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Forecast Period
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2024-2028
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Market Size (2023)
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USD 26.47 billion
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CAGR (2023-2028)
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12.62%
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Fastest Growing Segment
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Passenger Information
Display Systems
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Largest Market
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North America
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Market Overview
The projected market size for
Passenger Information System is expected to reach USD 26.47 billion by the end
of 2023, with a compound annual growth rate (CAGR) of 12.62% during the
forecast period.
The global passenger information system (PIS) market is experiencing robust
growth driven by urbanization, technological advancements, and the demand for
enhanced travel experiences. PIS leverages real-time connectivity, IoT sensors,
and data analytics to provide passengers with accurate and personalized
information on schedules, routes, and service disruptions. It aligns with smart
city initiatives and addresses the need for efficient and sustainable urban
mobility. PIS adoption is fueled by the growing emphasis on contactless
solutions, mobile apps, and seamless interactions. As cities strive for smarter
transportation networks, PIS plays a pivotal role in reshaping public transit,
improving passenger satisfaction, and contributing to the evolution of modern
urban transportation systems.
Key Market Drivers
The Increasing Adoption of Smartphones
The rapid proliferation of smartphones
is exerting a significant and transformative impact on the global passenger
information system (PIS) market. As smartphone adoption continues to soar
worldwide, these ubiquitous handheld devices have emerged as powerful tools
that are reshaping the way passengers’ access and interact with transportation
information. The increasing integration of PIS with mobile applications and
platforms is seamlessly connecting travelers to real-time updates, schedules,
routes, and service alerts, right at their fingertips. In addition, the
convenience and versatility of smartphones have led to a fundamental shift in
passenger behavior and expectations. Travelers now demand instant access to
accurate and personalized travel information, allowing them to make informed
decisions on the go. PIS providers have recognized this trend and have
capitalized on the smartphone's capabilities to deliver enhanced experiences.
Mobile apps equipped with GPS functionality can determine a passenger's current
location and provide tailored directions to the nearest stops, optimal routes,
and estimated arrival times. This level of granular and personalized
information empowers passengers, making their journeys more predictable,
efficient, and stress-free.
Moreover, the symbiotic relationship
between smartphone adoption and the PIS market is further exemplified by the
ability of these devices to deliver real-time updates and notifications.
Passengers are promptly alerted to service disruptions, delays, and alternate
routes, enabling them to adapt their travel plans accordingly. The seamless
flow of information ensures that passengers are better equipped to manage
unexpected changes, ultimately fostering a more positive perception of public
transportation, and encouraging its use. Moreover, the ubiquity of smartphones
is blurring the lines between digital and physical spaces, enabling innovative
features such as mobile ticketing and contactless payments. By integrating
payment options within PIS mobile applications, passengers can easily purchase
tickets and access transportation services without the need for physical cards
or cash. This not only simplifies the payment process but also contributes to
the overall efficiency of public transportation systems.
In conclusion, the surging adoption of
smartphones is undeniably propelling the global passenger information system
market to new heights. As these devices become an integral part of passengers'
lives, PIS providers are leveraging their capabilities to deliver seamless,
personalized, and real-time travel information, ultimately enhancing the
overall passenger experience, and revolutionizing the way people engage with
public transportation systems.
The Rise in
Adoption of Cloud & Big Data Technologies
The global passenger information system
(PIS) market is undergoing a transformative shift propelled by the widespread
adoption of cloud and big data technologies. These advancements are
revolutionizing the way transportation information is managed, processed, and
delivered to passengers. Cloud-based solutions offer unprecedented scalability,
flexibility, and cost-effectiveness to PIS providers, enabling them to
efficiently store, process, and manage vast amounts of data generated by
various transportation systems in real time. In addition, the integration of
big data analytics further amplifies the impact of cloud technology on the PIS
market. As transportation networks continue to expand and evolve, an immense
volume of data is generated from sources such as ticketing systems, GPS
devices, sensors, and social media platforms. Big data analytics leverages this
wealth of information to derive actionable insights, uncover patterns, and
predict passenger behavior. This enables PIS providers to optimize route
planning, anticipate demand, and enhance operational efficiency, leading to
improved service reliability and passenger satisfaction. Cloud-based PIS
solutions also facilitate seamless data sharing and collaboration among various
stakeholders within the transportation ecosystem. Public transit agencies,
authorities, and private operators can securely access and exchange real-time
information, allowing for more effective coordination, resource allocation, and
service adjustments. Passengers benefit from this interconnectedness as well,
receiving accurate and consistent travel updates regardless of their location
or chosen transportation mode.
Furthermore, the scalability of cloud
and big data technologies ensures that PIS can accommodate the growing demand
for personalized and real-time information. As passengers increasingly rely on
smartphones and mobile devices to access travel updates, cloud-based PIS
platforms enable the rapid development of user-friendly mobile applications
that deliver tailored information, directions, and alerts. While the rise of
cloud and big data technologies presents numerous opportunities for the PIS
market, challenges such as data security, privacy concerns, and
interoperability must also be addressed. Ensuring the safeguarding of sensitive
passenger information and establishing standardized data-sharing protocols will
be crucial to building trust and fostering collaboration among stakeholders.
In conclusion, the surge in the adoption
of cloud and big data technologies is reshaping the global passenger
information system market by revolutionizing data management, analytics, and
collaboration. These advancements empower PIS providers to deliver enhanced,
personalized, and real-time travel information to passengers, while also
enabling more efficient operations and informed decision-making across the
transportation landscape. As the PIS market continues to evolve, the
integration of cloud and big data technologies will remain pivotal in driving
innovation and improving the overall passenger experience.
The Growing
Demand for Contactless Solutions
The global passenger information system
(PIS) market is significantly driven by the escalating need for contactless
solutions. The surge in demand can be attributed to the coronavirus pandemic
and evolving consumer preferences, prompting travelers to opt for touchless
alternatives when accessing travel information and making payments. PIS serves
as a crucial enabler, addressing this demand by facilitating contactless
ticketing, granting mobile app-based access to real-time travel updates, and
establishing virtual channels for communication with transportation providers.
Beyond enhancing passenger safety and convenience, these contactless
capabilities align seamlessly with the broader trend towards digitization and
effortless interactions. As health and hygiene remain paramount for travelers,
integrating contactless solutions within PIS emerges as a vital component in
the modernization of public transportation networks, ensuring a secure,
streamlined, and technologically advanced travel experience.
Rising Urbanization and Congestion
The escalating global trend of
urbanization, coupled with mounting urban congestion, is a compelling driving
force propelling the growth of the global passenger information system (PIS)
market. As cities expand and populations concentrate in urban areas, the demand
for efficient and well-coordinated public transportation systems intensifies.
PIS emerges as a vital solution in managing passenger flow, alleviating
congestion, and optimizing travel routes, effectively addressing the challenges
posed by rapid urbanization. By providing real-time travel updates, route
planning, and seamless interactions, PIS contributes significantly to enhancing
commuter experiences and ensuring smoother, more sustainable urban mobility
amidst the constraints of increasing urbanization and congestion.