Passenger Information System Market Forecast by 2031
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.
Passenger Information System Market Analysis
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.
Passenger Information System Market Overview
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.
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Passenger Information System Market: Strategic Insights
Market Size Value in US$ 19,314.66 Million in 2019 Market Size Value by US$ 45,717.11 Million by 2027 Growth rate CAGR of 11.5% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Passenger Information System Market: Strategic Insights
| Market Size Value in | US$ 19,314.66 Million in 2019 |
| Market Size Value by | US$ 45,717.11 Million by 2027 |
| Growth rate | CAGR of 11.5% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Passenger Information System Market Drivers and Opportunities
Increased adoption of smartphones
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.
Growing usage of big data and cloud technologies
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.
Passenger Information System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the passenger information system market analysis are component, location, mode of transportation, and functional model.
- Based on component, the passenger information system market is divided into solutions and services. The solution segment held a larger market share in 2023.
- By location, the market is segmented into on-board and in-station. The on-board segment held the largest share of the market in 2023.
- In terms of mode of transportation, the market is bifurcated into roadways, railways, waterways, and airways. The roadways segment dominated the market in 2023.
- By functional model, the market is segmented into multimedia displays, audio systems, computing systems, networking and communication devices, video surveillance, and content management systems.
Passenger Information System Market Share Analysis by Geography
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.
Passenger Information System Market Report Scope
Passenger Information System Market News and Recent Developments
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:
- In January 2021, to expand its current transportation technology portfolio, Cubic Corporation introduced the "UMO" completely integrated suite of platforms for mobility, riders, service providers, and transit authorities. UMO is a flexible suite of tools that lets users schedule travel on both public and private transportation, pay for it, get rewards for traveling, and receive up-to-date information to increase their mobility.
(Source: Cubic Corporation, Company Website)
- In June 2020, the "BlueFiIter" air-filtration device was introduced by Wabtec Corporation to give passengers on trains and metros a clean, healthful environment. In railcars, BlueFilter eliminates over 90% of contaminants.
(Source: Wabtec Corporation, Company Website)
Passenger Information System Market Report Coverage and Deliverables
The "Passenger Information System Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component , Location , Mode of Transportation , and Functional Model
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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