A rise in demand for real-time transit information solutions for passengers increased adoption of smartphones, increased penetration of IoT solutions in the transportation sector, and advancements in telecommunication offerings are anticipated to drive the growth of the global passenger information system market.
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In addition, the surge in the adoption of cloud and big data technologies is expected to create lucrative opportunities for the growth of the market. However, the high cost associated with implementation, managing the passenger information and the 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.
According to a recent report published by Allied Market Research, 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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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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Some of the key players operating in the passenger information system market include Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales, and Toshiba Corporation.
KEY FINDINGS OF THE STUDY
- The services segment is expected to exhibit a significant increase in terms of revenue during the forecast period.
- In 2016, the roadway segment accounted for the highest revenue among the other modes of transportation.
- The passenger information display system generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
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