COVID-19 Impact: Restrictions of Travel during the COVID-19 Pandemic Expected to Surge the Growth of the Global Passenger Information System Market in Upcoming Years from 2019 to 2026 - Exclusive Forecast Report by Research Dive

The coronavirus outbreak has impacted the global passenger information system market in a negative way. This is because of the strict lockdowns and temporary restrictions on the travel industry. The market is likely to recover from the loss in the 3rd and 4th quarters of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.

New York, USA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global passenger information system market is forecasted to reach $56,885.6 million by the end of 2026 at a CAGR of 13.5%, increasing from $20,325.3 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.

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Factors Impacting the CAGR Figures Pre and during COVID-19

The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the passenger information system market is predicted to record a CAGR of 13.5% during the forecast period, while it was estimated to be 14.3% in the pre-pandemic scenario. The main reason behind this decline is the restrictions imposed upon the domestic and international travel and tourism during the pandemic.

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Factors Impacting the Revenue before and after the Pandemic

According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market has generated revenue of $18,846.5 million in 2020, while it was estimated to be $26,923.6 million in a pre-COVID analysis. During the coronavirus pandemic, restrictions and lockdowns were imposed on travels and tourism industry in order to curb the spread of the virus. Because of this, the necessity of passenger information system has been declined. This factor has affected the revenue of the global passenger information system market in a negative way.

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Key Market Players & Strategies

1. Alstom
2. Indra
3. Cubic Corporation
4. Hitachi, Ltd.
5. Electric Corporation
6. Mitsubishi
7. Teleste Corporation
8. Central Electronics Limited
9. ST Engineering
10. Siemens
12. Thales Group

These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

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Recent Development

In July 2021, Hitachi, Ltd., a multinational conglomerate based in Japan, completed its acquisition of GlobalLogic Inc., a digital product engineering service provider as per a contract signed in March 2020. The acquisition is expected to enhance the ability of the Hitachi Group to deliver and promote its Social Innovation Business with digital technology.

Post Pandemic Insights

As per the report, the global passenger information system market is expected to recover from the loss in the 3rd/4th quarter of 2022. However, with the expected 3rd and 4th waves of the pandemic, the restrictions on travel are not being lifted totally in many countries. It may extend the recovery period of the market even further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.


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