As per the report published by Fior Markets, the global passenger information system market is expected to grow from USD 20 billion in 2020 and reach USD 49.52 billion by 2028, growing at a CAGR of 13% during the forecast period 2021-2028.
The growth of the PIS market is expected to drive the growing need for smart public transport systems which give passengers real-time transit information. With a growing need for passengers’ real-time information, transport and transit companies use PIS solutions and services to improve the passengers’ travel experience. The general operating efficiency and passenger retention have to be increased in the public transport industry. The customer or passenger experience can be achieved by improving this level. Transport service providers improve their IT services by providing new features such as real-time access to data and in-transit network connectivity to raise customer satisfaction. Passengers receive personalized trip information in real-time with the updated PIS.
As communication links between the transportation agency and the passengers, the passenger information system acts. It delivers real-time data about public transit by audio, visual, or other means for users, and is also referred to as the customer information system. It helps to track scheduling, entertainment, news, and emergency communication services in detail. It also helps passengers to obtain essential information on the condition of different modes of transport and helps them to plan more efficiently their journeys, which further boosts passenger comfort and satisfaction. One of the primary drivers of the rise of passenger information is the increasing demand for reliable and accurate information in real-time transit by passengers. In addition, the expansion in market growth is supporting the rise in demand for smart transport systems in conjunction with developments in the telecommunications sector to enable the quick movement of data. The sales of passenger information systems worldwide are driven by a rise in demand for intelligent transportation systems and by an internet of things (IoT), cloud, and big data technologies in the transportation sector.
The growth of the PIS market is expected to drive the growing need for smart public transport systems which give passengers real-time transit information. With a growing need for passengers’ real-time information, transport and transit companies use PIS solutions and services to improve the passengers’ travel experience. The overall costs of a PIS system include the cost of deployment and maintenance that can impede the expansion of the PIS market. Implementation expenses consist mostly of the costs for the system design, the procurement and installation of the necessary equipment (including the pipeline), and the monitoring of the system’s quality before it is made public. The development of IoT has allowed information to be sent across various electronic devices without the requirement for direct human intervention. IoT platforms are expected to converge to PIS to contribute to market growth. Legacy systems are outdated computer software and hardware still in use after modern technologies have been installed. Legacy systems are critical for enterprises because they support certain vital business functionalities. Corporations need to upgrade their old systems since systems whose services are discontinued from vendors are tough to sustain.
Key players operating in the passenger information system market are Cisco Systems, Inc., Siemens AG, Hitachi, Ltd., Huawei Technologies Co., Ltd., Advantech Co., Ltd., Alstom, Wabtec Corporation, Cubic Corporation, and Dand systems. z o.o., Lunetta, R2P GMBH Thales Group, Teleste Corporation, Televic Rail, Mitsubishi Electric Corporation, ST Engineering, and others. The major players in the passenger information system market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations, and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global passenger information system market. Advantech Co., Ltd., and Alstom Systems are some of the biggest manufacturers and suppliers of passenger information systems worldwide.
The services segment dominated the market and held the largest market share of 58% in the year 2020
Based on the component segment, the global passenger information system market includes solutions and service systems. The services segment dominated the market and held the largest market share of 58% in the year 2020. To prevent constraints of such solutions, the deployment or integration service helps identify the requirement for PIS solutions to be implemented or upgraded in the current infrastructure. These services serve to speed up the deployment of PIS solutions, save time and costs, allow efficient operation, and prevent disruptions associated with deployment.
The onboard segment dominated the market and held the largest market share of 53.49% in the year 2020
Based on the location segment, the global passenger information system market includes onboard and in the stations. The onboard segment dominated the market and held the largest market share of 53.49% in the year 2020. The exponential growth in smartphone use and network infrastructure advances allow transportation authorities to offer cost-effective and fast updates on board. These advances aim to increase demand for onboard PIS solutions. The requirement to give passengers enhanced vehicle information, such as accurate arrival information and departure details on next/previous stops or stations, is also planned to develop chances in PIS solutions on the market on board.
The roadways segment dominated the market and held the largest market share of 37.47% in the year 2020
Based on the transportation mode segment, the global passenger information system market includes railways (trains and trams), roadways, and airways and waterways. The roadways segment dominated the market and held the largest market share of 37.47% in the year 2020. Public transport is focused on meeting the demands of passengers by providing exact data before, during, and after the travel of the consumer. Transit agencies are therefore deploying PIS technologies to better educate passengers in real-time on their travel details. The new technologies in the PIS market help enhance the reliability of public transport networks by giving visibility to arrivals/departures/routes information for travelers, which offers easy travel through multiple modes of transport.
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