Passenger Information System Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

Passenger Information System Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

The passenger information system market is growing due to an increase in demand from transit agencies to provide trustworthy and accurate real-time transit information to passengers. Furthermore, developments in the telecommunications industry, which have enabled quicker data transfer capabilities, a spike in IoT usage in the transportation sector, and an increase in demand for intelligent transportation systems are all driving the market forward. Furthermore, the increased adoption of cloud and big data technologies is likely to give lucrative market growth possibilities.

According to a new survey conducted by Fairfield Market Research, the global passenger information system market was valued at US$19,264 million in 2018 and is predicted to reach US$42,027 million by 2026, with a CAGR of 11.9 percent between 2021 and 2026.

The increase in COVID-19 cases has dealt a huge blow to the transportation industry, which has harmed the expansion of the PIS market. With most countries adopting isolation policies, the transportation industry has seen a significant drop across all means of transportation. However, IoT applications are still generating new revenue sources by allowing for real-time vehicle tracking and passenger monitoring data. Traveller monitoring feeds assist in determining whether a passenger needs to be quarantined based on their travel histories.

Important Trends in the Global Passenger Information System Market

According to the US Department of Transportation, the state invested a total of US$63.9 billion in major transportation infrastructure projects around the country in 2018.

The European Union (EU) has made large investments in transportation infrastructure worth US$390.0 billion under its Cohesion policy (2004-2020).

According to recent IATA projections, the annual damage to the airline sector as a result of the COVID-19 pandemic is likely to reach over US$200+ billion. However, as global limitations on the travel sector and public transportation systems loosen, the utility of passenger information systems is expected to increase after 2022.

Transport Agencies are Increasingly Investing in Passenger Retention Projects Benefitting Global Market

Owing to the widespread use of smartphones, mobile application-based passenger information systems are fast gaining momentum. To attract customers and offer them with rapid and reliable real-time information via the smartphone channel, transit agencies are focused on PIS mobile applications. The public transportation industry is currently working to improve overall operating efficiency and passenger retention. This can be accomplished by improving consumer or passenger satisfaction. Transport service providers are modernizing their information systems to provide new features such as real-time data availability and in-transit network connectivity in order to improve passenger satisfaction. Passengers can now get real-time tailored travel information due to the improved PIS.

Few competitors in the passenger information system market include Advantech Co., Ltd., Mitsubishi Electric Corporation, Toshiba Infrastructure Systems & Solutions Corporation, Medha Servo Drives Private Limited, Tattile, Quester Tangent, Thales Group, Teleste Corporation, Masstrans, Televic Group NV, Cubic Corporation, Siemens Mobility, Kentkart, Lunetta, ST Engineering, Icon Multimedia, ALSTOM, and r2P GmbH.

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