Passenger Information System Market

Global Passenger Information System Market Forecast

The Passenger Information System Market is expected to grow from USD 37.8 billion in 2026 to USD 92.3 billion by 2033, reflecting strong industry expansion and registering a CAGR of 13.6% during the forecast period from 2026 to 2033

Passenger Information System Market Outlook

Passenger Information System Market Thrives as Information Becomes Crucial to Public Safety

Passenger information systems offer a reliable link between passengers and transit systems. According to the International Civil Aviation Organization (ICAO), the total number of passengers who travelled worldwide increased by 6.4% in 2018 to 4.3 Bn. Furthermore, the United Nations predicted that urbanization would result in higher usage of public transportation, such as transit buses, rail, and metro will increase in urban areas by 2030. Over the forecast period, the market is expected to rise due to an increase in the number of travelers and passengers, as well as the expansion of public transportation infrastructure around the world. The soaring rise in the number of passengers and travelers is thus expected to drive the demand in the global passenger information systems market.

In the recent study conducted by Fairfield Market Research, the global passenger information system market was valued at US$19,264 Mn in 2018 and it is expected to reach US$42,027 Mn by 2026, registering a whopping CAGR of 11.9% between 2021 and 2026.

Global Workforce Creates Golden Opportunities for Passenger Information System Market

Rail and bus operators must differentiate themselves in an increasingly connected world by making their services more appealing to travelers and passengers. Furthermore, with rising passenger expectations for safe, on-time, and comfortable travel, there is an ongoing demand for real-time, consistent, and trustworthy data. They anticipate detailed information on essential elements like as arrival timings, connections, alternate routes, disruptions, and on-board amenities. The digitization of transit operations has resulted from the growing wants and demands of passengers, which will fuel market expansion in the next years.

Improving Public Transport Systems in Urban Areas to Stoke Global Passenger Information System Market

The market is likely to be driven by an increase in urbanization, as well as an increase in various public transportation services such as buses, trams, metros, and railways. The industry has a strong growth potential to be tapped in the coming years, because to advances in data connectivity, mobile device usage, and a rise in transportation technology aggregators. The expansion and development of public transportation systems have resulted in a boom in the number of passengers using public transportation. Furthermore, rising fuel prices and the difficulty of finding a parking spot are encouraging individuals to use public transportation, which will drive market growth over time.

Adoption of IoT, 5G, and Automation Technologies to Enhance Transportation Infrastructure

The major accelerators in growing the next industrial revolution, which is likely to promote the growth of transportation infrastructure, are artificial intelligence, machine learning, Internet of Things (IoT), and big data. To boost connectivity and speed up the transmission of transit information, AI, machine learning, and IoT will be used to supplement the passenger information system with communication network technology. Transport IT solution providers are attempting to meet the demands of dynamic passenger information needs and a variety of state-of-the-art information channels in order to acquire a competitive advantage in the market. For example, the INIT Departures Live app from Innovation in traffic systems SE smoothly supports the necessary cross-media communication for real-time passenger and emergency information.

Legacy Systems to Hinder Growth of Passenger Information System Market

Legacy systems are obsolete computer software and hardware that are still in use after modern technologies have been installed. Legacy systems are critical for businesses because they provide some of the most important business functions. Organizations must modernize their legacy systems since it is difficult to continue using systems whose providers' services have been withdrawn. Many legacy systems lack the necessary configuration to connect to smart devices and improved communication networks. The presence of these legacy systems with the many components present in the smart public transportation ecosystem is a problem for passenger information system market players. Multiple suppliers are involved in the smart public transportation ecosystem, which integrates multiple technology elements such as software, hardware, and network elements. The integration of smart technology elements with legacy transportation systems is highly complex due to the lack of an open interface and protocol issues. These integration issues would then lead to communication gaps between traditional systems and technologically advanced systems. In addition, the upgradation of legacy systems requires high investments. These complexities are expected to restrict the PIS market growth in the coming years.

North America to Account for Largest Market Share in Global 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 US$63.9 Bn investments in major transportation infrastructure projects across the nation. Besides, the European Union (EU) has also made major investments of US$390.0 Bn 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.

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 US$200+ Bn. 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.

Prominent Players in Global Passenger Information System Market

• Acapela Group
• Advantech Co., Ltd.
• Alstom SA
• Cubic Transportation Systems, Inc.
• Hitachi, Ltd.
• Huawei Technologies Co., Ltd.
• Nokia
• Siemens Mobility
• Thales
• Wabtec Corporation

The Global Passenger Information System Market is Segmented as Below:

Type Outlook

• Display Systems
• Announcement Systems
• Infotainment System
• Mobile Applications
• Video Surveillance System
• Emergency Communication Systems
• Others

Component Outlook

• Solution
• Services

Location Outlook

• On Board
• In Station

Transportation Mode Outlook

• Airway & Waterway
• Railway
• Roadway

Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)