The Passenger information system is automated system that delivers the real time information to operators of public transport via visual, voice or any other media. It performs as a communication connection between a transit agency and passengers, allowing to deliver the real time information of vehicle location & status updates, appropriate announcements and timetable of journey. The passenger information system (PIS) proposes the new broadcast, weather prediction display, on-demand information, emergency communication and entertainment which fascinates large number of passengers around the world.
According to the report analysis, ‘Global Passenger Information System Market to reach USD 47.5 billion by 2026’ states that in the worldwide passenger information system market there are several companies which presently operating more significantly for leading the highest market growth and accounting the handsome value of market share around the globe in the incoming years while advancing the applications of such, establishing the several research and development programs, employing the young and intellectual work force, analyzing and studying the strategies and policies of the government as well as competitors, spreading the awareness related to the features of such, advancing the specifications of the technologies and delivering the better consumer satisfaction includes Advantech Co. Ltd., Alstom SA, Wabtec Corporation, Cubic Corporation, Cisco, Siemens, Hitachi, Huawei, Thales Group, Teleste and several others.
In addition, the advanced technologies and improvement of 4G/LTE communication technologies has improved the requirement for the display of information on cause of delay, entrance and departure and on the mobile devices and smartphones. The significant growth in the smartphone penetration with advanced connectivity, increasing frequencies of passenger’s journey through the public transport and augmenting the demand for real time and dependable passenger information are the few aspects accountable for growth of the market over the review period. For instance: nearly 66% of individuals approves smartphone during 2018, an augment from 63% in 2017 and 58% in 2016, across the globe, as per Zenith’s Mobile Advertising Predicts 2017. However, the extraordinary maintenance and acceptance costs of PIS is the foremost factor limiting the growth of worldwide Passenger Information System market throughout the forecast duration.
For instance, the worldwide Passenger Information System Market is worth approximately at USD 21.2 billion during 2019 and is projected to increase with a healthy growth rate of more than 12.2% over the review period of 2020-2026.
The geographical analysis of worldwide Passenger Information System market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia Pacific is the leading/momentous region across the world, the economy is considered to be the most advanced region where the network infrastructure is in sound condition leading to the increasing requirement for PIS solutions and services. Whereas, the Asia-Pacific is also projected to exhibit higher growth rate / CAGR over the review period of 2020-2026. Therefore, in the near years, it is predicted that the market of passenger information system will increase around the globe over the near years with the effective amount of investment by the coming and prevailing investor or competitors.
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Ankur Gupta, Head Marketing & Communications