Market Research Future Insights
The Global Passenger Information System Market is projected to be worth USD 66.12673 Billion by 2030, registering an 11.90% CAGR during the forecast period (2023-2030).
The passenger information system refers to a modular system that makes utilization of digital and analog technology for providing real-time and reliable information to passengers as a part of journey services. Onboard passengers expect information regarding vital items including on-board services, connections, arrival times, disruptions, alternative routes, and others. The passenger information system delivers the right information on the punctuality status of the journey to its passengers. The information can be transmitted via screens and loudspeakers. The technology is proving to be beneficial in the railways and airways sector to provide information regarding the journey status to the passengers.
In an increasingly connected world, rail and bus companies are required to differentiate by making their services more attractive to travelers and passengers. Besides, with the growing passenger expectations such as safe, punctual, and comfortable journeys, there is a persistent demand for real-time, consistent, and reliable information. They expect precise information about key parameters such as arrival times, connections, alternative routes, disruptions, and onboard services. The increasing needs and demands of the passengers have led to the digitization of transit operations, which in turn will foster the growth of the market in the coming years. Artificial intelligence, machine learning, Internet of Things (IoT), and big data are the biggest accelerators in evolving the next industrial revolution, which is likely to aid the growth of transportation infrastructure. AI, machine learning technologies, and IoT will complement the passenger information system with communication network technology to improve connectivity and expedite the dissemination of transit information.
The Global Passenger Information System Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.
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Regional Analysis
The Global Passenger Information System Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
North America accounted for the highest market share owing to a greater focus on the development of transportation infrastructure along with high investments in intelligent transportation systems made by private and public sector companies.
The Asia Pacific is likely to emerge as the fastest-growing region in the market over the forecast period. Governments and private players in the region are instrumental in taking initiatives to digitalize and upgrade the information systems across the entire public transport sector. Growing ridership of passengers in public transport and a rise in overseas travelers are anticipated to boost the demand for passenger information systems in the region.
Market Segmentation
The Passenger Information System Market is segmented into the following types;
By Component
- Networking devices
- Sensors
- Multimedia display
- Communication devices
- Others
By Transportation Mode
- Railways
- Airways
- Roadways
By Solution
- Display system
- Infotainment system
- Information announcement system
- Passenger information mobile application
- Emergency communication system
- Others
By Services
- Professional Services
- Cloud services
- Integration Services
Key Players
The Global Passenger Information System companies substantial key players are Huawei Technologies Co. Ltd. (China), SAMSUNG (South Korea), Komachine.com Co. (South Korea), and Mitsubishi Electric Corporation (Japan).
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