Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Passenger Information System market.
Trusted Business Insights presents an updated and Latest Study on Passenger Information System Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Passenger Information System market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Passenger Information System Market
The global passenger information system market size was valued at USD 18.8 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2027. The current growth of the market can be attributed to the increasing demand for transit agencies to deliver accurate and reliable real-time transit information to passengers. Moreover, there has been increasing penetration of mobile devices, internet, and the need amongst the travelers and passengers to seek information in real-time for better connectivity and safe travel. In addition, a rise in the number of passenger journeys made annually by public transport vis-Ã -vis growing transport infrastructure across the world is also anticipated to foster demand for passenger information systems.
Passenger information system (PIS) enables passengers to receive relevant information regarding the nature and state of transportation mediums including buses, trains, airplanes, and boat ferries. As per the International Civil Aviation Organization (ICAO), the total number of passengers traveled worldwide rose to 4.3 billion in 2018 which was 6.4% higher than the previous year. Moreover, the United Nations expected that owing to the growth of urbanization, by 2030, the urban areas are likely to witness the increasing use of public transport such as transit buses, rail, and metro. The growing number of travelers and passengers and increasing the growth of public transport infrastructure worldwide is likely to boost the growth of the market over the forecast period 2021-2027.
In an increasingly connected world, rail and bus companies are required to differentiate by making their services more attractive to travelers and passengers. Besides, with the growing passenger expectations such as safe, punctual, and comfortable journeys, there is a persistent demand for real-time, consistent, and reliable information. They expect precise information about key parameters such as arrival times, connections, alternative routes, disruptions, and on-board services. The increasing needs and demands of the passengers have led to the digitization of transit operations, which in turn will foster the growth of the market in the coming years.
Artificial intelligence, machine learning, Internet of Things (IoT), and big data are the biggest accelerators in evolving the next industrial revolution, which is likely to aid the growth of transportation infrastructure. AI, machine learning technologies, and IoT will complement the passenger information system with communication network technology to improve connectivity and expedite the dissemination of transit information. To gain an edge in the competitive market, transport IT solution providers are trying to meet the demands of dynamic passenger information needs and a variety of state-of-the-art information channels. For instance, the Innovation in traffic systems SEs (INIT) Departures Live app. comfortably supports the requested cross-media communication for real-time passenger and emergency information.
The market growth is likely to be driven by various government initiatives for the development of smart cities and smart transportation, which will further contribute to the adoption of the passenger information system in relation to intelligent transport systems. For instance, the U.S. Department of Transportation has funded more than USD 63.0 billion to major transportation infrastructure projects across the U.S. in 2018. However, data security and privacy are the primary concern among organizations wherein the use of information, storage, and transmission must be digitally protected. Moreover, resource intensive nature of data collection and the difficulties with coordinating data sharing between multiple public transport departments and organizations are some of the challenges that might hinder the growth of the market in the short term.
COVID-19 Impact Insights
In December 2019, the World Health Organization (WHO) declared a public emergency amid the outbreak of COVID-19 disease that has spread to almost all the countries across the globe. The shutdown, travel bans, and quarantine measures declared by the countries have adversely affected the economies and industries. As per the recent estimates projected by the IATA, the annual loss for the airline industry is expected to be around USD 113 – 252 billion. A similar downtrend is expected to be noticed among rail and public transport industry. Owing to this impact, temporary repercussions on the market are likely to be witnessed in the coming year. However, with the relaxation of worldwide restrictions on the travel industry and public transport systems, the utility of passenger information systems is anticipated to witness a positive growth post 2022.
Type Insights: Passenger Information System Market
Based on type, the information display system accounted for the largest share of 26.0% in 2019. With a tremendous rise in LCD and LED panels owing to its compact size and cost-efficient pricing, the use of an information display system is pervasive across various transit stations. Interactive kiosks, TFT screens, and human machine interfaces are being increasingly used by the transit operators for the dissemination of reliable information to the passengers. The technological advancements in displays and growing demand for smartphones and handheld devices will boost the demand for information display system segments.
The passenger information mobile solution is likely to be the fastest growing segment in the passenger information system market in the coming years. In the wake of rising adoption of mobile devices and smartphones, the demand for mobile based PIS applications is increasing among passengers. Transit agencies are increasingly focusing on the deployment of mobile applications to attract passengers and offer them with quick, reliable, and real-time information through mobile devices channel. Moreover, the emergence of multi-modal transit applications for public transport and an increase in number of mobile subscribers are together anticipated to boost the growth of the passenger information system market over the forecast period.
Mode Insights: Passenger Information System Market
In terms of market revenue, the roadway segment accounted for the largest market share of 38.6% in 2019 owing to being used as the major mode of public transport across the world. On the basis of mode of transportation, the market is segmented into roadways, railways, and airway and waterway. The tremendous growth in the volume of vehicular traffic across the globe and lack of transport infrastructure to support the same has led to a rising focus on management of vehicular movement and its smooth flow. With the rising initiatives such as Chinas Intelligent Transport System Associations and Indias Smart Cities initiative in the intelligent transport systems and improvement in traffic management systems, the segment is likely to witness significant growth over the forecast period.
The rise in urbanization, along with an increase in various public transport facilities such as buses, trams, metro, and railway is expected to phenomenally drive the market. With improvements in data connectivity, penetration of mobile devices, and a rise in transportation technology aggregators, the market has a high growth potential to be tapped in the coming years. The improvement and enhancement in public transport systems have led to a surge in the volume of passengers opting for public transport vehicles. Moreover, the rising fuel prices and the hassle of parking vehicles are pushing people to opt for public transport, which in turn will boost market growth over the period of time.
Component Insights: Passenger Information System Market
The solution segment accounted for the largest market share with over 75.0% in 2019. The growth can be attributed to the increasing demand for hardware and software equipment required in transportation infrastructure. The solution segment includes equipment such as multimedia devices, communication devices, networking devices, sensors, and routers. The solutions enable passengers to access information physically within a transportation means or remotely with the use of mobile applications or web browsers.
Passenger information system offers a variety of transit information including the real-time status of arrival and departure of public transportation vehicles, highlight vehicle delays, and other emergency notifications. The advancements in the passenger information system are not only limited to the passengers at the station or airport but it might be helpful in emergency situations as critical information can be delivered in real-time at remote places too. Moreover, the services segment is likely to grow rapidly over the forecast period owing to the rise in professional consultancy in emerging countries such as India, Brazil, and other South Asian nations. In addition, various vendors also provide different types of support programs that are meant to meet passengers specific needs and requirements.
Regional Insights: Passenger Information System Market
North America accounted for a market share of over 30.0% in 2019 owing to a greater focus on development in transportation infrastructure along with high investments in intelligent transportation systems made by private and public sector companies. As per the U.S. Department of Transportation, in 2018, the department made a total of USD 63.9 billion investments in major transportation infrastructure projects across the nation. Besides, the European Union (EU) has also made major investments of USD 390.0 billion for its transportation infrastructure through its Cohesion policy (2004-2020). Moreover, Europe is likely to witness substantial market growth over the forecast period owing to the presence of major key players such as Alstom, Siemens AG, Advantech Co., and Thales Group.
Asia Pacific is likely to emerge as the fastest growing region in the market over the forecast period. Governments and private players in the region are instrumental in taking initiatives to digitalize and upgrade the information systems across the entire public transport sector. In addition, under the smart cities initiatives carried out in China and India, most of the transport sector departments have implemented a passenger information system on a large scale in an effort to create an integrated transport ecosystem. Growing ridership of passengers in public transport and rise in overseas travelers are anticipated to boost the demand for passenger information system in the region.
Key Companies & Market Share Insights: Passenger Information System Market
Partnerships, strategic mergers, and acquisitions are anticipated to be the most effective way for industry players to gain quick access in emerging markets and enhance technological capabilities. Also, product differentiation and enhancement of solutions are expected to pave the way for the development of companies in the market. Moreover, an increasing number of transportation web aggregators and proliferation of transportation apps such as wanderu (Wanderu Inc), sontra (Sontra SoluÃ§Ãµes Em Transporte Ltda), and zendrive (Zendrive Inc.), is likely to complement the growth of the market in the long run.
In December 2019, Tampa International Airport (Florida, U.S.) increased its contract award to Audio Visual Innovations Inc., to USD 7.9 million for enhanced technology upgrades. The previous contract worth USD 3.7 million offered cameras, LCD flat screens, and smart interactive boards. The extended contract covers seven new projects including lobby information displays, improved real-time baggage displays, meet and greet digital signboards, and other consolidating display support. Some of the prominent players in the passenger information system market include:
Key companies Profiled: Passenger Information System Market Report
- Advantech Co., Ltd.
- Cisco Systems, Inc.
- Cubic Transportation Systems
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- Siemens AG
- TE Connectivity
- Thales Group
- Wabtec Corporation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global passenger information system market report on the basis of component, type, mode, and region:
Component Outlook (Revenue, USD Million, 2016 – 2027)
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Information Display System
- Announcement System
- Infotainment System
- Passenger Information Mobile Solutions
Mode Outlook (Revenue, USD Million, 2016 – 2027)
- Airway & Waterway
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