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The global passenger service systems market size is worth US$ 8.9 Billion at present
UNITED STATES, May 17, 2022 /EINPresswire.com / -- According to a recently published study by Fact.MR, the market for passenger service systems is likely to reach a value of US$ 21.9 Billion by 2032, growing at a staggering rate of about 9.4% over the next ten years. Stakeholders in the aviation sector are investing in high-grade service system management solutions in order to optimize capital and operational expenditures.
Fact.MR expects the airline industry's growth to increase even further in the years to come, as the planned infrastructure expansion was expected to kick off by 2021. With the world almost eliminating global travel restrictions, global air travel has resumed full-fledged, prompting increased deployment of passenger service systems . During the 2022-2032 period of assessment, the global passenger service system market is projected to expand 2.5x.
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Key Takeaways from Market Study
•The global passenger service system market is estimated to be worth US$ 8.9 Billion in 2022
•By service type, airline reservation systems are expected to acquire a lucrative market share of 8.6% CAGR during the forecast period
•As a top region, Asia Pacific is slated to have the highest CAGR of 10.2% by the end of the forecast period.
•The UK market growth is expected to reach a CAGR of 8.1% with a market value of US$ 838.8 Billion at the end of the forecast period.
•With surging business volumes and increasing passenger traffic, China will emerge as the most lucrative Asian market during the forecast period.
How is Industry 4.0 Contributing to Higher Demand for Advanced Software Solutions?
With the 21st century rapidly approaching, industry leaders are leveraging trends such as big data, process automation, artificial intelligence, machine learning, and a variety of other innovations to deploy advanced software-based management solutions.
The increasing operational complexity of the aviation industry is one of the primary factors influencing the rise of innovative operations management solutions, such as autopilot systems, SaaS solutions, and flight management solutions providing enormous potential for the passenger service system (PSS) market expansion in the future.
Key Market Segments Covered in Passenger Service System Market
Passenger Service System Market by Service Type :
•Airline Reservation System
•Airline Inventory System
•Departure Control System
•Internet Booking Engine Passenger Service System
•Loyalty Layer Passenger Service System
•Customer care Layer Passenger Service System
•Airport Consulting Passenger Service System
•Ancillary Services Passenger Service System
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Competitive Landscape
Prominent vendors are emphasizing on collaboration to increase output and meet consumer demand, which increases profits and market share. In order to extend their reach, leading manufacturers of passenger service systems emphasize providing state-of-the-art management services and software. These companies have established active collaborations with various governmental agencies.
•Tata Consultancy Services, one of the world's leading IT firms, released a passenger services platform in December 2021 for a global airline. This success is expected to open up additional opportunities across travel segments and geographies. In addition to 70 airport location, Plaza Premium Group (PPG) serves 20 million passengers a year through TCS platform. Kempegowda International Airport in Bengaluru is scheduled to debut the platform in 2022, where the company has already rolled out 18 of 22 planned services.
•As part of the Pan Am Railway acquisition, Amtrak applauds CSX concessions for passenger service in January 2022. CSX Corp. has seemingly eliminated one of the biggest obstacles to its acquisition of Pan Am Railways in a recent filing with the Surface Transportation Board. As part of the agreement, CSX will provide rail services north and south of the city. Norfolk Southern did not fully commit to accepting the conditions Amtrak requested in a public hearing earlier in January on the east-west portion of the network, a nearly 400-mile route that is jointly owned by Norfolk Southern and Pan Am Railways.
Category-wise Insights
Through the use of global distribution systems, web-based booking solutions have enabled the consolidation of data from multiple airlines through the use of airline reservation systems. Customers and travel agents can access the system in real time for inventory and rates. Within the forecast period, the airline reservation system market is expected to grow at a CAGR of 8.6% during the forecast period.
Assisting airlines with various management tasks and satisfying customers from the initial booking through to flight completion to propel market demand for airline reservation systems in the market. A high use of smart phones and the growing popularity of the internet have stimulated the growth of airline reservation systems. Growing digitization and hassle-free online payment options are all stimulating airline reservation system market growth. Modern technology and ever-growing technological innovation in the market have contributed to the demand for cloud-based airline reservation systems. In addition to all these factors, demand for airline reservation systems is on the rise in the market.
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How Profitable is the U.S. Market for Passenger Service Systems?
According to Airlines for America, the U.S. aviation industry rakes in nearly US$ 2 Trillion in economic activity each year, generating over 10 million jobs. Therefore, key airline companies are investing in streamlining operations, boosting their growth. Air transportation systems worldwide are composed of complex networks and alliances that are constantly changing. At least one connection is made by most international passengers traveling to and from the United States before reaching their final destinations.
The immense scope of aviation has led to many academic and research programs to develop and deploy initiatives to teach and learn about the technical aspects of aviation, an advancement that has led to an increase in the use of passenger service management solutions, both on premise and cloud-based in the market. The market for passenger service systems will grow at a CAGR of 6.5% to reach a value of US$ 3.2 Billion during the forecast period.
Some Notable Offerings by Fact.MR Report on Passenger Service System market:
•We will provide you an analysis of the extent to which this Passenger Service System market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
•We will also help to identify customary/ standard terms and conditions, as offers, worthiness, warranty, and others.
•Also, this report will help you to identify any trends to forecast growth rates.
•The analyzed report will forecast the general tendency for supply and demand.
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