New York, USA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global passenger information system market is estimated to register a revenue of $56,885.6 million and grow at a CAGR of 13.5% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Access to the Comprehensive PDF Sample of COVID-19 Impact on Passenger Information System Market
Factors Impacting the Market Size Pre and Post the Covid-19 Pandemic
According to the report, the real-time market size has considerably decreased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $18,846.5 million in 2020, while its estimations were $26,923.6 million in the pre-pandemic scenario. Complex operational procedures and high installation cost of passenger information systems are the main factors anticipated to impede the growth of the global passenger information system market during the analysis timeframe. Moreover, lack of skilled labor to operate passenger information systems is yet another factor expected to hamper the market growth by 2026.
Factors Impacting the CAGR Figures Pre and Post the Covid-19 Pandemic
As per the report, the passenger information system market is predicted to grow at a CAGR of 13.5% during the analysis years, while it was anticipated to be 14.3% in the pre-pandemic scenario from 2019-2026. Strict lockdowns and travel restrictions imposed by governments worldwide led to the shutdown of all kinds of travel activities. Furthermore, stringent travel policies and permit verifications by governments are some other factors projected to impede the passenger information system market’s growth during the analysis period.
Post Pandemic Insight
As per the report, the global passenger information system market is expected to recover by 3rd /4th quarter of 2022. Promoting digitization of passenger information systems to reduce direct contact among people along with dismissing the old-fashioned long queues of people in underdeveloped and developing economies are some prime factors estimated to surge the utilization of passenger information systems. Moreover, several hotel industry key players are steeping forward and initiating collaborations with other industries to boost their business, thus further propelling the market growth by 2026.
Significant Market Players
Some significant passenger information system market players include
- Teleste Corporation
- ST Engineering
- Siemens
- Cubic Corporation
- Hitachi, Ltd.
- Alstom
- Electric Corporation
- Central Electronics Limited
- Indra
- Thales Group
- TOSHIBA CORPORATION
- Mitsubishi, and many more.
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions.
For instance, in May 2022, Nomad Digital, an internet protocol connectivity provider to the transport industry, announced the launch of its cutting-edge real-time passenger information (RTPI) technology to enhance its task optimization, driver’s efficiency, and improve passengers’ travelling experience. The technology provides up to date information about the journey to passengers on their mobile phones.
The report also sums up many crucial aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about COIVD-19 Impact on Passenger Information System Market:
- The Next Generation of Traditional Transport Systems is Here: Passenger Information Systems
- Implementation Of Digitization In Travel & Tourism Industry To Fuel The Growth Of The Global Passenger Information System Market
