New York, July 20, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Passenger Service System Market” published by Consegic Business Intelligence, the market was sized at USD 8,167.56 million in 2022 and is expected to reach over USD 20,058.57 million by the year 2030, growing at a CAGR of 12.3%.
A passenger service is a comprehensive software platform used by airlines and travel companies to manage and automate various passenger-related processes and services throughout the travel journey namely ancillary services and flight management services. Passenger service system encompasses a wide range of functions, including passenger reservations and ticketing, check-in and boarding management, flight scheduling and inventory control, baggage handling, and ancillary services. Additionally, the system acts as the central hub for handling passenger data and facilitating seamless interactions between travelers and airlines, ensuring efficient and streamlined operations in the aviation industry.
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The increasing investment by governments to meet the air travel demand is accelerating the growth of the growth of the passenger service system market. Governments recognize the importance of developing and expanding airport infrastructure to accommodate the growing air travel demand. Investments in airport infrastructure are leading to increased passenger capacity, improved facilities, and enhanced operational efficiency. Subsequently, the increasing government investment to modernize the airports is raising the need for advanced passenger service systems solutions to manage passenger services, flight operations, and ground handling processes. For instance, in February 2023, the Federal Aviation Administration (FAA) invested USD 1 billion to improve the infrastructure of 99 airports in the United States. The investment is made to improve the passenger experience by introducing new baggage systems, larger security checkpoints, and improved ground transportation, hence contributing remarkably in bolstering market growth.
Moreover, the integration of passenger service systems with artificial intelligence (AI) creates significant future opportunities for market growth. AI-powered chatbots and virtual assistants handle customer inquiries, provide real-time support, and assist with various customer service tasks. However, the high cost associated with implementing and maintaining a robust passenger service system is restraining market growth.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 20,058.57 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 12.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Amadeus IT Group SA, Bravo Passenger Solutions Pte Limited, Enoya-one LTD (AeroCRS), Hexaware Technologies Ltd., IBM Corporation, KIU System Solutions, Mercator Limited, Radixx International, Sabre Corporation, SITA NV, IBS Software |
| By Component | Software and Service |
| By Deployment | On-Premise and Cloud |
| By Provider | In-House and Third-Party Provider |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Passenger Service System Market Growth Drivers:
- Expansion in the aviation industry is driving the growth of the passenger service system market to provide an enhanced user experience.
- Growing tourism industry is contributing significantly in accelerating the growth of the passenger service system market.
- Increasing government investment to improve the airport infrastructure to offer an improved traveler experience is bolstering market growth.
Restraints
- High cost associated with implementing and maintaining a robust passenger service system is restraining the market growth.
- Security concerns associated with passenger service systems are hampering the growth of the market.
Opportunities
- Integration of passenger service systems with artificial intelligence (AI) creates significant future opportunities for market growth.
Global Passenger Service System Market Segmentation Details:
Based on Component, the software segment contributed the largest shares to the market growth in 2022. In the software, the airline reservation system holds the largest share as the system handles the core functionality of managing passenger bookings, seat availability, fare classes, and flight schedules. Additionally, the airline reservation system serves as the primary system for customers to search, book, and secure flight reservations. Moreover, the system ensures accurate and up-to-date information regarding flight schedules, seat availability, and pricing to efficiently manage and distribute the inventory, hence contributing significantly in driving the growth of the segment.
Based on Deployment, the cloud-based segment offered substantial shares to the market in the year 2022 due to the ability of cloud-based passenger service solutions to offer scalability and flexibility, allowing airlines to easily scale the operations up or down based on demand. In addition, cloud infrastructure enables airlines to quickly adapt to changes, expand the services, and efficiently handle peak periods without investing in infrastructure modifications. Moreover, cloud platforms dynamically allocate resources based on demand, ensuring optimal performance and cost-efficiency, hence contributing notably in driving the adoption of cloud-based passenger service systems.
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Based on Provider, the third-party provider segment offered substantial shares to the global passenger service system market in the year 2022 as third-party providers specialize in developing and offering passenger service solutions as the core business. Additionally, third-party providers have extensive experience and expertise in passenger service system development, implementation, and support. The specialized focus allows the providers to stay updated with industry trends, technological advancements, and best practices, offering airlines cutting-edge solutions and services. Moreover, third-party providers, particularly global distribution system (GDS) providers, have established global networks and connections with travel agencies, online travel agents (OTAs), and other distribution channels. The extensive reach enables airlines to connect with a wide range of sales channels and expand the market presence without the need for individual connections. Furthermore, third-party providers offer cost-effective passenger service systems with flexible pricing models, hence contributing remarkably in accelerating the growth of the market.
Based on Region, North America has been a major contributor to the growth of the passenger service system market due to the presence of the largest and most developed aviation industries in the world. The region is home to several major airlines, including American Airlines, Delta Air Lines, and United Airlines, which have a significant market share globally. Additionally, the North American market has a high demand for efficient and customer-centric passenger service system solutions. Passengers in North America demand seamless booking experiences, personalized services, and streamlined operations. Passenger service system providers in the region focus on meeting such demands by developing robust, user-friendly, and feature-rich solutions. Consequently, the aforementioned factors are contributing significantly in driving the adoption of passenger service systems in the region.
Recent Developments
- In October 2022, Munich Airport introduced an Express Queue reservation system to improve the management of traffic leading to security checkpoints in Terminal 1 and alleviate wait times. Passengers will reserve a specific 30-minute timeframe, free of charge, for accessing security checkpoints and passport control when traveling to non-Schengen destinations, thus enhancing the airport experience for air travelers.
- In November 2022, Sabre Corporation signed an agreement to extend the partnership with Oman Air. The agreement encompasses a multi-year extension of the worldwide distribution system arrangement and the renewal of Oman Air's SabreSonic Passenger Service System with an aim to enhance operational efficiency and customer service.
Key Market Highlights
- Globally, the passenger service system market is divided based on the component into software and service.
- In the context of deployment, the market is separated into on-premise and cloud.
- The provider segment is classified into in-house and third-party providers.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in passenger service systems.
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List of Major Global Passenger Service System Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Amadeus IT Group SA
• Bravo Passenger Solutions Pte Limited
• Enoya-one LTD (AeroCRS)
• Hexaware Technologies Ltd.
• IBM Corporation
• KIU System Solutions
• Mercator Limited
• Radixx International
• Sabre Corporation
• SITA NV
• IBS Software
Global Passenger Service System Market Segmentation:
- By Component
- Software
- Airline Inventory System
- Departure Control System
- Airline Reservation System
- Loyalty System
- Ancillary System
- Internet Booking System
- Customer Care System
- Airport Management Consulting
- Service
- By Deployment
- On-Premise
- Cloud
- By Provider
- In-house
- Third-party provider
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Key Questions Covered in the Passenger Service System Market Report
- What will be the potential market valuation for the Passenger service system market by 2030?
- The market valuation for the passenger service system market is expected to be approximately USD 20,058.57 million by 2030 owing to the increasing adoption of passenger service systems to provide improved traveling experience to users by airlines.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the passenger service system market's growth in the coming years?
- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period owing to the expanding aviation industry and increasing investment by the government to improve the airport infrastructure.
- What specific segmentation details are covered in the passenger service system market report, and how is the dominating segment impacting the market growth?
- Airline reservation system holds the largest share as the system handles the core functionality of managing passenger bookings, seat availability, fare classes, and flight schedules.
- What specific segmentation details are covered in the passenger service system market report, and how is the fastest segment anticipated to impact the market growth?
- Services will witness the fastest CAGR as services play a vital role in managing the integration process, providing consultancy, and offering customization services to ensure a seamless and tailored solution.
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