USA to Foster the Global Passenger Information System Market

Market Highlights

According to Market Research Future (MRFR), the global passenger information system market is poised to create a valuation of approximately USD 21.39 BN by 2022, growing at a whopping CAGR of 23.17% throughout the review period (2016 to 2022). Rapid urbanization and ever-increasing population demand well-developed transportation infrastructures and futuristic systems to manage traveler information.

Passenger Information System is an automated system developed and deployed by public transport, including roadways, airways, and railways, to display information on the departure and arrival of a transport vehicle scheduled at a particular time interval. The advancement of technology in the transport sector drives the demand for passenger information systems available in various forms, such as LEDs, display boards, information announcement systems, or passenger information mobile application. In addition, growing public transport safety issues and increasing urbanization are also expected to fuel demand growth in the passenger information system in the coming years.

Market Dynamics

Security issues in public transport systems are increasingly growing. Effectively managing and controlling the crowd in public transport systems has become a significant paradigm for security authorities in every country. The purpose of the passenger information system is to prevent threatening situations in crowded areas. It is, therefore, essential to estimate the number of people crossing that area, depending on which counter plan could be determined when the limit is exceeded. Passenger information systems have a wide variety of potential applications, such as video surveillance and video analytics for rail, airports, and public transport buses. The government has regulations that define the maximum capacity of any vehicle, but to know if the regulation is being complied with, there is a need for a passenger information system to make it mandatory to prevent violation of the law. Apart from this, in any emergency incident such as hijackings, bomb threats, and assaults in any public transport, the passenger information system can easily and reliably identify the vehicle's location in such emergencies. As a result, rising public transport safety issues are driving the passenger information system market.

Growing security issues in the public transport system and increasing urbanization combined with increasing public transit traffic are factors driving market development. However, high component costs and technological limitations are some of the factors that impede market growth during the 2016-2022 forecast period.

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Segmentation:

The global market for passenger information system has been segmented based on solutions, components, services, and modes of transportation.

By solutions, the global passenger information system market has been segmented into information announcement systems, infotainment systems, display systems, emergency communication systems, and passenger information mobile applications, among others. Among these, display systems led the market and generated USD 1.9 billion in 2016 and are projected to grow with the fastest growing 22% CAGR.

By components, the global passenger information system market has been segmented into multimedia displays, networking devices, communication devices, sensors, and others. Among these, sensors led the market and generated a market value of USD 2.63 billion in 2016. Networking devices are projected to grow with the fastest growing 26.48% CAGR.

By services, the global passenger information system market has been segmented into cloud, professional, and integration, among others. The integration service is leading the market and is projected to grow with a 22.27% CAGR. Cloud services are estimated to be the fastest-growing service with a 25.81% CAGR.

By modes of transportation, the global passenger information system market has been segmented into roadways, railways, and airways.

Regional Analysis

North America dominates the global passenger information system market. The largest market share attributes to the vast development of technologies and early adoption. Besides, the strong presence of many technology providers and tech development centers drive the market growth, allowing the development and uptake of advanced technologies.

Moreover, increasing emphasis to provide an enjoyable experience to the passengers by offering them comfort and security, acts as a key driving force for the regional market growth. Also, augmenting regulatory support propels the regional market. The US accounts for the lion's share in the regional market owing to the massive demand for futuristic PIS.

Europe stands second in the global passenger information system market. The market growth is driven by the increasing demand for advanced passenger information systems and the resurging economy in the region. Additionally, increased funding in passenger convenience and concerns management substantiate the demand in the regional market.

The passenger information system market in the Asia Pacific region is growing briskly. Factors such as rapid improvement in network infrastructure and R&D and expenses on the transportation infrastructure upgrades led by the rising numbers of travelers fuel the regional market growth. The region has also seen a constant increase in the aviation sector due to the improving economy increasing air travels, which pushes the market growth further.

India, Indonesia, Malaysia, Philippines, and Thailand account for major shares in the regional market, owing to higher investments made on the airport development projects by the respective governments of these countries.

Key Players

The prominent players in the global passenger information system market are Infax, Inc. (U.S.), Cubic Transportation Systems (U.S.), Passio Technologies, Inc. (U.S.), General Electric Company (U.S.), Huawei Technologies Co. Ltd (China), DTI Group (Australia), Siemens AG (Germany), Advantech Corporation (Taiwan), Medha Servo Drives Pvt. Ltd (India) and Neusoft Corporation (China).

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Passenger Information System Market Research Report: Information By Solution (Information Announcement System, Display System, Emergency Communication System, Infotainment System, Passenger Information Mobile Application and Others), Component (Multimedia Display, Networking Devices, Communication Devices, Sensors and Others), Services (Cloud Services, Professional Services and Integration Services), Transportation Mode (Roadways, Railways and Airways) and Region [North America, Europe, Asia-Pacific and Rest of the World (the Middle East & Africa and South America)] - Forecast till 2026

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