Passenger Information System Market to Drive Growth at USD 74.64 Billion by 2031| SkyQuest Technology
Westford, USA, Nov. 27, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Passenger Information System Market will reach a value of USD 74.64 Billion by 2031, with a CAGR of 12.4 % during the forecast period (2024-2031). There is a rise of demand for passenger information system due to the increasing requirement for transit agencies to deliver precise and dependable real-time information to passengers. Furthermore, the growing penetration of mobile devices, internet, and the necessity among travellers and passengers to get information in real-time for efficient connectivity and safe travel is boosting the market growth. In recent times, there has also been a growth among passengers travelling annually by public transport, which is increasing the development of transportation structure globally. This is also increasing the demand for passenger information systems, positively influencing the market growth.
The passenger information system (PIS) allows passengers to get proper information related to the nature and condition of transportation systems like buses, trains, airplanes, and boat ferries. In this increasingly connected world, rail and bus organizations must differentiate by making their services more appealing to travellers. Furthermore, the increasing demand and expectation of passengers like safe, punctual, and comfortable journey, along with real-time, consistent, and dependable information. These growing necessities of passengers have resulted in digitalization of transit operation, leading to the advancement and expansion of the passenger information system.
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Browse in-depth TOC on the “Passenger Information System Market”
- Pages – 157
- Tables – 92
- Figures – 76
Passenger Information System Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 29.30 billion |
| Estimated Value by 2031 | $ 74.64 billion |
| Growth Rate | Poised to grow at a CAGR of 12.4 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Location and Transportation Mode |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Growing implementation of sustainable and eco-friendly technologies in PIS framework |
| Key Market Opportunities | High demand for personalized customer service and tailored travel experiences |
| Key Market Drivers | Demand for modern transportation networks that has many travels modes |
Increasing Availability of App-Based Services for Passenger Information System (PIS) to Improve Driver and Passenger Experience
Recently there are many app-based services that are available for passenger information system (PIS), boosting the growth of the market. The growing demand for telematics and build-in connectivity in cars has improved technological innovations that can enhance the in-vehicle experience for drivers and passengers. Consumers can interact with their in-car infotainment systems just like how they do it with their personal mobile devices, especially in terms of user interface. Furthermore, to get better access to entertainment and information, consumers can connect with their smartphones and tablets to in-vehicle infotainment systems, which is possible due to the connectivity in vehicles. With the help of mobile app-based services, most of the market leaders are growing their geographic scope of their roadside assistance offerings. Moreover, the demand for app-based roadside assistance services is increasing as more smartphone users are connecting their smartphones to the car’s infotainment center, propelling the growth of the market.
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Growing Usage of IoT and Big Data to Increase Efficiency in Transportation
The use of IoT and big data is increasing as it increases driver efficiency, and this has become one of the major trends that is shaping the passenger information system. Huge amounts of data are being produced by the transportation industry’s connected stakeholders. This information is crucial and can be utilized to increase passenger safety standards along with improving the efficiency of station and freight operation. Big data structures with different components like cloud computing, cyber-physical systems, and the internet of things are necessary for developing smart railways. There are also several sources from which data can be generated as the networks of roads, railways, and airplanes become smarter. Onboard control and monitoring systems can change trains into multi-channel interacting sports that has the ability to send relevant data to network control centres, driving the market growth.
Government Initiatives of Digitalization in Transportation to Lead Market Growth in Asia Pacific
Asia Pacific is dominating the passenger information system market due to its dynamic like technological, economic, and government support-related factors. Increasing technological development in the Asia Pacific region like information and communication technology (ICT), increasing adoption of smartphones, mobile apps, and digital platforms. These innovations offer better access to real-time transportation information for passengers. Asia Pacific is also hub to the biggest and fastest growing cities, leading to an increased demand for effective and dependable public transportation systems. Real-time information systems like PIS are vital for offering passengers with updated information about routes, schedules, and service disruptions. These solutions can improve the travel experience and augment the growth of passenger information system.
Passenger Information Market Insights
Drivers
- High demand for better passenger experience
- Increasing shift towards integrations of smart technologies
- Growing adoption of smartphones and tablets among people
Restraints
- High expense of implementation
- Challenges with intermittency and reliability especially in regions with inconsistent weather
- Increasing disruption in supply chains
Key Players Operating in Passenger Information System
The following are the Top Passenger Information System Companies
- Advantech (Taiwan)
- Alstom (France)
- Wabtec (US)
- Cubic (US)
- Cisco (US)
- Siemens (Germany)
- Hitachi (Japan)
- Huawei (China)
- Thales (France)
- Teleste (Finland)
- Televic (Belgium)
- Mitsubishi Electric (Japan)
- ST Engineering (Singapore)
- DYSTEN (Poland)
- Lunetta (India)
- R2P (Germany)
Key Questions Answered in Passenger Information System Market
- What are the main drivers of passenger information system market?
- Who are the key players in the market?
- What is the main restraint that is hampering the growth of the market?
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This report provides the following insights:
- Analysis of key drivers (High demand for better passenger experience and growing adoption of smartphones), restraints (High expense of initial implementation and increasing disruptions in supply chain), opportunities (Growing shift towards incorporation of smart technologies and increasing focus on sustainable and eco-friendly technologies), and challenges (Presence of infrastructural limitations and concerns related to data security) influencing the growth of passenger information system market
- Market Penetration: Comprehensive information on the product offered by the top players in the passenger information system market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the passenger information system market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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