Passenger Service System Market is Likely to Reach 11.52 bn by 2024 | TMR

ALBANY, New York, April 12, 2017 /PRNewswire/ --

Since the global market for passenger service system (PSS) is oligopolistic in nature, the competition within the market is moderate, finds a new research study by Transparency Market Research (TMR). The presence of only a few well-established players, namely, Amadeus Group SA, Sabre Corp. and SITA N.V., makes the market highly volatile in nature. These three players, together accounted for nearly 44% of this market in 2015.

Going forward, the rising demand for airline services is anticipated to trigger the entry of new players in the emerging markets of Asia Pacific, South America, and the Middle East and Africa, which may intensify the market competition in the years to come, notes the research study.

As per TMR's estimations, the opportunity in the global PSS market will rise at a CAGR of 11.80% over the period from 2016 to 2024, increasing from US$4.31 bn in 2015 to 11.52 bn by the end of the forecast period.

Research Report: http://www.transparencymarketresearch.com/passenger-service-system-market.html

Asia Pacific to Surpass North America in Near Future 

The report also presents an exhaustive geographical assessment of the worldwide PSS market, in which, it considers the Middle East and Africa, North America, South America, Europe, and Asia Pacific as the key segments of this market. As per the study, holding a share of more than 28%, North America emerged as the leading regional PSS market in 2015, thanks to the increased demand for passenger services due to the high number of air passengers and the presence of leading airline operators in this region. Asia Pacific, however, is projected to take over the reign from North America in the near future on the ground of the increasing tourism industry in China, Japan, and Australia.

According to this report, airline reservation systems have surfaced as the most valued service in the global PSS market. In 2015, the segment led the global market with a share of nearly 28%. Researchers expect the scenario to remain so over the forecast period, thanks to the rising uptake of airline reservation systems among medium- and small-size airline operators, reports the study.

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Integration of IT in Airline Industry to Boost Demand for PSS 

"As passenger service systems optimizes CAPEX and OPEX for the players operating in the airline sector, its adoption is increasing substantially," says the author of this research study. With the rapid integration of information technology in the airline industry, a number of airlines have adopted passenger service systems (PSSs) in their regular operational processes. PSS has made airline operations highly automated with the introduction of online booking, inventory control, and reservation service, which has added significantly to its popularity, and subsequently, to its demand across the world.

In addition to this, the marginal benefits for airline operator through the inclusion of ancillary offerings are likely to support this market considerably over the period of the forecast. However, the rising concerns of security issue may hamper the growth of this market to some extent in the years to come, states the research report.

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Get more information from Press Release:

The study presented here is based on a report by Transparency Market Research (TMR), titled "Passenger Service System (PSS) Market (Service - Airline Reservation System, Airline Inventory System, Departure Control System, Internet Booking System, Loyalty System, Customer Care System, Airport Management Consulting, and Ancillary Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024."

The global passenger service system (PSS) market is segmented into: 

By Service 

• Airline Reservation System
• Airline Inventory System
• Departure Control System
• Internet Booking System
• Loyalty System
• Customer Care System
• Airport Management Consulting
• Ancillary Services

By Geography 

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Related Research Reports by TMR: 

• Airport Information System Market : http://www.transparencymarketresearch.com/airport-information-system-market.html
• Smart Airports Market: http://www.transparencymarketresearch.com/smart-airports.html
• Kiosk Market: http://www.transparencymarketresearch.com/kiosk-market.html

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SOURCE Transparency Market Research