Passenger Information System Market is Expected to be Worth US,027 Mn by 2026

Posted by aartimurkute on April 22nd, 2022

Fairfield Market Research’s new analysis indicates the global passenger information system (PIS) market was valued at US,264 Mn in 2018 and it is projected to reach US,027 Mn by 2026. During the forecasted years 2021 and 2026, the PIS market is expected to grow at a whopping CAGR of 11.9%.

During the study period, the market displayed incessant growth prospects owing to the sophistication of transportation infrastructure and rise in the number of passengers and travelers. Growing demand for intelligent public transportation systems with real-time transit information, latest technological advancements to provide value-added experience to passengers is creating headways for market growth. Furthermore, the passenger information systems advocate safety, comfort, and on-time passenger conveyance by providing real-time, reliable, and persistent data.

Complications in integration over the legacy infrastructure and communication networks might pose some hindrance to growth, however, this challenge can be overcome with the modernization of legacy systems.Moreover, the PIS market is expanding its horizon with the incorporation of IoT, 5G, and automation technologies based on the extensive usage of smartphones and other smart devices which provides greater and enhanced connectivity. IoT adoption promotes efficacy in traffic system management by successfully incorporating data analytics to store, process, and compute sensor data.

For More Insights into the Market:  https://www.fairfieldmarketresearch.com/report/passenger-information-system-market

Growing Preference for Public Transportation and Rapid Urbanization Hurls Exponential Growth Across Passenger Information System Market 

Public transport comprises buses, railways, and airways as transit options. With the application of public information systems, passengers can easily access these transport options. Public transports are a comparatively affordable, safer, and sustainable option for traveling. The recent shifts in the demand for public transport are attributed to the rising disposable income coupled with altering working demographics. Additionally, a consistent modernization of infrastructural setup in urban centers is led by a perpetual rise in the population density.

Significant shifts toward public transportation have emerged as a breeding ground for technological transformation and dynamic opportunities. Going forward, the rising demand for robust transit operations and momentous urban infrastructure establishments backed by government subsidies have driven tremendous demand for passenger information systems across urban areas. The PIS sector showcases tremendous growth possibilities with a strong inclination of passengers to advanced data connectivity, usage of mobile devices, and a rise in transportation technology aggregators.

North America Ranks as Most Favorable Region for Global Passenger Information System Market 

North America, which shows greater grit in the development of next-gen transportation infrastructure, dominates the regional segment of the passenger information system market. Tangible investments in intelligent transportation systems followed by a well-established network landscape and outpacing developments in the sector are steering tremendous growth across the North American regions. Development of cutting-edge technologies and financial assistance by the government in developing smart cities have ranked Canada and the U.S. as the most prospering countries. The nations are consistently focusing the effort and ingenuity of their R&D teams on sustainability and overall growth.

World over, competitive players operating in the global passenger information system market include various multinational companies viz Kentkart, Mitsubishi Electric Corporation, ALSTOM, Toshiba Infrastructure Systems & Solutions Corporation, GmbH, Quester Tangent, Advantech Co., Ltd., Cubic Corporation, Medha Servo Drives Private Limited, Teleste Corporation, Siemens Mobility, Thales Group, Lunetta, r2P, ST Engineering, Tattile, Masstrans, Televic Group NV, Indra, and Icon Multimedia.