May 27, 2020
According to the research report titled ‘Global Passenger Information System Market Size study, by Component (Software and Services), Location (On Board and In Station), by Mode of Transportation (Railways, Roadways and Airways & Waterways), by Functional Model (Multimedia Displays, Audio Systems, Computing Systems, Networking and Communication Devices, Video Surveillance, Content Management System and Other Functional Models) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global passenger information system market generated revenues worth USD 21.2 billion in the year 2019 and is expected to grow with a CAGR of 12.2% during 2020-2026.
Notably, passenger information system is a type of automated software which offers real-time data to public transport users through voice, visual or other sources of media. It operates as a communication link between passengers and transport agency, giving the real-time information of the vehicle status and location, timely schedules, and announcements of journeys.
Rising adoption of smartphone with improved connectivity and increasing utilization of public transport are major factors driving the passenger information system industry growth. According to Zenith’s Mobile Advertising Forecasts 2017, up to 66% of individuals used smartphone in 2018, which grew from 63% and 58% of the year 2017 and 2016 respectively. Additionally, PIS (passenger information system) offers various features such as entertainment, emergency communication, on-demand information, weather forecast display and broadcasting solutions.
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Advancements in 4G/LTE communication technologies has facilitated in improving display information regarding the arrival, departure or cause of delay of a transport on smartphones or mobile devices. However, high deployment and maintenance costs of the system may act as a hindering factor to the overall market growth, cites the study.
By component, the market is split into services and software, whereas in terms of location, the passenger information system industry is divided into in-station and onboard segments. As per mode of transportation, the industry is bifurcated into airways & waterways, roadways, and railways. The functional model segment of PIS market comprises of content management system, video surveillance, networking & communication devices, computing systems, audio systems, multimedia displays and others.
Citing the regional scope, the passenger information system market in Asia-Pacific is predicted to register substantial growth during the analysis timeframe, primarily due to growing demand for PIS services & solutions and availability of advanced network infrastructure.
Teleste, Thales Group, Huawei, Hitachi, Siemens, Cisco, Cubic Corp., Wabtec Corp., Alstom SA and Advantech So. Ltd. are the major companies in global passenger information system industry.