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The latest report by IMARC Group, titled“ Passenger Information System Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 “,
The global passenger information system market size reached US$ 23.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 46.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.51% during 2023-2028.
Factors Affecting the Growth of Passenger Information System Industry:
Rapid Urbanization and Population Growth:
Urbanization and population growth are significant drivers of the passenger information system (PIS) market. As more individuals migrate to urban areas seeking better opportunities, cities face challenges in managing transportation systems efficiently. PIS solutions help address these challenges by providing real-time information to passengers about routes, schedules, delays, and alternative transportation options. With urban populations continuing to rise globally, the demand for PIS is expected to increase, driving market growth. Additionally, population growth exacerbates congestion on public transportation networks, leading to overcrowding and inefficiencies. PIS systems enable transit authorities to optimize routes, improve service reliability, and enhance the overall passenger experience. As cities strive to become smarter and more connected, the implementation of advanced PIS technologies becomes essential to meet the evolving needs of urban commuters.
Significant Technological Advancements and Digitalization:
Technological advancements play a pivotal role in driving innovation within the passenger information system market. The proliferation of smartphones, IoT devices, and digital platforms has revolutionized how passengers' access and interact with transportation services. Modern PIS solutions leverage these technologies to deliver personalized, real-time information to travelers, enhancing their overall journey experience. For instance, mobile applications equipped with GPS technology enable commuters to track the location of buses or trains in real-time, receive alerts about delays or service disruptions, and access dynamic routing information. Moreover, the integration of data analytics and artificial intelligence allows transit operators to analyze passenger behavior, optimize service delivery, and predict demand patterns more accurately.
Regulatory Mandates and Government Initiatives:
Regulatory mandates and government initiatives play a crucial role in driving the adoption of passenger information systems, particularly in the public transportation sector. Governments worldwide are implementing policies aimed at improving the efficiency, safety, and accessibility of public transit systems. These initiatives often include requirements for transit agencies to deploy PIS solutions to enhance passenger communication and service delivery. For instance, regulatory mandates may stipulate the provision of real-time arrival and departure information at transit stops, accessibility features for individuals with disabilities, or multi-language support for diverse communities. Additionally, government funding programs and incentives may be available to support the deployment of PIS technologies, especially in underserved areas or regions facing transportation challenges.
Competitive Landscape with Key Player:
Advantech Co. Ltd. Cisco Systems Inc. Cubic Corporation Hitachi Ltd. Huawei Indra Sistemas S.A. Infax Inc. Mitsubishi Electric Corp. Passio Technologies Siemens Teleste Oyj.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/passenger-information-system-market/requestsample
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Mode of Transport:
Airways Railways Roadways
Airways holds maximum number of shares due to increasing air travel demand driven by factors such as globalization, rising disposable incomes, and improved connectivity.
Breakup by Component:
Hardware and Software Services
Hardware and software dominate the market due to the essential role they play in facilitating the functionality and operation of passenger information systems, encompassing the physical infrastructure and digital applications necessary for delivering real-time information to travelers.
Breakup by System Type:
Multimedia Displays Audio Systems Computing Systems Networking and Communication Devices Video Surveillance Systems Content Management System Others
Multimedia displays hold maximum number of shares due to their ability to deliver dynamic, engaging content, including real-time information, advertisements, and emergency alerts, enhancing the overall passenger experience across various transportation modes.
Breakup by Location:
In station dominates the market due to the high volume of commuters accessing transportation services within transit hubs, such as train stations and bus terminals, where passenger information systems are essential for providing real-time updates and guidance.
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America's dominance in the passenger information system market is attributed to factors such as the extensive transportation infrastructure of the region, high adoption rates of advanced technologies, and significant investments in smart city initiatives.
Global Passenger Information System Market Trends:
The growing emphasis on enhancing the overall passenger experience is a key driver of the PIS market. Passengers increasingly expect convenient, reliable, and personalized transportation services, including access to real-time information about routes, schedules, and service disruptions. PIS solutions enable transit agencies to meet these expectations by providing passengers with timely updates and tailored recommendations, thereby improving satisfaction levels and loyalty. Additionally, safety and security concerns play a significant role in driving the adoption of PIS solutions, particularly in light of increasing threats such as terrorism, natural disasters, and public health emergencies. PIS platforms can integrate with security systems to provide passengers with critical information during emergencies, including evacuation procedures, shelter locations, and alerts about potential risks. By enhancing situational awareness and communication between passengers and transit operators, PIS contributes to overall safety and security measures within transportation networks.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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