Passenger information system (PIS) includes predictions as well as information about the arrival and departure of passengers and the very nature of disruptions. The PIS is an electronic information system, which is supported by high-tech information technology solutions, making it highly functional. The best thing about these systems is that they provide real-time information and have more accuracy ratio as compared to the conventional methods and manual scheduling and data delivery. The global passenger information system market is aiming at healthy growth, thanks to the increasing demand for systematic and regulated traffic. The industry has growth potential in both developed as well as developing parts of the world. This is a heartening fact for the existing businesses and potential investors in the market.
Segments in PIS Market
The market for passenger information system is segmented into different types of solutions, services, components, modes of transportation, and overall geographic regions of the world. Following are the details about the sub-segments in this industry, which are based on the demand, market share and revenue channels for these products:
- Solutions: Display systems, announcement systems, infotainment systems, emergency communication systems, passenger information mobile applications and others
- Components: Public announcements, multimedia display, sensors, networking and communications and other components
- Services: Professional, cloud, and integration services
- Modes: Railways, roadways, and airways
- Regions: Latin America, North America, Europe, Asia Pacific, and Middle East and Africa
Increasing use of smartphones, demand for high-tech devices across emerging markets and better connectivity are some of the major drivers for the global market for passenger information systems. Efficiency of mobile applications of tracking and monitoring information is also creating huge demand for these systems all over the world. The rate of adoption for these technologies is impressive as well. Rising demands from the passengers is also a major trigger for the advancing technology and brand new solutions that are made available in the market.
As a result of all these facts, the market is expected to grow at an impressive compound annual growth rate. According to the researchers, the industry is expected to reach CAGR of over 26% from 2014 to 2019. At the estimated rate, the market will continue growing from $6.27 billion in 2014 and reach past around $20.34 billion by the end of 2019. During the research timeframe, North America is expected to dominate the global market. Asia Pacific on the other hand is estimated to witness strong growth. Increasing awareness, raised standard of living and penetration of smartphones network are some major factors responsible for this growth.