Passenger Information System Market 2025: Rising Growth of System Holds immense Demand
The global passenger information system market was valued at $13,703 million in 2016, and is projected to reach at $45,679 million by 2025, growing at a CAGR of 14.60% from 2018 to 2025.
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However, high cost associated with implementation, managing the passenger information and dearth of advanced infrastructure facilities among the developing economies of Asia-Pacific and LAMEA for installing these systems are anticipated to hamper the market growth during the forecast period.
Based on mode of transportation segment, the roadway segment led the passenger information system market in 2016, and is projected to maintain its dominance in the future. However, the railway segment is expected to witness the highest growth, owing to its increased need of passenger information system to provide accurate and reliable updates to railway passengers before and throughout their journey.
Key Findings of the Passenger Information System Market:
•The services segment is expected to exhibit significant increase in terms of revenue during the forecast period.
•In 2016, the roadway segment accounted for the highest revenue among the other modes of transportation.
•Passenger information display system generated the highest revenue in 2016.
•Asia-Pacific is projected to exhibit substantial growth during the forecast period.
The global passenger information system market was led by the North America in 2016, and is projected to maintain its dominance during the forecast period. However, the Asia-Pacific is anticipated to witness the fastest growth, registering a CAGR of 20.20% during the forecast period.
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Passenger Information System Market Key Segments:
•Information Display System
•Passenger Information Mobile Applications
•Emergency Communication Systems
By Mode Of Transportation
Key Market Players
•Mitsubishi Electric Corporation
•Singapore Technologies Electronics Limited
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