The passenger information system market was valued at US$ 19,314.66 million in 2019 and is projected to reach US$ 45,717.11 million by 2027; it is expected to grow at a CAGR of 11.5% from 2020 to 2027.
Passenger information system are established to make communication between transit authorities and passengers to delivering real-time data regarding vehicle location, journey schedule, timely announcements, and the overall updates required by passengers.Such types of systems are used to enhance the overall experience of passengers while transit by keeping them updated along with entertaining the passengers using various infotainment systems.
Such systems are interconnected set of devices deployed on platform, bus stands, subway, port and others to dissipate real-time information about bus, train or flight. Growing focus over consistent, real-time, and reliable passenger information along with rising frequency of passenger journey through public transport are driving the growth of the passenger information systems market.
Based on component, the passenger information system market is bifurcated into solution and services.The solution segment led the passenger information system market with a larger share in 2019.
The Passenger Information System (PIS) solution collects and disperses the updated real-time information by integrating several visual and audio systems and wireless communications including Wi-Fi/LTE.Passenger information system is composed of display systems, announcement systems, infotainment systems, mobile applications, emergency communication systems, passenger counting systems, and video monitoring systems.
Amongst these, display systems are extensively used to provide visual data for passengers in real time.
Geographically, the passenger information system market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).In 2019, North America contributed to the largest share in the market.
Rapid urbanization and increased production of consumer electronics drive the growth of the passenger information system market in North America.Also, North America is one of the most advanced region that is known for strong network infrastructural structure and adoption of cutting-edge technology.
Further, government initiatives in this region coupled with strong presence of leading manufacturers significantly bolster the growth of the passenger information system market in North America.
The COVID-19 pandemic was first reported in Wuhan, China, in December 2019.As of November 2020, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst-affected countries in terms of COVID-19 confirmed cases and reported deaths.
The pandemic is hindering economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.The semiconductor industry is one of the major industries facing serious disruptions—such as office and factory shutdown, and supply chain breaks—as a result of this outbreak.
The pandemic has disrupted the supply chain and production process in passenger information system.
Alstom; Cisco Systems Inc; Cubic Corporation.; Dysten Sp. z o.o.; Hitachi, Ltd; Huawei Technologies Co., Ltd; Singapore Technologies Engineering Ltd.; Teleste Corporation; Thales Group; and Wabtec Corporation are among the major players operating in the global passenger information system market.
The overall global passenger information system market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global passenger information system market.
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