The Passenger Information System Market is expected to reach USD 45.5 Billion by 2028 from USD 16.7 Billion in 2020, at a CAGR of 13.56% from 2021 to 2028.

Scope and Dynamics of the Passenger Information System Market

Passenger information system market acts as the communication link between a transit agency and passengers. It enables to deliver information related to real-time vehicle location & status updates, schedule of journey, and timely announcements. Along with these functionalities, it focuses on improvement of the transit experience for passengers by entertaining the passengers through infotainment systems. Moreover, these systems can be deployed on platform and inside the transportation vehicle such as bus/train/flight.

The major factors driving the growth of the Passenger Information System (PIS) market include the rise in demand for intelligent public transportation systems, including real-time transit information of passengers, extensive usage of smartphones and other handheld devices with increased connectivity, increase in the usage of advertising and  information systems, advancements in the technological landscape to enhance the passenger experience, and a surge in urban population and traffic in public transportation systems.

The Passenger Information System market is driven by the growing focus on customer satisfaction and increasing investment across industry verticals. Also, since it is a cost-effective form of managing data, its demand is being significantly increased. However, limited product knowledge and awareness in some region about PIS is a major factor which is expected to restrain the market growth.

Covid-19 IMPACT

The coronavirus outbreak has caused concern and economic hardship for businesses, consumers, and even for the government worldwide. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3% in 2020. This is expected to lead to recession and increase the unemployment rates globally. In the US, Covid-19-related disruptions have led to millions filing for unemployment benefits. In April alone, the figures were at 20.5 million, and are expected to rise as the impact of the pandemic on the US labor market worsens. As per a Reuters report, since March 21, more than 36 million have filed for unemployment benefits, which is almost a quarter of the working-age population. The world trade has also seen decline. According to WTO, the drop is expected to be 13% -32% in 2020.

This situation due to COVID -19 has led to the uncertainty around its impact on various industries. The majorly affected sectors include airlines, transport, automotive, BFSI, manufacturing sector, construction sites, pharmaceuticals, medical, and tourism. The transport and Information Technology industry was standstill for some period of time which has caused some losses to these companies and thus, have affected the sector. This has reduced the demand for Passenger Information System and other service operations resulting in decreased demand. Passenger Information System integration in various Utility industry also witnessed losses owing to the suspended process.

Global Passenger Information System Market Segmentation

By Component Type

• Solution
• Services

By Functional Model Type

• Multimedia
• Display
• Audio Systems
• Computing Systems
• Networking and Communication Devices
• Video Surveillance
• Content Management System
• Others

By Transportation Mode Type

• Railways
• Roadways
• Airways & Waterways

By Location Type

• On Board
• In Station

By Key Market Players

• Cisco
• Advantech Alstom
• Wabtec
• Cubic
• Siemens
• Hitachi
• Huawei
• Thales
• Teleste
• Televic Rail
• Mitsubishi Electric

Regional Insights

The market size for the North America was USD 5.57 Billion in 2020. The North American market is witnessing strong growth owing to rise in adoption of advanced digital technologies, and the development of the growing deployment of such solutions across various government organizations. Moreover, due to the presence of a number of Passenger Information System companies offering comprehensive solutions to the enterprises, the North American market holds the highest share. The U.S. Passenger Information System market is anticipated to account for the major share of the market, due to rise in Road & Rail Transport Sector. Moreover, high investment in the technological adoption in the Utility and Airport services vertical in the U.S. and Canada is expected to increase the market during the forecast period.

The European region holds the 26% of market share with the CAGR of 12.80%. European nations are the most developed region across the globe, as almost all large enterprises are located in this region. Rising demand from major countries such as UK, Germany, and France, where the population is growing at a higher pace. Moreover, due to the presence of established software service providers across developed region and with continued increase in the demand for Passenger Information System from end-use industries and inclination towards adoption of latest technology in on-premises as well cloud-based service providers.

The Asia Pacific Passenger Information System market is expected to continue to grow fastest in coming years. Asia Pacific especially China has witnessed a major shift in the last 20 years making China, an attractive marketplace both at product and at service level. The Chinese Market was valued at USD 1.31 Billion in 2020. With the Passenger Information System market witnessing major transition in terms of technological advancements, product & service enhancements, and the growing investments in Passenger Security, the market poses a lucrative option in the coming years. Surge in population, and rise in demand for better operational methods are expected to provide lucrative opportunities for the Passenger Information System market during the forecasted period in Asia Pacific region.

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA