Increased Usage of Advanced IoT Driving the Passenger Information System Market, says Market.us

There are various key drivers of the Passenger Information System (PIS) Market like the rising adoption of the private cloud and an increasing number of software-defined information centers. However, some of the prominent players in the Passenger Information System (PIS) Marketpose a huge challenge to the other existing players. 

Moreover, the rising utilization of cloud-based tools and technologies provides various market scopes for the software-defined network players of the wide-area to offer understandable networking services to the market players of cloud computing. 

According to market.us, “The global passenger information system market was valued at USD 24.07 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR of 10%) between 2023 and 2032.”

The Internet of Things (IoT) has made it possible to communicate data between different technological devices without requiring direct human intervention. Advancements in the telecommunications industry to enable quicker data transfer capabilities, increased demand in IoT usage in the transportation sector, and demand for intelligent transportation systems boost passenger information system market growth.

The major factor responsible for propelling the growth of the global passenger information system market includes the rising adoption of such systems among the transit agencies to provide real-time, reliable, and consistent passenger information resulting in the enhancement of passenger satisfaction and comfort. In addition to this, the increasing implementation of advanced technologies such as cloud, big data and IoT for the development of such systems to improve the overall experience of the passenger along with rapid growth in the use of smartphones and enhanced connectivity providing real-time information will create numerous growth opportunities in the market over the coming years. 

Rise in demand for intelligent public transportation systems, including real-time transit information of passengers

The growing demand for intelligent public transportation systems that provides real-time transit information for passengers is projected to drive the growth of the PIS market. As the demand for real-time information of passengers is increasing, transport service providers and transit agencies are deploying PIS solutions and services to enhance the travel experience of passengers. In order to increase passenger satisfaction, transport service providers are upgrading their information systems by offering new features, such as real-time data availability and in-transit network connectivity. The upgraded PIS provides passengers with real-time customized travel information. The real-time information comprises updated and reliable information from various sources about destinations, connections at the next station, weather, news, or any other third-party feed.

On the basis of product, the global passenger information system market is segmented into hardware, software, and services. In 2022, the software segment is expected to dominate the market as it is very convenient to use and is accessible round the clock.

On the basis of type, the global passenger information system market is segmented passenger information display systems, passenger information announcement systems, emergency communication systems, infotainment systems, and passenger information mobile application. In 2022, the passenger information display systems segment is expected to dominate the market as it has a wide range of applications across the transportation industry due to rise in the number of passengers.

On the basis of location, the global passenger information system market is segmented into on board and in station. In 2022, the on board segment is expected to dominate the market as the number of fleets or the vehicles for transportation is increasing year on year.

On the basis of transportation, the global passenger information system market is segmented into railways, roadways, and airways. In 2022, the railways segment is expected to dominate the market as passengers prefer travelling through railways more compared to other means of transportation.

Increase in demand by passengers for accurate real-time transit information, advancements in telecommunication sector to offer faster data transfer, and rise in adoption of cloud & big data technologies among transportation sector drive the demand for PIS market. However, dearth of advanced infrastructure facilities to install passenger information system and high cost associated with implementation of these systems hamper the market growth.