CHICAGO, March 17, 2020 /PRNewswire/ -- According to the new market research report "Passenger Information System Market by Component (Solutions and Services), Location (On board and In station), Mode of Transportation (Railways (Trains and Trams), Roadways, Airways and Waterways), Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Passenger Information System Market size is expected to grow from USD 23.8 billion in 2020 to USD 42.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period. Major factors fueling the market growth include the growing demand for consistent, real-time, and reliable passenger information; increasing use of smartphones with enhanced connectivity to improve transit experience; and rising frequency of passenger journeys through public transport.
Browse in-depth TOC on "Passenger Information System Market" 96 – Tables 43 – Figures 149 – Pages
Based on components, the solutions segment to hold the larger market size during the forecast period
Based on components, the PIS Market is segmented into solutions and services. The solutions segment is expected to hold the largest market size during the forecast period, as it provides passengers with real-time information along with several other features, such as passenger/public announcements, emergency notifications, infotainment, and Global Positioning System (GPS)-based applications. PIS solutions are IT systems that offer real-time information about the arrival and departure of public transportation vehicles and highlight vehicle delays and their causes. PIS solutions today are highly advanced and these solutions are not just limited to a person waiting at the station or airport. These solutions might be helpful in emergency or incident management as critical information can be delivered over the network in real time.
Based on services, the training, support and maintenance segment to grow at a higher CAGR during the forecast period
Based on services, the Passenger Information System Market is segmented into consulting and integration services, and training, support and maintenance services. The growing need to maintain and enhance existing PIS solutions and make the deployed solution more robust with the emerging passengers travel journey would pave the way for training, support and maintenance services in the market. Training, support and maintenance services play an important role in creating expertise and skilled technician for PIS solutions to be operated and managed effectively. Vendors provide various levels of support programs, such as standard and extended support that are designed to meet passenger's needs.
Among regions, North America to hold the largest market size during the forecast period
Among regions, North America is dominating the PIS Market, as the region is considered to be the most developed region where the network infrastructure is in sound condition leading to the rising demand for PIS solutions and services. Most of the transport sectors have implemented PIS solutions and services in the region on a large scale as the network connectivity is available in every corner. Growing ridership in public transport is also fueling the demand for PIS solutions in North America. PIS enables passengers to get relevant real-time information regarding the status of all kinds of modes of transportation, such as airplanes, trains, trams, and buses.
Major vendors in the global Passenger Information System Market include Advantech (Taiwan), Alstom (France), Wabtec (U.S.), Cubic (U.S.), Cisco (U.S.), Siemens (Germany), Hitachi (Japan), Huawei (China), Thales (France), Teleste (Finland), Mitsubishi Electric (Japan), ST Engineering (Singapore), Dysten (Poland), Televic (Belgium), Lunetta (India), r2p (Germany), Indra (Spain), ICON Multimedia (Spain), Passio Technologies (US), LANCom (Slovenia), and Simpleway (Czech Republic).
Smart Transportation Market by Transportation Mode (Roadways, Railways, Airways, and Maritime), Solution (Smart Ticketing, Traffic and Freight Management, PIS), Service, Application (Shared Mobility, Public Transport), and Region - Global Forecast to 2023.
Fleet Management Market by Solution (Operations Management, Vehicle Maintenance and Diagnostics, Performance Management, Fleet Analytics and Reporting), Service (Professional and Managed), Deployment Type, Fleet Type, and Region - Global Forecast to 2023.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.