According to a recent report published by Allied Market Research, titled, “Passenger Information SystemMarket by Component, Solutions, and Mode of Transportation: Global Opportunity Analysis and Industry Forecast, 2018-2025,” the global passenger information system market was valued at $13,703 million in 2016, and is projected to reach at $45,679 million by 2025, growing at a CAGR of 14.60% from 2018 to 2025.
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Rise in demand for real-time transit information solutions for the passengers, increased adoption of smartphones, increased penetration of IoT solutions in transportation sector, and advancements in telecommunication offerings are anticipated to drive the growth of the global passenger information system market. In addition, surge in adoption of cloud and big data technologies is expected to create lucrative opportunities for the growth of the market. However, high cost associated with implementation, managing the passenger information and dearth of advanced infrastructure facilities among the developing economies of Asia-Pacific and LAMEA for installing these systems are anticipated to hamper the market growth during the forecast period.
Based on mode of transportation segment, the roadway segment led the passenger information system market in 2016, and is projected to maintain its dominance in the future. However, the railway segment is expected to witness the highest growth, owing to its increased need of passenger information system to provide accurate and reliable updates to railway passengers before and throughout their journey.
The global passenger information system market was led by the North America in 2016, and is projected to maintain its dominance during the forecast period. However, the Asia-Pacific is anticipated to witness the fastest growth, registering a CAGR of 20.20% during the forecast period.
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