Press release
Passenger Information System Market Poised to Reflect 23.17% CAGR by 2022 | PIS Market Players are Infax, Inc. (US), Passio Technologies, Inc. (US), DTI Group (Australia), General Electric Company (US) and Huawei Technologies Co. Ltd (China)
Passenger Information System Market
Market Highlights
According to Market Research Future (MRFR), the global passenger information system market had a valuation of USD 6.12 billion in 2016 and is estimated to reach USD 21.39 billion by 2022 with a 23.17% CAGR from 2016 to 2022 (forecast period). The report describes and discusses the effect of the outbreak of COVID-19 on the global passenger information system market, including potential opportunities and challenges, drivers, and risks.
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
Region-wise, the global passenger information system market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America led the global passenger information system market in 2016, with a market share of 38%. The demand for passenger information systems in North America is projected to be powered by technical advances and advanced network architecture. Europe successfully took second place in the global passenger information system industry by occupying 33% of its market share in 2016. The Asia Pacific is estimated to be the fastest-growing region, accounting for 21% of the market share in 2016 due to the development of the network infrastructure, thereby boosting the market growth of the passenger information system in the region. However, the rest of the world is rising at a sluggish growth rate and had just an 8% market share in 2016.
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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