New York, July 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Information System Market by Component, and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05877921/?utm_source=GNW
With the increase in the number of smartphone users and enhanced connectivity across the globe, passenger experiences have improved, with a rise in overall efficiency.
COVID-19 has been one of the biggest global challenges of the current generation.The ongoing projects were paused due to a decline in the budgets.
The projects, which were highly strategic initiatives and projects involving technologies directly linked to COVID-19, were not put on hold.The COVID-19 outbreak has impacted the supply chains worldwide, as well as the global trade and the transportation industry.
COVID-19 has already had a negative impact on tourism, national trade, and overall productivity globally.These factors would affect the growth of the transportation industry and, in turn, the growth of the PIS market in the region.
Due to the pandemic, the preference for contactless fare payments by passengers for transportation has increased. The rise in the adoption of smart payment options has enabled safe and seamless travel for passengers.
The roadways transportation mode is estimated to account higher CAGR during the forecast period
Smart transportation is growing in popularity, given the technology’s ability to ease congestion and improve road safety by effectively monitoring and managing vehicular traffic.Buses are a primary mode of public transport in various countries, such as the US, Canada, Germany, the UK, China, India, and Australia.
There are a large number of buses in the transportation sector, and PIS solutions are increasingly being adopted in buses for reliable and safe service offerings to enhance the overall transit operations. The increase in awareness of benefits offered by PIS solutions among fleet operators is further projected to drive the growth of the market.
Deployment and integration services are expected account for the largest market share during 2022
The deployment and integration services help identify the need for the adoption or upgradation to support the PIS solutions in the existing infrastructure to avoid restrictions of this software.These services help in speed deployment, save time and cost, enable efficient working, and minimize deployment-related disruptions.
The adoption of deployment and integration services can help transit service providers to improve overall efficiency, along with decreasing operational costs. With time, deployment and integration services would increase as more transit service providers focus on installing new IT systems by replacing or integrating legacy systems with new and technologically advanced solutions.
Among regions, APAC to hold higher CAGR during the forecast period
The growth of the passenger information system market in APAC is highly driven by the technological advancement across the region.China is anticipated to be the leading country for passenger information system Market growth in Asia Pacific, followed by India.
The increase in the population growth rate in the region has intensified the need for transformation and expansion of the existing public transportation infrastructure, which has led to a rise in demand for PIS solutions.The developing transportation sector, railway routes, bus stations, and airports are likely to create a demand for PIS in the region.
It has been observed that transit agencies in the region are using advanced technology systems for improved service offerings to attract and encourage passengers to use public transport systems. As public transport for commuting in countries, such as Japan, China, and India, play a major role, it is projected to create a high demand for the PIS market in the coming years.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the passenger information system market.
• By Company: Tier I: 62%, Tier II: 23%, and Tier III: 15%
• By Designation: C-Level Executives: 38%, Directors: 30%, and others: 32%
• By Region: North America: 40%, Europe: 15%, Asia Pacific: 35%, Middle East and Africa: 5%, Latin America: 5%
The report includes the study of key players offering passenger information system solutions and services.It profiles major vendors in the global passenger information system market.
The major vendors in the global passenger information system market include Advantech (Taiwan), Alstom (France), Wabtec (US), Cubic (US), Cisco (US), Siemens (Germany), Hitachi (Japan), Huawei (China), Thales (France), Teleste (Finland), Televic (Belgium), Mitsubishi Electric (Japan), ST Engineering (Singapore), DYSTEN (Poland), Lunetta (India), R2P (Germany), Indra (Spain), ICON Multimedia (Spain), Passio Technologies (US), LANCom (Slovenia), Simpleway (Czech), EKE-Electronics (Finland), Medha Servo Drives (India), Quester Tangent (Canada), and LOT Group (Ukraine), Efftronics (India).
Research Coverage
The market study covers the passenger information system market across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as component, security type, deployment mode, organization size, verticals, and region.
It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall passenger information system market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05877921/?utm_source=GNW
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