The global passenger information system market is experiencing considerable growth, primarily fueled by the rising need for real-time travel information and the emphasis on improving passenger experience. With transportation authorities and operators focusing strongly on enhancing convenience and ensuring seamless travel, the demand for advanced passenger information systems has surged. These systems provide real-time updates on schedules, delays, route information, and other relevant details, enabling passengers to make informed decisions and have a smoother travel experience. As a result, the global passenger information system market is witnessing significant expansion as it caters to modern travelers' evolving needs and expectations.
According to Data Bridge Market Research, the Passenger Information System Market is growing with a CAGR of 8.7% in the forecast period of 2022 to 2029 and is expected to reach USD 15,284,564.68 thousand by 2029
“Increasing demand for real-time travel information surge market demand"
The increasing demand for real-time travel information stems from passengers' desire for convenience, efficiency, and seamless travel experiences. Passengers rely on accurate and up-to-date information to plan their journeys effectively, make informed decisions, and reduce uncertainties during travel. Passenger information systems are crucial in meeting these demands by providing real-time updates on arrival and departure times, delays, platform changes, and other relevant information. These systems utilize various communication channels, such as digital displays, mobile applications, and announcements, to ensure that passengers can access the latest travel information, enhancing their overall travel experience and satisfaction.
What restraints the growth of the passenger information system market?
“Infrastructure limitations can impede the market growth”
Existing infrastructure limitations can constrain the implementation and expansion of passenger information systems. Outdated communication systems and inadequate connectivity pose challenges to these systems' seamless integration and operation. Upgrading infrastructure to support technology and connectivity requirements may require significant investments and modifications. Overcoming these limitations is essential to ensure the effective deployment of passenger information systems and provide passengers with accurate and real-time travel information in existing transportation networks.
Segmentation: Global Passenger Information System Market
The passenger information system market is segmented on the basis of product, type, location, and transportation mode.
- On the basis of product, the global passenger information system market is segmented into hardware, software, and services.
- On the basis of type, the global passenger information system market is segmented passenger information display systems, passenger information announcement systems, emergency communication systems, infotainment systems, and passenger information mobile application.
- On the basis of location, the global passenger information system market is segmented into on board and in station.
- On the basis of transportation, the global passenger information system market is segmented into railways, roadways, and airways.
Regional Insights: North America dominates the global passenger information system market
North America dominates the market because the U.S. has emerged as a dominant player in the North American region's automotive industry due to its rapid growth in automotive technology. The country's focus on innovation, research, and development has contributed to advancements in automotive technology, including using high-quality wires and cables. Additionally, the adherence to stringent quality standards in the manufacturing of wires and cables has further strengthened the U.S.'s position in the automotive sector within the region.
Asia-Pacific is expected to showcase lucrative growth during the forecast period owing to China's dominance in the Asia-Pacific region's passenger information system market can be attributed to several factors. Additionally, China has a significant presence of passenger information system manufacturers, contributing to a robust local industry. The country's vast industrial infrastructure and manufacturing capabilities also provide a strong foundation for producing and supplying these systems.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-passenger-information-system-market
Recent Developments in the Global Passenger Information System Market
- In 2020, A Finnish Company that makes train information systems, EKE-Electronics Ltd., was purchased by Mitsubishi Electric Corporation, according to an announcement. Through this acquisition, Mitsubishi Electric will be able to expand its business partnership with EKE-Electronics and grow its train passenger information systems business in international markets.
- In 2018, Trials for an AI-based Demand Responsive Rideshare Transportation System are being launched by Toshiba Digital Solutions and JUNPUZI, which will make it easier to access transportation and help revitalize communities. The company's technology and portfolio were both expanded as a result of this acquisition.
The Prominent Key Players Operating in the Global Passenger Information System Market Include:
- Medha Servo Drives Private Limited (India)
- Mitsubishi Electric Corporation (Japan)
- Toshiba Infrastructure Systems & Solutions Corporation (Japan)
- Advantech Co., Ltd. (Taiwan)
- Teleste Corporation (Finland)
- ALSTOM (France)
- Siemens Mobility (Germany)
- Quester Tangent (Canada)
- Indra (Spain)
- ST Engineering (Singapore)
- Thales Group (France)
- Lunetta (Italy)
- Cubic Corporation (U.S.)
- r2P GmbH (Germany)
- Kentkart (Turkey)
- Tattile (Italy)
- Masstrans (India)
- Televic Group NV (Belgium)
- Icon Multimedia (Spain)
Above are the key players covered in the report, to know about more and exhaustive list of global passenger information system market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Passenger Information System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
