DUBLIN--(BUSINESS WIRE)--The "Passenger Service System Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The passenger service system market is estimated to register a CAGR of 12% over the forecast period 2019-2024
With the emergence of low-cost carriers (LCC) and growing air passengers, the need for an efficient, mission-critical system for passenger service management is increasing.
- Increasing income levels of customers and low-cost aviation, tickets are becoming more affordable day by day for a broad base of the potential customer. For instance, according to the International Civil Aviation Organization (ICAO), in 2018, the LCCs carried an estimated 1.3 billion passengers accounting approximately 31% of the world total scheduled passengers.
- The market challenges that Passenger Service System (PSS) poses is to develop a single homogeneous solution but at the same time, the need for airlines to de-commoditize their products is restraining the possibility.
Scope of the Report
The passenger service system market is segmented by software and services. The basic modules that the software offers are the reservation system, inventory management, and departure control system. The deployment model depends on the scale of the adoption and the infrastructure present to support it.
Key Market Trends
The Rise in Air Travel Passengers is Driving the Growth of Passenger Service System
- Passenger Service System (PSS) sees its application for mission-critical systems in the airline distribution system supporting substantial airlines processes related to servicing, delivering and financially fulfilling orders.
- With increasing passengers traveling by air and need for safety and hassle-free processes before, during and post journey are major contributing factors to increase in PSS in the airlines' industry.
- For instance, the worldwide air passenger traffic grew to 4.3 billion in 2018, a 6.1% increase over 2017 with the number of departures at 38 million globally. The world passenger traffic in terms of total scheduled revenue passenger-kilometers (RPKs) reached approximately 8.2 trillion RPKs performed, according to ICAO.
Asia-Pacific to Witness a Significant Growth Share in the Forecast Period
- India and China are major contributors to the aviation industry developments in the region owing to increasing per capita GDP and domestic air connectivity. For instance, according to ICAO, Asia-Pacific recorded 42% of domestic traffic share and has grown by 10.4% in 2018.
- Airport Authority of India expecting passenger traffic to rise to 322 million in 2018-19 with subsequent investments in airport infrastructure approximately USD 15 billion in next 5 years indicates growing demand and supply in the aviation sector.
- In October 2018, IndiGo Airlines, the largest low-cost carrier in India, made plans to add its fleet of Airbus SE A320neos and ATR 72 turboprops at a rate of approximately 6 planes per month. As of May 2019, four of the carriers serving in India, including the defunct Jet Airways, have at least 100 or more aircrafts.
- Also, India plans to construct 100 new airports with an investment of close to USD 60 billion in the next 10-15 years, to make air travel more affordable, according to Civil Aviation Minister. These factors augment the demand for passenger service system by airlines in this region.
Increasing shift towards connected systems and focus of airlines on enhancing customer experiences led to differentiated offerings of passenger service system (PSS) by leading vendors like SITA NV, Amadeus IT Group among others. Many airline companies have vertically integrated to develop in-house PSS.
- In May 2018 - Scandinavian Airlines renewed multi-year technology agreement with Amadeus. The Alta suite of solutions, including inventory, reservation, ticketing, and departure control systems allowing it to optimize several areas of the business including passenger services, revenue management, and payment.
- In March 2018 - Jeju Air, South Korea's first low-cost carrier, extended its partnership with SITA for Horizon Passenger Services System (PSS) to support its business growth across pricing, ancillary revenues, passenger preferences, e-commerce channels, and local language services.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Rise in Air Travel Passengers
4.4.2 Increased Adoption of IoT and Connected Devices at Airports
4.5 Market Challenges
4.5.1 High Initial Capital Investment To Create Supporting Infrastructure
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Deployment
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SITA NV
6.1.2 Amadeus IT Group SA
6.1.3 Sabre Corporation
6.1.4 Radixx International
6.1.6 Bravo Passenger Solutions Pte Limited
6.1.7 Collins Aerospace
6.1.8 Hitit Computer Services
6.1.9 Enoyaone Ltd.
6.1.10 InteliSys Aviation System
6.1.11 Unisys Corporation
6.1.12 Videcom International Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/65i9o3