Research Nester has released a report titled “Passenger Information System (PIS) Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the passenger information system market in terms of market segmentation by systems, by devices & components, by services, by transportation mode and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global PIS market is segmented by transportation mode into railways, airways and roadways, out of which, railways segment is anticipated to hold the largest market share on account of growing developments observed in new railway projects, which will also raise the demand for the deployment of passenger information systems. Additionally, growth projections observed for new metro railway lines and expansion of railway lines, along with the growing smart railways market, which was valued at USD 14, 328.9 million in 2018, is anticipated to drive the growth of the segment in the global PIS market. In the statistics by the International Association of Public transport (UITP), a total of 807 kms of automated grade metros are estimated to be built during the year 2022.
The global passenger information system market is anticipated to record a CAGR of around 15.27% during the forecast period, i.e. 2019-2027. With the rising advent of smartphones and increasing number of passengers travelling via public transport, coupled with the need for transit agencies to deliver reliable and accurate real-time transit information to passengers, and the need amongst the passengers for better connectivity information, all of these factors are anticipated to contribute significantly towards the growth of the global passenger information system market. In the statistics by UITP, ridership evolution for metro railways around the globe peaked to 53,768 million passengers from 45,051 million passengers in-between 2012-17.
Regionally, the global PIS market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to hold the largest market share on account of increasing focus for the development of transportation added with investments from the public and private sector. In the statistics by the Bureau of Transportation Statistics, U.S. Department of Transportation, in the year 2017, investment for transportation constituted to a total of USD 2931.10 billion. Moreover, Asia Pacific is anticipated to gain a significant market share on the back of growing metro railways projects in the region. In another statistics by the UITP, the region observed 33 number of metro system opening (per decade) during the tenure 2010-19.
Need For Accurate Real-Time Transit Information Amongst Passengers
Several factors such as increasing urbanization, awareness for public transport communication to reduce pollution and others are leading to increase in public commutation services. Apparently, with the advent of smartphones and other technological advances, such as, smart cities, internet of things (IoT), big data, cloud computing and others, there is a rising need amongst the consumer for real-time transit information while being on the go. Transit agencies, on the other hand, are providing information via mobile application-based information with the help of technologies, such as streaming analytics, cloud computing technology and others. The rising need for such information on transit is thereby anticipated to act as a key growth driver for the global PIS market during the forecast period.
However, concerns regarding lack of advanced technical infrastructure in many nations across the globe is anticipated to hamper the growth of the global passenger information system market.
This report also provides the existing competitive scenario of some of the key players of the global passenger information system market, which includes company profiling of Alstom SA (EPA: ALO), Cubic Corporation (NYSE: CUB), Hitachi, Ltd. (TYO: 6501), Indra Sistemas SA (BME: IDR), Mitsubishi Electric Corporation (TYO: 6503), Siemens AG (ETR: SIE), Singapore Technologies Electronics Limited, Teleste Corporation (HEL: TLT1V), Thales Group (EPA: HO), and Toshiba Infrastructure Systems & Solutions Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global passenger information system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.