Market Scope & Overview
As per SNS Insider, the passenger information system market was valued at USD 26.09 billion in 2022. It is projected to attain USD 51.56 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.89% during the forecast period from 2023 to 2030.
Passenger Information System (PIS) is a comprehensive and dynamic solution designed to enhance the overall travel experience for passengers in various transportation settings, such as trains, buses, airports, and other public transportation systems. It serves as a centralized platform that delivers real-time and relevant information to travelers, helping them stay informed and connected throughout their journey.
Market Analysis
Advancements in technology have been a key catalyst in propelling the passenger information system market forward. The integration of Artificial Intelligence (AI), Internet of Things (IoT), and data analytics has allowed PIS to offer enhanced functionalities and predictive capabilities. AI-powered algorithms analyze historical travel data to predict travel patterns, optimize routes, and provide proactive notifications to passengers, ensuring a smoother and more efficient travel experience. Additionally, the seamless integration of smartphones and wearable devices with PIS further enhances the accessibility and convenience of travel information, further driving the market’s growth.
Impact of Recession
Recessions can significantly impact the passenger information system market, leading to reduced investments, delayed technology adoption, and intensified competition. However, amidst the challenges, there are opportunities for PIS providers to offer cost-effective solutions and focus on essential upgrades to cater to the needs of transportation operators. As the global economy stabilizes and rebounds, the PIS market is likely to regain momentum and witness further growth, driven by advancements in technology and increased passenger demand for enhanced travel experiences.
Segmentation Analysis
The Passenger Information Mobile Solutions segment is poised to revolutionize the passenger information system market by offering real-time, personalized, and interconnected travel experiences. As smartphones continue to become integral to daily life, leveraging mobile technology for transportation information is not only advantageous for passengers but also essential for the growth and sustainability of public transport systems worldwide.
Regional Status & Analysis
The passenger information system market in North America is witnessing a rapid transformation, driven by cutting-edge technologies and the desire to provide passengers with seamless and efficient travel experiences. The integration of multi-modal transportation, IoT and sensor technologies, personalized mobile apps, big data analytics, and enhanced safety measures are just a few of the key trends shaping the industry’s future.
The market is poised for remarkable growth due to several factors, including rapid urbanization, technological advancements, government initiatives, and the rising focus on passenger safety. As cities continue to expand, the need for efficient transportation solutions becomes increasingly paramount, making PIS an indispensable tool for travelers worldwide.
Frequently Asked Questions/ Key Reasons to Purchase this Report
Q1. What is the projected outlook for passenger information system market growth?
Ans: The market is projected to exceed USD 51.56 billion by the year 2030.
Q2. What are the major factors influencing the passenger information system market?
Ans: As technology continues to evolve, PIS will undoubtedly remain at the forefront of shaping the future of transportation, enabling smarter, safer, and more connected journeys for passengers worldwide.
Q3. Who are the leading players in the passenger information system market?
Ans: Alstom, Cubic Corporation, Hitachi, Ltd., Mitsubishi electric corporation, Siemens ag, Singapore technologies electronics limited, Thales Group, Toshiba corporation.