The surge in international tourism and trade is predicted to benefit the passenger information system market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. The market is estimated to perceive a steady CAGR growth in the course of the forecast period.
Considering the kind of growth, the market is garnering currently Market Research Future (MRFR) in its recently published study report asserts that the global passenger information system (PIS) market would reach a valuation of USD 21.39 BN by 2022, registering a whopping CAGR of 23.17% throughout the forecast period (2016 to 2022).
The necessity to ensure crowd control in public transportation systems particularly is estimated to help the expansion of the passenger information system market in the forecast period. The surge in technology implementation in the transportation sector around the world is estimated to create favorable momentum for the passenger information system market in the impending period.
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The segmental examination of the passenger information system market has been segmented on the basis of components, solutions, services, regions, and mode of transportation. The solution-based segmentation of the passenger information system market comprises of infotainment systems, display systems, information announcement systems, emergency communication systems, and passenger information mobile applications, among others. The component-based segmentation of the passenger information system market consists of communication devices, networking devices, sensors, multimedia displays, and others. Based on the services, the passenger information system market is segmented into professional, cloud, and integration, among others. The segmentation of the passenger information system market based on modes of transportation consists of roadways, railways, and airways. Based on the regions, the passenger information system market is segmented into North America, Europe, APAC, and the rest of the world.
Detailed Regional Analysis
The North American region leads the global passenger information system market. In 2016, the region had acquired a 38% share of the global market. Increasing emphasis on providing an enjoyable experience to the passenger with comfort and security is a key driving force behind the growth of the market.
The presence of major market players, well-established technology development sector, and the augmenting regulatory support drive the growth of the market. Simultaneously, increasing digital advancements and extensive uptake of advanced technologies propel the increase in the regional market. The US backed by a massive demand for futuristic PIS accounts for the major contributor to the growth of the regional market.
The passenger information system market in the European region accounted for the second-largest market, occupying 33% share of the global market, in 2016. Factors such as the increasing demand for futuristic passenger information systems drive the market in the region. The resurging economy is a significant factor substantiating the market growth in the European region. Also, increased funding in passenger convenience management concerns provide impetus to the growth of the regional market
The market is expected to record a stable growth rate in the coming years. The market competitors are expected to play a crucial role in the development of the global market. The development of adequate sources of raw material is predicted to transform the market in the upcoming period further. The availability of strong government support and the presence of encouraging policies is expected to enliven the growth prospects in the approaching period. The incidence of options that can be favorably capitalized on is aiding the market players in improving their overall position in the market. The balance in demand and supply in the market will prove as an encouraging growth factor in the forecast period. The competition in the market is manageable, which is inducing the entry of new players in the global market. The upgrades in production methods are estimated to transform the potential of the market in the forecast period.
The well-known players in the passenger information system market are Passio Technologies, Inc. (U.S.), Infax, Inc. (U.S.), Huawei Technologies Co. Ltd (China), Siemens AG (Germany), DTI Group (Australia), Cubic Transportation Systems (U.S.), Advantech Corporation (Taiwan), Medha Servo Drives Pvt. Ltd (India), General Electric Company (U.S.), and Neusoft Corporation (China).
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