Passenger information system market size to grow at a CAGR of 12.14%, with a value of USD 64.51 billion by 2030
Passenger Information System Market overview
The global market size for passenger information is calculated to grow from USD 24.10 billion in 2021 to USD 64.51 billion in 2027, growing at a compound annual growth rate of 12.14% during the anticipated period and the primary elements boosting the growth of the passenger information system market include the increase in an ultimatum for intelligent public transportation systems, including the real-time movement of passenger, considerable application of smartphones, and other connectivity devices.
The rise in the application of advertising and data systems, developments in the technological landscape to magnify the passenger experience, and a rush in urban population and traffic in public transportation systems. The increase in the number of covid-19 has given rise to a severe blow to the transportation industry, which, in return, has impacted the passenger information market growth.
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With most governments implementing lockdown practices, there is a substantial reduction in the transportation industry across all modes of transportation. The occurring projects related to electric vehicles have been hindered now, and most manufacturing industries of electric vehicles, such as Tesla, have moved their construction to the production of ventilators, which is observing a remarkable ultimatum.
The usages of IoT are still opening new revenue streams by smoothing real-time tracking of vehicles and supplying monitoring feeds to the passengers. The monitoring caters to passengers and aids in examining passenger travel histories to identify whether the passenger needs to be isolated.
Passenger Information System Market Segmentation
The market for passenger information systems has been classified into four primary segments, such as components, locations, transportation modes, and functional modes. On the basis of components the market is divided into solutions (display system, announcement system, emergency communication, mobile application, and others), and services (consulting, deployment or integration, and maintenance).
However, transportation mode is divided into railways, roadways, airways, and waterways, whereas the functional model is divided into the multimedia display, audio system, computing system, networking, communication devices, video surveillance, and other functional models.
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The market for passenger information systems has been segmented into major regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East. North America is expected to be the description for the widest market size among other regions in the passenger information system market, and the trend is estimated to pursue until 2026.
The USA and Canada are the primary countries in the region as they observe remarkable advancement with regard to the development of smart cities and transportation projects.
Passenger Information System Industry news
The passenger information system market report includes the study of primary players providing the passenger information system market offerings, it shows the major vendors in this market across the globe.
The main vendors include Advantech Co. Ltd., Alstom, Wabtec Corporation, Cubic Corporation, and Cisco Systems, INC. The Advantech and VinBus Ecology transport services Limited Liability company scribbled a planned co-operation contract on the improvement of the intelligent electric bus management system, in December 2020.
According to a report, the North American transportation industry has the most developed passenger information system market.
Table of Content
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
2 MARKET INTRODUCTION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
4 MARKET INSIGHTS
5 MARKET DYNAMICS
5.2.1 INCREASING SECURITY CONCERNS AT PUBLIC TRANSPORTATION SYSTEMS
5.2.2 INCREASING URBANIZATION COUPLED WITH INCREASING TRAFFIC IN PUBLIC TRANSITS
5.3.1 HIGH COSTS INVOLVED IN THE PASSENGER INFORMATION SYSTEMS
5.3.2 TECHNICAL LIMITATIONS OF PASSENGER INFORMATION SYSTEMS
5.4 IMPACT OF COVID-19
5.4.1 IMPACT ON ROADWAYS AND RAILWAYS SECTOR
5.4.2 IMPACT ON ASIAN BUSINESSES
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