Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIntroduction to Passenger Information System (PIS)
Passenger information system or PIS is referred to the automated system which is used for providing information to the users of public transport about the nature and state of a public transport service. The information is shared either by visual, voice or other media and are also known as customer information systems and operational information systems.
Passenger information system (PIS) can be divided into two sub-systems on the basis of the process information is provided, namely, static information system and real time information system.
Static information system is used traditionally and is available in printed formats, such as route network maps and timetable booklets among others. Real time information systems, on the other hand use advance technology to provide schedule-only information and are derived from automatic vehicle location systems. This information is provided to passengers by mobile phone applications, platform-level signage and automated public address systems among others. CLICK TO DOWNLOAD SAMPLE REPORT
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Market Size and Forecast
The global PIS market is thriving on the back of rising demand for transit agencies to deliver reliable and accurate real-time transit information to passengers coupled with the advent of smartphones and the need amongst the passengers for better connectivity information. Traditional methods of delivering the scheduling information were manual, owing to which, a passenger had to visit the station to know the exact arrival or departure time. But with the advancement in technologies and availability of technologically advanced solutions, passengers are able to get information on the go. Additionally, rise in the number of passenger journeys made by public transport every year is also anticipated to contribute significantly towards the growth of the global PIS market. According to the statistics by International Association of Public transport (UITP), the total number of passenger journeys made by public transport every year in the European Union is almost 60 billion. In comparison, long distance rail accounted for 1 billion passenger journeys and commercial aviation for 800 million. Additionally, global ridership evolution for metro railways increased from 45,051 million passengers in the year 2012 to 53,768 million passengers in the year 2017.
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The market is anticipated to record a CAGR of 15.27% throughout the forecast period, i.e. 2019-2027. The global passenger information system 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 the back of development of new railway projects, which will require the deployment of passenger information systems, coupled with favorable growth projections for several new metro railway lines along with conventional railway lines. Additionally, growing utilization of PIS in smart railways projects, the market which was valued at USD 14, 328.9 million in 2018 and is anticipated to achieve a CAGR of 14.7% by 2027 with a market value reaching USD 48, 778.1 million, is expected to drive the growth of the global PIS market. According to UITP, over 200 new lines are predicted to open in most regions of the world by the year 2022.
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Growth Drivers
Need For Accurate Real-Time Transit Information Amongst Passengers
On the back of rising adoption of smartphones, people travelling around the world are raising the demand for mobile application-based passenger information systems, which can help them keep on track while on the go. Transit agencies are focusing on mobile applications of PIS so as to attract the passengers and provide them with quick and real-time information through smartphone channel. Additionally, with the emergence of multi-modal transit app for public transport, and the rise in the mobile subscribers worldwide, all of these factors together are anticipated to contribute significantly towards the growth of the global PIS market over the forecast period.
Growing Adoption of Big Data & Cloud Technologies
With advancements in technology and technological infrastructure, aided by several favorable policies of the governments of nations, such as, smart cities, internet of things (IoT), big data, cloud computing and others, different modes of transportation around the globe are adopting for automation of processes. PIS utilizes cloud computing technology to track the position of vehicles, such as public buses, trains, and airplane among others. The arrival time is then calculated using technologies, such as streaming analytics and then displayed on the real-time information system at the bus stop. Cloud technology and data analytics solutions thereby aid in providing high efficiency in allocating resources and monitoring the passenger population in a cost-effective manner. All of these factors are anticipated to contribute towards the growth of the global PIS market.
Restraints
Lack of Advanced and Technologically Updated System Infrastructure
Although there are advancements in technology, but only a few nations around the globe are equipped with such high technological infrastructure to deploy advanced real-time passenger information system. Additionally, high cost of deployment of technological infrastructure is also anticipated to act as a barrier to the growth of the global PIS market.
Market Segmentation
Our in-depth analysis of the global pet toys and training market includes the following segments:
By Systems
By Devices & Components
By Services
By Transportation Mode
By Region
On the basis of regional analysis, the global PIS market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share on the back of greater focus to develop transportation medium along with high investments being made by private and public sectors for transportation. According to the statistics by Bureau of Transportation Statistics, U.S. Department of Transportation, a total of USD 2931.10 billion was invested for transportation in the year 2017.
Additionally, Asia Pacific is anticipated to gain significant market share on he back of growing investments for new metro railway projects in the region, and new metro system openings observed per decade in the entire region. According to UITP, 33 numbers of metro system opening (per decade) was observed in Asia Pacific region during the decade 2010-19.
The global PIS market is further classified on the basis of region as follows:
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