The Passenger Information System Market size is projected to reach US$ 67.89 billion by 2031 from US$ 29.56 billion in 2023. The market is expected to register a CAGR of 11.0% in 2023–2031. Growing technological advancements are likely to remain key passenger information system market trends.
The demand for passenger information systems has grown as a result of several factors, including an increase in air traffic, a rise in the adoption of intelligent transportation systems, an increase in the penetration of IoT solutions in the transportation sector, and an increase in passenger demand for real-time transit information. Additionally, the market for passenger information systems is anticipated to benefit from the increase in demand for all travel-related information, from journey planners to variations in projected departure times. Moreover, it is projected that increased awareness among transit agencies about providing customers with an improved travel experience will spur market expansion.
The purpose of a passenger information system is to give passengers up-to-date information via audio, video, and media devices on the condition and type of transportation services. It consists of a collection of hardware and IT components. It also provides news and entertainment services, as well as details on the expected time of arrival and departure, all of which contribute to an improved travel experience. The passenger information system market is expanding due to the growing need for transit agencies to provide passengers with accurate and dependable real-time transit information. Furthermore, the market is expanding due to developments in the telecommunications industry that enable quicker data transfer capabilities, a surge in the adoption of IoT in the transportation sector, and an increase in demand for intelligent transportation systems.
Because smartphone usage is rising, mobile application-based passenger information systems are gaining popularity quickly. Furthermore, transportation agencies are concentrating on passenger information system mobile applications to draw in customers and give them access to fast, accurate, real-time information via smartphone channels. Also, the rise of multi-modal transit applications for public transportation presents an opportunity for market expansion.
Railroads, in particular, are using cloud computing to automate many forms of transportation. Using cloud computing technology, the passenger information system tracks the whereabouts of buses in the vicinity. It determines the arrival time, which is then shown on the real-time information system at the bus stop. The utilization of cloud technology and data analytics solutions contributes to the efficient allocation of resources and economical passenger population monitoring.
Key segments that contributed to the derivation of the passenger information system market analysis are component, location, mode of transportation, and functional model.
The geographic scope of the passenger information system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America controlled the global market for passenger information systems. Additionally, during the projected time, the North American market is probably going to increase at a high pace. The primary factor driving market expansion in this area is the increase in both production and consumption of passenger information systems in North America's developed and developing economies. The PIS is regarded as one of the biggest markets, with a notably high usage of state-of-the-art technology and robust network infrastructure. The area has a significant impact on the expansion of the passenger information system market due to elements including the increased use of public transit and the fast pace of urbanization. Additionally, it is anticipated that the growing use of passenger information system services and solutions will foster its expansion. All these factors contribute to the region's growth of the passenger information system market.
The regional trends and factors influencing the Passenger Information System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Passenger Information System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 29.56 Billion |
| Market Size by 2031 | US$ 67.89 Billion |
| Global CAGR (2023 - 2031) | 11.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Passenger Information System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Passenger Information System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The passenger information system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Cubic Corporation, Company Website)
(Source: Wabtec Corporation, Company Website)
The "Passenger Information System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global passenger information system market is expected to grow at a CAGR of 11.0 % during the forecast period 2023 - 2031.
Increased adoption of smartphones and growing usage of big data and cloud technologies are the major factors that propel the global passenger information system market.
Growing technological advancements are anticipated to play a significant role in the global passenger information system market in the coming years.
The key players holding majority shares in the global passenger information system market are Alstom, Cubic Corporation, Hitachi, Ltd., Indra, and Mitsubishi Electric Corporation.
The global passenger information system market is expected to reach US$ 67.89 billion by 2031.