London, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Up from the valuation of around US$19.2 Bn recorded in 2018, global market for passenger information systems will most likely exceed the revenue of US$42 Bn toward the end of 2026. Fairfield Market Research in one of the newly released reports offers detailed growth analysis and forecast of the global passenger information system market over the course of 2021 – 2026.
While rampant urbanization rates worldwide, and advent of technology remain the primary driving forces for passenger information system market, deepening smartphone and other mobile device penetration that generates voluminous data further complement the expansion of passenger information system market. The report has projected 11.9% growth for the passenger information system market between 2021 and 2026. The market, according to report findings, awaits a continuous stream of high-value activities that hold attractive remuneration opportunities.
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Key Research Insights
- Growing availability of cost-efficient SaaS solutions will play a vital role in the build-up of passenger information system market
- In 2020, on-board passenger information systems accounted for revenue of more than US$14 Bn
- North America registered revenue of over US$8 Bn in 2020 and will register nearly 12% CAGR during 2021 – 2026
Insights into Segmental Analysis
Based on location, the market analysis shows dominance of on-board segment over the in-station counterpart. In the year 2020, the former accounted for over US$14 Bn, extending a sizeable contribution toward the total market valuation. The report further provides detailed assessment of the market by solution, which reveals dominant sales of information display systems.
Key Report Highlights
- With ascending demand for real-time public transportation information and transit information tracking, the market will remain on an upswing, especially across the technologically more sophisticated markets in developed western world. The passenger information technology has been recently garnering attention of both governments, as well as tech enterprises alike
- The overall rise in the number of passengers also generates demand for data-driven solutions along with the most sought-after features that add value to the entire travelers’ experience. Soaring demand for features like accurate display, timely announcements, and emergency communication provides the passenger information system market with the next leg of growth
Insights into Regional Analysis
Regional analysis of passenger information system market reveals that North America leads the pack with nearly 30% market share and estimates around 12% growth for the same through 2026 end. North America contributed more than US$8 Bn revenue to the market in 2020 and continues to be the prime market for passenger information system sales. While the market here has been benefiting from rapid developments in the region’s transportation infrastructure, the report also highlights the growing role of investments by global industry leaders in North America’s intelligent transportation system. Governments here are also playing a supportive role, which would keep the passenger information system market of North America on a continuous uptrend. The region will also reap the benefit of high concentration of key market participants. On the other hand, Europe also represents one of the key markets for passenger information systems, majorly on the back of the strong foothold of biggies like Alstom, Siemens AG, Advantech Co., and Thales Group.
Key Players in Global Passenger Information System Market
Some of the key companies that have been considered for detailed strategic profiling, and competitive analysis in the report include Toshiba Infrastructure Systems & Solutions Corporation, Teleste Corporation, Mitsubishi Electric Corporation, Thales Group, ALSTOM, Medha Servo Drives Private Limited, Siemens Mobility, Indra, Quester Tangent, ST Engineering, Televic Group NV, Lunetta, Advantech Co., Ltd., Tattile, Cubic Corporation, Kentkart, Masstrans, Icon Multimedia, and r2P GmbH.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2018 | US$19.2 Bn | |
| Estimated Market Size in 2026 | US$42 Bn | |
| CAGR | 11.9% | |
| Key Players | Mitsubishi Electric Corporation, Medha Servo Drives Private Limited, Teleste Corporation, ALSTOM, Siemens Mobility, Toshiba Infrastructure Systems & Solutions Corporation, Quester Tangent, Indra, ST Engineering, Thales Group | |
Market Segmentation
Location Coverage
- On-Board
- In Station
Components Coverage
- Hardware
- Software
- Services
- Training Support & Maintenance
- Consulting & Integration Services
By Mode of Transportation
- Airways & Waterways
- Railway
- Trains
- Trams
- Roadway
End-Use Coverage
- Information Display System
- Announcement System
- Infotainment System
- Passenger Information Mobile Applications
- Emergency Communication Systems
Leading Companies
- Advantech
- Alstom
- Wabtec
- Hitachi
- Huawei
- Thales
- Teleste
- Televic
- Quester Tangent
- Passio Technologies
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Location-wise Analysis
- Component-wise Analysis
- Mode of Transportation-wise Analysis
- End Use-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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