DUBLIN--(BUSINESS WIRE)--The "Passenger Information System Market by Component (Solutions and Services), Location (On board and In station), Mode of Transportation (Railways (Trains and Trams), Roadways, Airways and Waterways), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global PIS market is estimated to be USD 23,790 million in 2020 and is projected to reach USD 42,277 million by 2025, at a Compound Annual Growth Rate (CAGR) of 12.2% during the forecast period.
Various factors such as growing demand for consistent, real-time, and reliable passenger information; increasing use of smartphones with enhanced connectivity to improve transit experience; and rising frequency of passenger journeys through public transport are driving the growth of the PIS market. However, the outdated infrastructure and poor internet connectivity across underdeveloped countries may hinder the growth of the PIS market.
Based on solutions, the mobile applications segment to grow at the highest CAGR during the forecast period
Based on solutions, the PIS market is segmented into display systems, announcement systems, emergency communication systems, mobile applications, infotainment systems, and others (passenger counting systems and video monitoring systems). The mobile applications segment is expected to grow at a rapid pace during the forecast period. Mobile applications can be used to offer real-time transit information to passengers. These applications make transit services more accessible and reliable for new passengers and can encourage people to use public transport. Mobile applications provide access to information irrespective of the location, enabling them to view maps and allowing easy access to stations and stop layouts.
Based on mode of transportation, the railways segment to hold the largest market size during the forecast period
Based on mode of transportation, the PIS market has been segmented into railways, roadways, and airways and waterways. The railways segment is projected to hold the largest market size during the forecast period due to the growing number of railways projects and rising investments in new metro line projects. The growth in the number of megacities and the population in developed and developing countries has increased the importance of deploying PIS solutions and services across the globe. An increasing number of travelers choosing rail services to reduce the time spent in traffic congestions on roads results in the growing demand for railway services, and governments across the world are increasing their investments in this segment to provide advanced services for the public and understand the requirements of the passengers.
Based on region, Asia Pacific to grow at the highest CAGR during the forecast period
Among regions, APAC is expected to grow at the highest CAGR during the forecast period. APAC being an emerging economy is witnessing dynamic changes in the adoption of new technologies along with mandatory regulations imposed. Major factors driving the growth of the PIS market in APAC include rapidly emerging transport sector, increasing number of buses and rails that demand PIS solutions, government initiatives to increase the transport services, increasing adoption of real-time information systems in the transport sector, developments in the waterways mode of transportation, technological advancements in the transport sector, and increasing digitization in the region.
- Growing Demand For Consistent, Real-Time, And Reliable Passenger Information
- Increasing Use Of Smartphones With Enhanced Connectivity Improves The Transit Experience
- Rising Frequency Of Passenger Journey Through Public Transport
- High Maintenance And Implementation Costs Of Pis
- Increasing Adoption Of IoT And Big Data To Enhance Passenger Travel Experiences
- Outdated Infrastructure And Poor Internet Connectivity Across Underdeveloped Economies
- Mitsubishi Electric
- St Engineering
- Icon Multimedia
- Passio Technologies
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