New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Information System Global Market Report 2023" - https://www.reportlinker.com/p06443902/?utm_source=GNW
, Teleste Oyj, Indra, Singapore Technologies Electronics Limited, Toshiba Corporation and Samsung.
The global passenger information system market grew from $23.27 billion in 2022 to $25.97 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger information system market is expected to grow to $39.83 billion in 2027 at a CAGR of 11.3%.
The passenger information systems market consists of revenues earned by entities by providing prerecorded announcement and interactive voice response system.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The passenger information system is an automated system used in public transport terminals to analyze delays and disturbances and anticipate arrival and departure timings. Passenger information systems are crucial to improving customer satisfaction, reducing complaints, increasing service usage, and improving planning.
North America was the largest region in the passenger information system market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the passenger information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of passenger information systems are hardware, software, and services.Hardware refers to the physical parts of a computer and related devices.
The location is on board and in the stations.The transportation modes are railways, roadways, airways, and waterways.
The functional mode is multimedia displays, audio systems, computing systems, networking and communication devices, video surveillance, content management systems, and other functional models.
The growing number of travelers and passengers is expected to propel the growth of the passenger information system market going forward.The passenger information system provides real-time updates on the status of public transportation and other information that passengers and travelers would use to have a safer and more enjoyable commute.
For instance, according to a report by the International Air Transport Association, a Canada-based trade association of the world’s airlines, revenue passenger kilometers, or RPKs, which measure total traffic, increased by 76.0% and domestic traffic increased by 11.7% in March 2022 compared to March 2021. Therefore, the growing number of travelers and passengers is driving the growth of the passenger information system market.
Technological innovation is a key trend gaining popularity in the passenger information systems market.Major companies operating in the passenger information system market are focused on developing new technological solutions to strengthen their position.
For instance, in January 2020, Samsung Electronics, a South Korea-based company operating in passenger information systems, introduced Digital Cockpit 2020, which utilizes 5G to link features inside and outside the vehicle and provide connected experiences for drivers and passengers alike.The Digital Cockpit 2020 is the third co-development between Samsung Electronics and HARMAN International and would combine Samsung’s telecommunications technologies, semiconductors, and displays with HARMAN’s automotive expertise.
The solution would enable seamless two-way connections between the home, the office, and all the other spaces that users will visit while providing personalized experiences and in-car infotainment.
In September 2021, R2P, a Germany-based transportation technology designer and developer, acquired T.G. Baker Americas Inc., for an undisclosed amount. This acquisition is expected to provide R2P with a strong foothold in North America and improve its customer base. T.G. Baker Americas Inc., is a Canada-based company operating in passenger information systems.
The countries covered in the passenger information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The passenger information system market research report is one of a series of new reports that provides passenger information system market statistics, including passenger information system industry global market size, regional shares, competitors with a passenger information system market share, detailed passenger information system market segments, market trends and opportunities, and any further data you may need to thrive in the passenger information system industry. This passenger information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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