Demand for Display Systems Surges amidst COVID-19 Outbreak to Float Educational Posters
The ongoing battle with COVID-19 (coronavirus) has compelled transport agencies to adopt display systems to float messages about COVID-19 preventive measures. Hence, companies in the passenger information system market are capitalizing on this trend and increasing their production capabilities to increase the availability of display and audio communication systems. This trend is prominent in the Indian Railway industry. Indian transport agencies are adopting Bollywood-themed COVID-19 messages that grab the attention of individuals traveling through public transport.
Educational railway posters, with the help of LCD (Liquid Crystal Display) and LED (Light Emitting Diode) displays are a prominent trend in the Indian passenger information system market.
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Cost-efficient SaaS Platforms Create Incremental Opportunities for Vendors
Software as a Service (SaaS) is increasingly becoming the new trend in modern transit systems. SaaS models have facilitated the introduction of subscription-based account, which helps a user to fetch information from the cloud. As such, the subscription economy has been exploding in the past couple of years and holds promising potentials in the passenger information system market. For instance, LIT Transit— a provider of mobility technology solutions, is increasing its efficacy in SaaS-based passenger information systems (PIS) to provide flexibility in transit management.
The passenger information system market is undergoing a revolution from hardware dependent systems to hardware independent software. Transport agencies are increasingly adopting SaaS platforms, owing to its advantages of constant innovations and cost efficiency. Many agencies have experienced a boost in their performance levels after the deployment of SaaS platforms.
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Next-gen On-board PIS Deploys Combined Infotainment and Commercial Content
Companies in the passenger information system market are profiting by increasing the availability of on-board PIS. For instance, Nomad Digital— a provider of passenger and fleet connectivity solutions, is building its portfolio in on-board passenger information systems that involve on-train screens and the delivery of journey information in the rail industry. Innovative on-board passenger information systems are bolstering the growth of the passenger information system market, which is estimated to reach US$ 65.3 Bn by the end of 2030.
The demand for on-board passenger information systems is surging in the global market landscape, owing to needs of infotainment and content management. As such, commercial content is being controlled via scheduled programming technology, thus eliminating the need for employees in transport agencies. Vendors are increasing their R&D capabilities to develop single platform on-board PIS solutions for the rail industry.
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Open Data Resources Deliver Real-time Information in U.K. Public Transport Industry
The passenger information system market is projected to advance at a robust CAGR of ~13% during the assessment period. This is evident, as transport agencies are harnessing the advantages of data in the public transport sector. As such, the public transport industry is pervasively becoming more digitalized. However, there is a lack of open and shared resources for data that adhere to privacy laws and General Data Protection Regulation (GDPR) in the European Union. Hence, companies in the passenger information system market are increasing their R&D efforts to tap into opportunities in the Internet of Things (IoT) in order to collect and share data to the people in real time.
Transportation in London is leading the way for open data in the U.K. Transportation agencies are using predictive analytics to study data and use the data to counter problems before they occur.
Passenger Information System Market: Overview
- The global passenger information system market is expected to reach US$ 65.3 Bn by 2030 from US$ 18.6 Bn in 2020, expanding at a CAGR of ~13% from 2020 to 2030
- The global passenger information system market is currently driven by increasing adoption of mobile PIS (Passenger Information System) among end users. The passenger information system market in Asia Pacific is projected to expand at a high CAGR during the forecast period. The growing adoption of passenger information systems in airports, metros, as well as ports has propelled the demand for passenger information systems in the region.
- China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share of the passenger information system market in the region.
Passenger Information System: Market Definition
- The passenger information system market report provides analysis of the global passenger information system market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- Passenger information systems are a set of IT solutions, hardware, and services that provide public transport status information through voice, visual, or other mediums
- In this report, we analyze the challenges end users face in acquiring the right passenger information systems that can cope with rapidly changing world. The report also highlights the total revenue generated through the sale of passenger information systems across various key regions worldwide.
North America Passenger Information System: Market Snapshot
- The passenger information system market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for passenger information systems, with revenues in 2020 estimated at US$ 6,887.4 Mn.
- Strong presence of passenger information system vendors, along with high spending in R&D in North America is a crucial factor fueling the passenger information system market. New enhancements related to passenger information systems are primarily introduced in the U.S. and then marketed around the world. Strong public transportation systems and network connectivity in the U.S. has increased the demand for passenger information systems. Increasing air passenger traffic in the U.S. and Canada is expected to propel the demand for advanced passenger information systems during the forecast period in the region.
Key Growth Drivers of Passenger Information System Market
- Customer Inclination for Rich Experiences – Today’s commuters are highly demanding and seek enduring travel experiences. Real-time information about routes, connections, disruptions, etc., not only helps commuters in better planning and optimum utilization of time but also indicates a professional set up and good reputation of the transport service provider. Quality of service plays a pivotal role in influencing the commuters’ decision to opt for the same transport again. Providing real-time information to commuters is a win-win situation for both the transport service provider and commuters. This radical practice is driving the passenger information system market toward significant growth.
- Rising Demand for Real-time Passenger Information Systems – The increasing demand for real-time passenger information systems for every mode of transport (rail, road, air, sea) is a key factor driving the market. Integration of the AVL system in public transportation systems help to provide real-time vehicle location to passengers so that they can analyze the arrival of public vehicles and manage their time accordingly.
Key Challenges Faced by Passenger Information System Market Players
- Passenger information system installation is costly, as it requires an overhaul of the existing system. In most countries, railways and city bus services are initially controlled by the government. As governments worldwide prioritize on developing airports and metros, railways and buses often get low budgets/investments. Furthermore, considerable bureaucracy and paperwork at multiple levels slows down the decision making process impacting the adoption of new technologies, such as passenger information systems.
Passenger Information System Market: Competition Landscape
- In December 2019, Indian Railways launched a new passenger information system at Anakapalle station in Vijayawada Division
- In July 2019, Simpleway signed a strategic partnership with Infax, Inc. to provide travel hubs with an intuitive audio-visual, passenger communication platform. With this partnership, companies are expected to offer a robust unified software system to end- users for passenger communication.
Passenger Information System Market: Company Profile Snapshot
- Advantech Corporation: Incorporated in 1983, Advantech Corporation is a Taipei, Taiwan based company that designs, develops, and markets industrial computing and automation solutions. The company provides various hardware, software, and services.
- Cubic Corporation: Cubic Corporation is a U.S.-based technology driven company that provides innovative, mission-critical solutions. The company designs, integrates, and operates systems, products, and services for transportation, communication, computers, information systems, etc.
- Other major players operating in the global passenger information system market and profiled in the report include
- Alstom SA
- Cisco Systems Inc.
- Fujitsu Ltd.
- Funkwerk AG
- Hitachi Ltd.
- Huawei Technologies Co., Ltd.
- Indra Sistemas S.A.
- Mitsubishi Electric Corporation
- Siemens AG
- Simpleway Europe a.s.
- Teleste Corporation
- Televic Group NV
- Thales Group
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