The global automated passenger counting system market size was valued at USD 155 million in 2019 and is projected to reach USD 245 million by 2025; it is expected to grow at a CAGR of 13.2%
NEW YORK, Oct. 7, 2020 /PRNewswire/ -- The global automated passenger counting system market size was valued at USD 155 million in 2019 and is projected to reach USD 245 million by 2025; it is expected to grow at a CAGR of 13.2% from 2020 to 2025. The global passenger information system market size was valued at USD 7.0 billion in 2019 and is projected to reach USD 8.9 billion by 2025; it is expected to grow at a CAGR of 12.5% during the forecast period. The market has a promising growth potential due to several factors, including surged demand for advanced solutions in the transportation sector, deployment of automated passenger counting systems to optimize operational costs of transit agencies, and increased demand for real-time transit information from passengers and proper fleet management by transit vehicle operators owing to COVID-19.
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The lack of awareness about benefits offered by automated passenger counting systems in developing and least developed countries and the presence of legacy infrastructures incompatible with passenger information systems are expected to restrain the growth of the automated passenger counting and information system market.
The recent COVID-19 pandemic is expected to impact the global automated passenger counting and information system industry.The entire supply chain is disrupted due to a limited supply of components.
The demand for passenger information systems has reduced owing to the impact of the COVID-19 on their end-use applications. Similarly, public transport usage has reduced significantly across the world owing to government regulations for complete lockdowns and adherence with social distancing norms that have led to the preference for personal vehicles over public transport among masses.
Stereoscopic Vision: The fastest-growing technology segment of the automated passenger counting market
The stereoscopic vision technology used in passenger counting systems is one of the most advanced, reliable, and accurate technologies used worldwide.It uses sensors to create 3D views of detection areas to create and record 3-dimensional views of objects.
Four data points are considered for each image, namely, height, mass, speed, and direction.In this manner, 3D images of detection areas are created, which enable these sensors to detect individuals even in crowded areas.
Stereoscopic vision technology is used for fraud detection in public transport by comparing fare collection and passenger count. It is also used to enhance the operational efficiency of transit operators through fleet management and scheduling, as well as restricts the passenger flow in vehicles to ensure the safety of passengers amid the COVID-19 situation.
Buses: The largest application segment of the automated passenger counting market
The bus segment of the automated passenger counting system market is projected to grow at the highest CAGR during the forecast period.Buses are a primary mode of public transport in various countries such as the US, Canada, Germany, the UK, China, India, and Australia.
The continuous increase in the usage of buses is leading to rising demand for automated passenger counting systems to be installed in them for reliable and safe service offerings, as well as for enhancing the efficiency of transit operations.
Display Systems: The largest type of passenger information system market
The display systems segment is estimated to account for the largest size of the passenger information system market from 2020 to 2025.These systems are used in transportation hubs to deliver accurate information about flight schedules, travel details, weather updates, transfer locations, etc.
They are used for keeping passengers well-informed of different situations and locations. Ongoing technological advancements in display systems to enhance the traveling experience of passengers, rising urban population, increasing requirements of real-time fleet and passenger flow management in the present COVID-19 situation, surging adoption of IoT and intelligent technologies in the transportation sector, and ongoing government investments in different countries to promote the adoption of advanced technologies for transportation applications are driving the growth of display systems segment of the passenger information system market.
APAC: The fastest-growing region in the global automated passenger counting and information system market
The market in APAC is projected to grow at the highest CAGR during the forecast period.The growth of the market in this region can be attributed to the increasing adoption of passenger counting systems in transit vehicles to provide reliable, secure, and timely transportation services.
Need for smart transportation networks to ensure reliable and secure traveling experience for passengers. The rapidly developing transportation sector and continuously increasing investments in it to enhance the public transit services, as well as the increased adoption of smart solutions in the transportation sector in APAC, act as growth opportunities for the providers of automated passenger counting and information systems.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
• By Designation: C-level Executives – 35%, Directors – 28%, and Others – 37%
• By Region: Europe – 45%, North America – 35%, APAC – 15%, and RoW – 5%
iris-GmbH Infrared & Intelligent Sensors (Germany), HELLA Aglaia Mobile Vision GmbH (Germany), Eurotech S.p.A. (Italy), DILAX Intelcom GmbH (Germany), Infodev Electronic Designers International Inc. (Canada), Cisco Systems, Inc. (US), Siemens AG (Germany), Hitachi, Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), Innovation in Traffic Systems SE (Germany), BOE Technology Group Co., Ltd. (China), Clever Devices Ltd. (US), Ermetris SRL (Italy), EyeRide (US), Giken Trastem Co., Ltd. (Japan), GMV Syncromatics (US), LG Electronics (South Korea), Passio Technologies (US), Postec Technology (Brazil), r2p GmbH (Germany), Wabtec Corp. (US), and Xovis AG (Switzerland) are some key players operating in the automated passenger counting and passenger information system market.
Research Coverage:
The report segments the automated passenger counting and information system market and forecasts its size, by value, with COVID-19 impact based on region (Asia Pacific, Europe, North America, and RoW), APC by Technology (Infrared, Time-of-Flight, Stereoscopic Vision and Others), APC by Application (Buses, Trains, and Trams, Ferries), Passenger Information System Market by Type (Display System, Announcement and Emergency Communication Systems, Infotainment Systems and Mobile Applications) and by Application (Railways, Roadways, Airways).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the fingerprint sensor market amidst the COVID-19 pandemic. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the impact of COVID-19 on the market and gain more insights to better position their businesses and plan suitable go-to-market strategies.
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