(MENAFN- GlobeNewsWire - Nasdaq) New York, May 26, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Reports Insights, the Global passenger service system market achieved a valuation of USD 8,383.02 Million in 2022 and is expected to exceed USD 21,400.63 Million by the year 2030 , exhibiting a robust growth rate (CAGR) of 12.7%. This significant market growth can be attributed to the increasing demand for advanced passenger service systems in the aviation industry.
A passenger service system refers to a series of critical systems utilized by airlines. The passenger service system mainly includes an airline reservation system, airline inventory system, and departure control systems among others. Passenger service systems offer a range of features including reduced operational costs, increased customer touchpoints, maximized airport efficiency, and enhanced customer service. The aforementioned features of passenger service systems are key determinants for increasing its adoption by airline companies to optimize airport operations and workflows. The market for passenger service systems is highly competitive, with a large number of players offering a wide range of services. The market is expected to continue to grow in the coming years, driven by the increasing demand for advanced passenger service system systems in the aviation industry among others.
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The rise in number of air travel passengers is one of the key factors driving the market growth. According to International Civil Aviation Organization, the total number of air travel passengers across the world increased up to 2.3 million in 2021, depicting an increase of 28.1% in comparison to 2020. The passenger service system enables airlines to manage passenger-related operations including flight reservation and ticketing to boarding and departure control. Thus, the rising number of air travel passengers is driving the utilization of passenger service systems, in turn driving the market growth.
Further, the growing aviation industry is a significant factor spurring the growth of the passenger service system market. Passenger service systems are mainly used in the aviation sector to support applications involving airline reservation, airline inventory management, and departure control among others. In addition, factors including the rising commercial flights and increasing investments in aviation industry are prime factors fostering the deployment of passenger service systems.
Key Market Highlights
The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa. North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in passenger service system. Globally, passenger service system are divided based on the service into airline reservation system, airline inventory system, departure control system, and others. On the basis of deployment, the market is classified into cloud-based and on premise.
Passenger Service System Market Growth Drivers:
Rising number of air travel by passengers is driving the market growth Growing aviation industry is spurring the market growth for passenger service systems
Security risks associated with implementation of cloud-based passenger service system is restraining the market growth
Global Passenger Service System Market Segmentation Details:
Based on Service, the airline reservation system segment contributed a substantial share to the market growth in 2022. Airline reservation systems comprise of information on fares, schedules, and reservations, and help in managing booking requests, generating PNRs, and issuing tickets. Moreover, the growing air travel activities and the increasing need for efficient flight ticket reservation solutions are major factors boosting the growth of the airline reservation system segment.
Based on Deployment, the cloud-based segment is anticipated to offer substantial shares to the Global Passenger Service System Market growth during the forecast period. The benefits of cloud-based deployment such as rapid implementation, ease of integration, faster processing, minimal capital expense, and higher scalability are among the prime factors driving its utilization in the deployment of passenger service systems. Moreover, factors including the rising digitalization of the airline industry and the growing need for scalable passenger service systems are expected to fuel the market growth during the forecast period.
Based on region , North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant passenger service system providers in North America such as Radixx International, Collins Aerospace, InteliSys Aviation System, Unisys Corporation, and others lead to significant advancements in passenger service systems in the region. In addition, factors such as an increase in air travel activities, rising development of airports, and growing investments in the aviation sector in North America are expected to drive market growth in the region during the forecast period.
In February 2023, JetBlue extended its passenger service system and distribution agreement with Sabre Corporation with the primary motive of driving the company's retailing and digital transformation.
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Passenger Service System Market Research Coverage:-
| Report Attributes
| Report Details
| Market Size By 2030
| USD 21,400.63 Million
| Forecast Period
| CAGR (2023-2030)
| 12.7 %
| Base Year
| Study Timeline
| Key Players
| Amadeus IT Group SA, Radixx International, Takeflite, SITA NV, Sabre Corporation, Bravo Passenger Solutions Pte Limited, Collins Aerospace, Hitit Computer Services, InteliSys Aviation System, Unisys Corporation, and Videcom International Limited
| By Service
Airline Reservation System Airline Inventory System Departure Control System Others
| By Deployment
| Report Coverage
| Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.
| By Geography
| North America, Asia-Pacific, Latin America, Europe, Middle East & Africa
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List of Major Global Passenger Service System Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment -
Amadeus IT Group SA Radixx International Takeflite SITA NV Sabre Corporation Bravo Passenger Solutions Pte Limited Collins Aerospace Hitit Computer Services InteliSys Aviation System Unisys Corporation Videcom International Limited
Global Passenger Service System Market Segmentation:
Airline Reservation System Airline Inventory System Departure Control System Others By Deployment
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