Increase in demand for intelligent transportation systems dominating Passenger Information System Market
Passenger Information System Market acts as the communication link between a transit agency and passengers. It enables to deliver information related to real-time vehicle location & status updates, schedule of journey, and timely announcements. Along with these functionalities, it focuses on improvement of the transit experience for passengers by entertaining the passengers through infotainment systems.
Rise in demand for transit agencies to deliver reliable and accurate real-time transit information to passengers drives the growth of the passenger information system market. Furthermore, advancements in the telecommunication sector to enable faster data transfer capabilities, surge in IoT adoption in transportation sector, and increase in demand for intelligent transportation systems are the major factors responsible for the growth of the market.
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According to a recent report published by Allied Market Research, titled, Passenger Information System Market 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.
Top Impacting Factors:
· Increased adoption of smartphones
· Rise in adoption of cloud & big data technologies
· Dearth of advanced infrastructure for installing passenger information system
· High cost of implementation
Key Regions:
· Europe
· North America
· Asia-Pacific
· LAMEA
Key Benefits:
- This study includes the analytical depiction of the global passenger information system market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2016 to 2025 to highlight the financial competency of the industry.
- Porters Five Forces analysis illustrates the potency of buyers & suppliers in the global passenger information system industry.
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Key Market Player:
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.
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