The global Passenger Information System Market size 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™. 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.
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Passenger Information System Market Dynamics:
Drivers:
- Rise in demand for smart public transportation systems, including real-time transit information of passengers.
- Increase in adoption of handheld devices led to rise in connectivity and usage of advertising and information systems
- Advancements in technological solutions to enhance passenger experience
- Rise in urban population and traffic in public transportation systems
Restraints:
- High costs involved in implementing and maintaining passenger information systems
- Stringent transportation regulatory policies.
Opportunities:
- Adoption of IoT, 5G, and automation technologies to enhance technological optimization.
- Increase in penetration of cloud, big data, and analytics in PIS
- Decline in vehicle ownership with advancements in Mobility-as-a-Service (MaaS)
List of Key Players in Passenger Information System Market:
- Advantech Co.
- (Taiwan)
- Alstom SA (France)
- Wabtec Corporation (US)
- Cisco Systems (US)
- Cubic Corporation (US)
- Siemens AG (Germany)
- Hitachi Ltd. (Japan)
- Huawei Technologies Co.
- (China)
- Mitsubishi Electric Corporation (Japan)
- Televic (Belgium)
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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.
“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.
Market Players
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.
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