Passenger Information System Market worth $52.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 14, 2024 /PRNewswire/ -- To provide real-time, easily accessible, and seamless travel experiences, the Passenger Information System (PIS) Market will need to integrate sophisticated technologies, support multimodal connection, and improve personalisation. The evolution of PIS will be shaped by integration with smart infrastructure, data-driven insights, and an emphasis on sustainability, with a priority on passenger happiness and effective urban mobility.

The Passenger Information System Market is expected to reach USD 52.6 billion by 2028 from USD 29.3 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Passenger Information System Market"

278 - Tables
55 - Figures
261 - Pages

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Scope of the Report

The competitive landscape and the existence of a robust vendor ecosystem play a pivotal role in propelling innovation and development within the Passenger Information System Market. The dynamic competition among technology providers fosters a continuous push for advancements, driving the evolution of more sophisticated and cost-effective solutions. In this competitive environment, companies strive to outpace each other in introducing cutting-edge features, improving system interoperability, and enhancing overall performance. The race to meet and exceed market demands encourages rapidly integrating emerging technologies into passenger information systems, such as artificial intelligence, IoT, and data analytics. As vendors vie for market share, customers benefit from diverse options, leading to an accelerated pace of innovation and a broader range of choices. The competitive forces within the Passenger Information System Market catalyze continuous improvement, ensuring that the sector remains at the forefront of technological advancements while fostering sustained market growth.

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Based on solution, display systems segment to hold the largest market size during the forecast period.

The display system segment in the Passenger Information System Market is poised to hold the largest market size throughout 2023-2028. This growth is fueled by a rising demand for visual information, advancements in display technology, and its widespread application across various transportation modes. Additionally, operators' focus on passenger experience and integration with other systems further set the segment's leading position.

Services segment is expected to hold a higher growth rate during the forecast period.

A key factor is the rising demand for managed services, where experts handle maintenance, updates, and security, allowing transportation authorities and companies to focus on their core operations while reducing upfront costs and complexity. Additionally, the growing complexity of PIS solutions featuring real-time data integration, multi-modal information delivery, and AI-powered analytics necessitates specialized expertise in areas like system integration, configuration, and data analysis. This creates a strong market for services such as consulting, maintenance, and support.

Furthermore, the increased focus on passenger experience drives the demand for personalized information and enhanced convenience. This fuels the need for services like passenger support, and data analysis to tailor information delivery to individual needs. The shift towards subscription-based models for PIS solutions also favors the services segment, generating recurring revenue streams for providers and enabling continuous improvement and innovation, further attracting customers.

Finally, the integration of emerging technologies like IoT, big data, and AI requires specialized expertise for implementation and maintenance. Service providers offer these capabilities, making them valuable partners for PIS deployments. In a competitive market, offering comprehensive services alongside solutions becomes crucial for differentiation. Services like consulting, maintenance, and support enable providers to go beyond simply selling products and create lasting partnerships with clients.

Asia Pacific is expected to hold a higher growth rate during the forecast period.

Asia-Pacific anticipates a brighter future, dominating the overall market expansion from 2023 to 2028. This is driven by a convergence of factors that includes rapid infrastructure development creating demand for advanced PIS solutions, technological advancements like AI and IoT unlocking personalized information and predictive maintenance, government initiatives promoting smart cities and intelligent transportation systems, rising urbanization necessitating efficient public transport solutions, and increasing disposable incomes fueling demand for personalized and convenient travel experiences. This is evident in initiatives such as India's Smart Cities Mission and China's investments in high-speed rail and smart airports. However, growth might vary within Asia Pacific, with developed economies taking the lead, and challenges like data privacy and cybersecurity needing to be addressed.

Top Key Companies in Passenger Information System Market:

The major vendors covered in the Passenger Information System Market are Advantech Co., Ltd. (Taiwan), Alstom SA (France), Wabtec Corporation (US), Cisco Systems (US), Cubic Corporation (US), Siemens AG (Germany), Hitachi Ltd. (Japan), Huawei Technologies Co., Ltd. (China), Mitsubishi Electric Corporation (Japan), Televic (Belgium), ST Engineering Ltd (Singapore), Indra (Spain), Medha Servo Drives (India), Efftronics Systems Pvt. Ltd. (India), Dysten (Poland), Lunetta (India), r2p Group (Germany), Icon Multimedia (Spain), Passio Technologies (US), Teleste (Finland), Lancom D.O.O (Slovenia), Simpleway (Czech Republic), Eke-Electronics (Finland), Quester Tangent (Canada), and LOT Group (Ukraine). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Passenger Information System Market.

Recent Developments

• In December 2023, Alstom launched its largest Digital Experience Centre for developing next generation Signaling solutions in India with a total investment of USD 43 million over the last decade.
• In January 2022, Siemens Mobility developed a new Passenger Info Plus system by collaborating with Wiener Linien to meet the special public transport requirements in Vienna.

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Passenger Information System Market Advantages:

• By keeping travellers informed and lowering uncertainty during their journey, PIS improves the overall passenger experience by providing real-time information on routes, schedules, delays, and service disruptions.
• By providing passengers with regular updates, controlling passenger flow, and efficiently allocating resources, PIS helps transportation operators to optimise operations, which improves service reliability and on-time performance.
• By informing passengers of critical safety announcements, emergency alerts, and evacuation instructions in the event of an emergency or disruption, PIS improves security and safety while also guaranteeing passenger well-being and adherence to safety protocols.
• PIS contributes to passenger trust and loyalty by providing accurate and current information, which raises customer satisfaction and retention rates for transportation companies.
• By giving passengers information about other routes, available capacity, and boarding procedures, PIS improves passenger flow and helps reduce crowding and congestion at stations and on vehicles.
• In order to ensure that information is accessible to passengers with disabilities and a variety of language preferences, PIS platforms are frequently constructed with accessibility features including visual displays, voice announcements, and multilingual support.
• Transportation operators may make proactive decisions and react quickly to changing circumstances by using PIS to monitor and manage passenger flow, vehicle occupancy, and service interruptions in real-time.
• PIS helps transportation providers save money on labour, paper, and printing supplies by eliminating the need for manual announcements and printed timetables. It also enhances operational effectiveness and resource utilisation.
• PIS solutions assist transportation providers in meeting legal and industry requirements by assisting them in adhering to regulations pertaining to passenger information, safety, and accessibility.

Report Objectives

• To determine, segment, and forecast the Passenger Information System Market based on offering (solution and services), location, transportation mode, and region in terms of value
• To forecast the size of the market segments with respect to 5 main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
• To study the complete value chain and related industry segments and perform a value chain analysis of the market landscape
• To strategically analyze the macro and micro markets with respect to individual growth trends, prospects, and contributions to the total market
• To analyze the industry trends, pricing data, patents, and innovations related to the market
• To analyze the opportunities for stakeholders by identifying the high-growth segments of the market
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and R&D activities

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