Passenger Information System Market to Witness Formidable Growth until 2025
Growing need for obtaining real
time transit information among the passengers to drive the growth of global passenger
information system market
According to
TechSci Research report, “Global Passenger
Information System Market By Solution Type (Passenger Information Display
Systems, Passenger Information Announcement Systems, Emergency Communication
Systems, Infotainment Systems, Passenger Information Mobile Application), By
Component (Hardware, Software, Service), By Location (On board v/s In station),
By Mode of Transportation (Railways, Trains, Trams, Roadways, Airways and Waterways),
By Region, Forecast & Opportunities, 2025”, the global passenger information system market is expected
to grow at a formidable rate during the forecast period on account of the growing
demand for consistent, real-time and reliable passenger information.
Additionally, rising frequency of passenger journeys through public transport
is further expected to propel the market over the next few years. Furthermore,
growing demand for smart transportation systems is anticipated to spur the
market through 2025. However, high cost of implementation, management and
maintenance might hamper the growth of market. Also, lack of awareness related
to the technology especially in the developing economies is further expected to
hinder the growth of market through 2025. Moreover, lack of advanced technical
infrastructure required for deployment of passenger information system is
further acting as a barrier to the markets growth, globally.
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The global
passenger information system market is segmented based on solution type, component,
location, mode of transportation, company and region. Based on solution type,
the market can be fragmented into passenger information display systems,
passenger information announcement systems, emergency communication systems, infotainment
systems and passenger information mobile application. The passenger information
display systems segment is expected to dominate the market since they are used
to display real-time visual information for passengers at stations or onboard
vehicles. Based on mode of transportation, the market can be categorized into
railways, trains, trams, roadways, airways and waterways. The railways segment
is expected to register the highest growth during forecast period. This can be
ascribed to the growing railway projects worldwide, which will in turn, raise
the need for the deployment of PIS. Additionally, rising investments for new
metro lines projects especially in the developing economies is anticipated to
drive the growth of segment through 2025.
Advantech
Corporation, Alstom, Wabtec, The General Electric Company, Cubic Transportation
Systems, Cisco Systems Inc., Siemens AG, Hitachi, Huawei Technologies Co. Ltd,
Thales Group, Mitsubishi Electric, ST Engineering, Lunetta, r2p, Indra, ICON
Multimedia, Passio Technologies, Infax, Inc., Passio Technologies, Inc., DTI
Group and others are some of the leading players operating in global passenger
information system market. The companies operating in the market are using
organic strategies such as product launches, mergers and collaborations to
boost their share.
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“North America is
expected to dominate the passenger information system market during the
forecast period, owing to the increasing investments by the private and public
sectors for the development of transportation facilities in the region.
Additionally, presence of key transportation vendors in the region is further
anticipated to spur the market until 2025.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Passenger Information System Market By
Solution Type (Passenger Information Display Systems, Passenger Information
Announcement Systems, Emergency Communication Systems, Infotainment Systems,
Passenger Information Mobile Application), By Component (Hardware, Software,
Service), By Location (On board v/s In station), By Mode of Transportation
(Railways, Trains, Trams, Roadways, Airways and Waterways), By Region, Forecast
& Opportunities, 2025”, has evaluated
the future growth potential of global passenger information system market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global passenger information system market.
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