoption of the latest technology in on-premises as well cloud-based service providers.

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The Asia Pacific Passenger Information System market is expected to continue to grow fastest in the coming years. The Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at the product and at the service level. The Chinese Market was valued at USD 1.31 Billion in 2020. With the Passenger Information System market witnessing a major transition in terms of technological advancements, product & service enhancements, and the growing investments in Passenger Security, the market poses a lucrative option in the coming years. The surge in population and rise in demand for better operational methods are expected to provide lucrative opportunities for the Passenger Information System market during the forecasted period in the Asia Pacific region.

Competitive Analysis:
Key Companies Profiled in the report are Cisco, Advantech Alstom, Wabtec, Cubic, Siemens, Hitachi, Huawei, Thales, Teleste, Televic Rail, Mitsubishi Electric. The key players adopted strategies such as strong new product launches along with strategies such as partnership & collaboration to increase its market share and increase global penetration.

Market Segmentation:
By Component Type:
Solution
Services

By Functional Model Type:
Multimedia Display
Audio Systems
Computing Systems
Networking and Communication Devices
Video Surveillance
Content Management System
Others

By Transportation Mode Type:
Railways
Roadways
Airways & Waterways

By Location Type:
On Board
In Station

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The passenger information system market acts as the communication link between a transit agency and passengers. It enables to deliver information related to real-time vehicle location & status updates, schedule of the journey, and timely announcements. Along with these functionalities, it focuses on the improvement of the transit experience for passengers by entertaining the passengers through infotainment systems. Moreover, these systems can be deployed on the platform and inside the transportation vehicle such as bus/train/flight.

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