Passenger Information System Market to Grow USD 3280.2 Million by 2029 at a CAGR of 11.2% | Valuates Reports
BANGALORE, India, May 2, 2023 /PRNewswire/ -- The Global Passenger Information System Market is Segmented by Type (LCD Display System, LED Display System), by Application (Metro, Train, Airplane): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Transportation & Logistics Category.
The global Passenger Information System market was valued at USD 1734.9 Million in 2022 and is anticipated to reach USD 3280.2 Million by 2029, witnessing a CAGR of 11.2% during the forecast period 2023-2029.
Major factors driving the growth of the Passenger Information System Market:
Demand for passenger information systems will increase as more transportation businesses strive to give customers accurate and reliable real-time travel information. One of the Passenger Information System market development drivers is the rising usage of mobile devices, the internet, and the need for passengers and travelers to look for reliable information to enhance connection and ensure safe travel.
TRENDS INFLUENCING THE GROWTH OF PASSENGER INFORMATION SYSTEM MARKET:
According to the most current NRPS (National Rail Passenger Survey), train delays are one of the complaints that TOGs, or railway operating groups, get most frequently. PIS services have reduced complaints for a number of organizations, including various forms of transportation. Public transport systems may reduce passengers' perceived and actual wait times by providing real-time departure and arrival information. If passengers are informed that a train is running late, they can better plan their time. For instance, they may depart later, inform their employer or the person they're meeting that they'll be late, or arrange for alternative transportation. Instead of waiting and pondering why their train hasn't come yet, passengers would want to be informed in advance that it would be late. This factor is expected to drive the growth of the Passenger Information System market.
Passengers no longer need to rely entirely on manually drafted printed schedules or even the announcements at the station's main gate to find out when the next train is planned. These schedules also assumed that there wouldn't be any delays and that the number of passengers would always be manageable. Passengers can make quick adjustments and effectively manage their time thanks to passenger information systems, which allow them to access the most recent version of their train timetable. This factor is expected to drive the growth of the Passenger Information System market.
Some public transport systems are known for being sluggish. This is especially unsatisfactory for passengers who may be advised of the delayed arrival of their bus or train and use the time in a café or store instead of waiting on the stop or platform. Giving trustworthy real-time information to users enables them to better plan their journeys and cut down on waiting times, improving the overall travel experience. This factor is expected to drive the growth of the Passenger Information System market.
The Passenger information system market might make decisions more quickly and regulate public transport networks by using big data and analytics. It not only reduces decision-making latency for linked devices, but it also offers more scalability. Additionally, due to built-in security, data management, and data analytics, PIS vendors are adopting cloud platforms that are secure platforms for the storage and computation of enormous amounts of data. Analytics, such as edge analytics, is a method of gathering, observing, and analyzing data from network devices including sensors, routers, gateways, and switches at the edge of the network. This factor is expected to drive the growth of the Passenger Information System market.
PASSENGER INFORMATION SYSTEM MARKET SHARE ANALYSIS:
The market for passenger information systems throughout the world is dominated by companies like Teleste Corporation and Atos SE. About 10% of the global market is controlled by the top 2 competitors.
The two largest markets, Europe and the Asia-Pacific region account for nearly 60% of the worldwide market.
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Key Companies:
- EKE-Electronics
- Teleste Corporation
- Atos SE
- Televic Group
- SAIRA Electronics
- AMiT
- Indra
- Thales Group
- Mitsubishi Electric
- Toshiba
- Toyo Denki
- Neusoft
- Potevio
- Sunwin Intelligent
- Beijing Century Real Technology
- GLARUN TECHNOLOGY
- Shenzhen Beihai Rail Transit Technology
- Contron.
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