LONDON, April 18, 2022 (GLOBE NEWSWIRE) -- Over the recent past, the passenger information system (PIS) market has witnessed robust growth owing to soaring urban population and traffic in public transportation systems. Growing need to develop feature-rich solutions with real-time transit information of passengers, provide enhanced passenger experience that prioritizes safety propel significant gains across the passenger information system market. A notable rise in the usage volume of smartphones and other handheld devices that provide connectivity is expected to boost the market growth during the forecast period.
Despite the higher implementation and maintenance costs, the market is anticipated to flourish at the behest of cutting-edge technological advancements and innovations associated with the telecommunications sector. Furthermore, the incorporation of the latest automation technologies, IoT, and 5G coupled with the development of affordable, efficient, and customer-centric SaaS platforms are likely to boost the demand for passenger information systems across the world.
Fairfield Market Research finds that the global passenger information system market will reach a total valuation of US$42,027 Mn by the end of 2026 from US$19,264 Mn in 2018. Over the assessment period of 2021 to 2026, the market is projected to register a stellar CAGR of 11.9%.
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Key Highlights and Market Trends
- The overall number of passengers who traveled worldwide climbed by 6.4 percent in 2018 to 4.3 billion, according to the International Civil Aviation Organization (ICAO).
- The largest market for Passenger Information Systems is North America. By 2026, the region is predicted to grow at a rate of 12%.
- By 2030, the United Nations predicts that urbanization would result in increased use of public transportation, such as transit buses, rail, and metro in metropolitan areas.
Adoption of Internet of Things Drives Global PIS Market to Sound Maturity
Projection points out that the evolution of artificial intelligence, machine learning, the Internet of Things (IoT), and big data are likely to thrust the growth of transportation infrastructure. The radical shifts and implementation of IoT have improved connectivity, automation, and control over the exchange of information between diverse electronic devices. Adoption of advanced automation technologies in transportation management control centers and the cloud have established self-governance and intelligence in data sharing.
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North America Ranks as the Most Favorable Region for Passenger Information System Market
North America is anticipated to garner a lion’s share in the global passenger information system market. Underpinning this growth is sophisticated network infrastructure, subsequent government and private sector outlay, and the growing prominence of transportation infrastructure development.
The U.S. and Canada are leading North American countries in developing next-gen technologies in the PIS market. Robust investments and noteworthy advancements for the development of smart cities and transportation projects are steering the growth across these economies. Moreover, these countries are consistently ramping up their research and development activities on the solid turf of well-established and sustainable economic growth.
The study suggests that the competitive players across the globe are projected to opt for a subscription-based sales strategy to stay in the vanguard of the passenger information systems market. Mitsubishi Electric Corporation, Advantech Co., Ltd., Medha Servo Drives Private Limited, Toshiba Infrastructure Systems & Solutions Corporation, Tattile, Quester Tangent, Thales Group, Teleste Corporation, Masstrans, Televic Group NV, ALSTOM, Siemens Mobility, Lunetta, Cubic Corporation, ST Engineering, Icon Multimedia, r2P GmbH, and Kentkart are few prominent players operating in the global PIS market.
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