Passenger information system also called as customer information systems and operational information systems are automated system designed to generate, maintain and convey information about transport service, through visual, text, voice and other media to end users. The global passenger information system market was valued at USD 6.12 billion in 2016 and is projected to grow at a 23.17 % CAGR during the forecast period of 2016 to 2023.
By Services: By Geography, North America is dominating the Passenger Information System Market followed by Europe. Whereas Asia-Pacific is expected to be the fastest growing region in the coming years.
North America led by the U.S. accounts for the largest share of the market in 2016 with a 38 % market share.
Europe accounts for the second position with a 33% market share in 2016 and is led by France, Germany and the U.K.
Asia-Pacific expected to be the fastest growing region and possess a 21 % market share in 2016 with China and India leading the market. The rest of the world is expected to generate a moderate growth and represents an 8 % market share in 2016.
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Explosive growth of travel and tourism, increasing concern of transports security, urbanization, growing complexity and means of travel, demand for real time information, and customer satisfaction are the prime drivers of the market. Effective management of crowd derived from passenger information system help to avoid and mitigate concerns of security especially in public transport systems is an important paradigm behind the adoption of passenger information system.
The development of analytics, advent of big data, benefits of price discovery, passenger forecasting, business and operations intelligence gained by leverage of the time data are driving greater adoption of informatics. Development of antecedents such as explosive adoption of smart devices, growing connectivity and network, falling digital divide, automated public address systems, elimination of errors resulting from manual paper work, convergence of information at a single platform and others are the technological drivers of the market.
Upgrading static information systems, which updates after a time lag with real time information systems which changes continuously is expected to drive the future market growth as they help in fore warning about an untoward event, thereby helping to take corrective action.
The developments in user interface such as LEDs, information announcement system, passenger information mobile application etc. is expected to result in rapid adoption of the passenger information system. Development of greater functionality such as surveillance, automated response to disaster or threats, capacity prediction, and others are also fuelling the market. Development of the cloud and innovative business models such as software as a service, platform as a service, and infrastructure as a service have resulted in low barriers to newer players owing to licensing and leasing which eliminates the need for upfront investment.
High cost of installation and maintenance, scarcity of trained manpower, issues of standardization and integration, concerns over data security are prime deterrents of the market growth.
The dominant players in the global passenger information system market are Infax, Inc. (U.S.), Huawei Technologies Co. Ltd (China), Passio Technologies, Inc. (U.S.), General Electric Company (U.S.), Advantech Corporation (Taiwan), Cubic Transportation Systems (U.S.), DTI Group (Australia), Siemens AG (Germany), Medha Servo Drives Pvt. Ltd (India) and Neusoft Corporation (China) and others.
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To generate an accurate assessment of the market, the global passenger information system market has been segmented on the basis of solutions, components, services, mode of transportation and regions.
Based on the solutions, the market has been segmented by information announcement systems, display systems, emergency communication systems, infotainment systems and passenger information mobile applications among others. Display systems accounts for the fastest growth of the market and is expected to grow with fastest CAGR of 22 %.
Based on the components, the market has been segmented by multimedia displays, networking devices, communication devices, sensors and others. Sensors accounts for the largest share of the market while networking devices are expected to generate the fastest growing 26.48 % CAGR
Based on the services, the market has been segmented by cloud, professional and integration among others. Integration service accounts for the largest share of the market and is poised to grow with 22.27 % CAGR. Cloud services is projected to generate the fastest CAGR of 25.81 %.
Based on the modes of transportation, the market has been segmented by roadways, railways and airways.
Based on the regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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