Chicago, April 01, 2024 (GLOBE NEWSWIRE) -- The global Passenger Information System Market size is estimated at USD 29.3 billion in 2023 to USD 52.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period, according to a new report by MarketsandMarkets™. Urbanization and the requirement for real-time travel updates drive the passenger information system (PIS) market. PIS provides clarity and control for passengers by delivering arrival/departure times, disruptions, and alternative routes. This transparency aligns with the ongoing smart city goals, enhances safety, and caters to diverse needs through accessibility features. Cloud-based solutions, mobile app integration, and IoT adoption fuel market growth poised to revolutionize travel experiences with personalized information, seamless journeys, and data-driven optimization.
Browse in-depth TOC on "Passenger Information System Market"
278 - Tables
55 - Figures
261 - Pages
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=200574830
Passenger Information System Market Dynamics:
Drivers:
- Rise in demand for smart public transportation systems, including real-time transit information of passengers.
- Increase in adoption of handheld devices led to rise in connectivity and usage of advertising and information systems
- Advancements in technological solutions to enhance passenger experience
- Rise in urban population and traffic in public transportation systems
Restraints:
- High costs involved in implementing and maintaining passenger information systems.
- Stringent transportation regulatory policies
Opportunities:
- Adoption of IoT, 5G, and automation technologies to enhance technological optimization.
- Increase in penetration of cloud, big data, and analytics in PIS
- Decline in vehicle ownership with advancements in Mobility-as-a-Service (MaaS)
List of Key Players in Passenger Information System Market:
- Advantech Co.
- Ltd. (Taiwan)
- Alstom SA (France)
- Wabtec Corporation (US)
- Cisco Systems (US)
- Cubic Corporation (US)
- Siemens AG (Germany)
- Hitachi Ltd. (Japan)
- Huawei Technologies Co.
- Ltd. (China)
Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=200574830
By offering, the solutions segment is expected to have the largest market size during the forecast period.
The solutions segment in the passenger information system (PIS) market is expected to have the largest market size in the forecasting period, with several solutions expected to overtake the pack. Passengers increasingly demand real-time updates and self-service options, fueling the rise of mobile applications offering journey planning, ticketing, and live updates. Interactive kiosks empower passengers with self-service capabilities, reducing queues, and improving efficiency. Cloud-based platforms attract attention with their scalability, cost-effectiveness, and centralized data management. Integrated with vehicles, stations, and infrastructure, sensor-based systems provide accurate, real-time data on traffic flow, weather, and equipment status. This data feeds into PIS systems, enabling personalized information delivery. Artificial intelligence (AI) and machine learning (ML) are making their mark through predictive maintenance, anomaly detection, and personalized information delivery, further optimizing operations, and enhancing passenger experience. These advancements, coupled with rising urbanization, increasing focus on passenger experience, and government initiatives in smart city development, are shaping the PIS market into a dynamic ecosystem of diverse solutions, each contributing to a smoother and more informed passenger journey.
By location, the in-station segment is expected to hold a higher growth rate during the forecast period.
Passengers need real-time, personalized information, which PIS delivers through arrival updates, connecting journeys, and targeted messaging all powered by AI analytics and sensor fusion. Urbanization, infrastructure development, and smart city initiatives create growth opportunities for PIS adoption, further boosted by government mandates and competition among operators. While the overall market remains competitive, in-station PIS systems are poised for a significant leap forward, offering a convenient, informed, and sustainable travel experience for a demanding passenger base.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=200574830
Based on region, North America is expected to hold the largest market share during the forecast period.
North America anticipates the largest market share in the passenger information system (PIS) market, with a projected dominance throughout 2023-2028, fueled by a potent mix of factors. These factors include significant public and private spending on intelligent transportation systems (ITS) and massive investments from both the US and Canada in revamping and expanding transportation networks, including airports, railways, and public transit, creating a fertile ground for PIS solutions. As ITS integrates various technologies for optimizing traffic management, safety, and traveler information, PIS has become essential for providing real-time data for making informed travel decisions.
Furthermore, North America boasts a tech-savvy population with high smartphone penetration, driving demand for mobile-based PIS solutions offering real-time information, ticketing, and navigation. These PIS solutions cater to the growing demand for personalized and convenient travel experiences by providing information tailored to individual needs and preferences.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
Browse Other Reports:
Artificial Intelligence Market
