According to a new market research report “Passenger Information System Market by Component (Solutions and Services), Location (On Board and In Station), Transportation Mode (Railways (Trains and Trams), Roadways, and Airways and Waterways) and Region — Global Forecast to 2027” published by MarketsandMarkets™, the global passenger information system market size is expected to grow from USD 26.5 billion in 2022 to USD 46.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. The growing need to enhance passenger travel experience via different transportation modes and align it with digitized operations is projected to drive the demand for PIS solutions.
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The railways transportation mode is expected to lead the passenger information system market in 2022.
After airways, railways are the second-fastest mode of transportation. An increase in the number of travelers is choosing rail services to reduce the time spent in traffic congestions on roads. As a result, the demand for railway services has increased, and governments across the world are increasing their investments in this segment to provide advanced services for the public, as well as understand the requirements of passengers. Many railway services have started using cloud computing and big data analytics to provide real-time information to commuters and increase ease of travel. Old infrastructure is being replaced by enhanced PIS solutions empowered by mobility and big data analytics. Vendors such as Advantech, Alstom, Thales, and Huawei offer PIS solutions for railways across the globe to enhance the travel experience of passengers through rail vehicles on-board and in the station.
Mobile applications solution segment is expected to grow with the fastest growth rate during the forecast period.
Mobile applications can be used to offer real-time transit information to passengers. Mobile applications are a new channel for delivering services to help passengers get through the whole process of their journey, starting from buying the ticket to checking in, boarding planes, arriving at their destination, and making their luggage available for them at the other end. Mobile applications are also increasingly deployed in every mode of transportation. In airlines and airports, mobile applications act as a key medium of knowing the entire travel information and helps to have a more personalized service for passengers.
Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.
Asia Pacific is projected to be the fastest-growing region in the PIS market due to the increase in adoption of new technologies, rising investments for digital transformation, and growing GDP in Asia Pacific countries. A majority of the potential economies in the region include Australia, Singapore, China, South Korea, Hong Kong, and India, which are rapidly investing in technological transformations. The competition in this region is fragmented, and PIS solution providers are looking at expanding the base of their operations to most countries in the region. The rapidly emerging transport sector, increase in the number of buses and rails that require PIS solutions, government initiatives to increase the transport services in Asia Pacific, rise in adoption of real-time information systems in the transport segment, developing waterways for everyday transport, technological advancements, and a surge in digitization in the region are the key factors that are projected to drive the PIS market growth at the highest rate during the forecast period.
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Market Players
The major vendors covered in the passenger information system market include 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), Indra (Spain), ICON Multimedia (Spain), Passio Technologies (US), LANCom (Slovenia), Simpleway (Czech), EKE-Electronics (Finland), Medha Servo Drives (India), Quester Tangent (Canada), and LOT Group (Ukraine), Efftronics (India).
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