Passenger Information System Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Transportation Mode (Railway, Airway and Waterway, Roadways), By Location (On Board, In Station), By Functional Model (Computing System, Video Surveillance, Audio System) And Regional Forecast, 2024-2032

The passenger information system (PIS) is a solution that provides passengers with valuable real-time information about the status of transportation modes such as planes, trains, and buses. The operating tool provides passengers with audible and visual communication at stations and other transfer facilities. It comprises route-related information management using various platforms such as indicator panels, screens,  and others.

The growing number of transportation companies to provide passengers with accurate and consistent real-time travel information will boost the passenger information system market demand. Increasing the use of the internet, mobile devices, and the requirment of passeners and travelers to seek factual information for improved connectivity and safe travel are some of the market's growth factors.

The Internet of Things (IoT) has made it possible to communicate data between different technological devices without requiring direct human intervention. Advancements in the telecommunications industry to enable quicker data transfer capabilities, increased demand in IoT usage in the transportation sector, and demand for intelligent transportation systems boost passenger information system market growth.

The outbreak of the COVID-19 pandemic is likely to decline in demand for the passenger information system market. The lockdowns, quarantine restrictions, and travel bans had a negative impacted on the market. Most countries are adopting isolation policies, so the transportation industry has seen a significant drop across all modes of transportation. For Instance,

• In April 2021, According to International Air Transport Association (IATA), the annual loss of the airline industry is expected to be around USD 47.7 billion in 2021. In contrast, this is an improvement from the $126.4 billion predicted net industry loss in 2020.

However, as global limitations on the travel sector and public transportation systems are decreasing, the utility of passenger information systems is expected to increase after 2022.

Key Market Driver -

Increased adoption of IoT solution in transportation sector to drive the market growth.

Key Market Restraint -

Higher cost of implementation and lack of advanced infrastructure to construct a passenger information system to restrict the market growth.

Key Players Covered:

The major companies in the global passenger information system market include Advantech Co., Ltd., Cisco System, Inc., Siemens AG, Wabtec Corporation, Cubic Corporation, Thales Group, Mitsubishi Electric Corporation, Huawei Technologies Co., Ltd., Alstom, Televic Rail, Teleste Corporation, ST Engineering, LANCom D. O. O., LOT Group, Icon Multimedia, and others.

Regional Analysis:

North America is expected to hold a significant market share in the global passenger information system market due to a stronger emphasis on transportation infrastructure development and significant private and governmental sector expenditures in intelligent transportation systems. The United States and Canada are the region's leading countries, with substantial investments and transportation projects. For Instance,

• In October 2018, the U.S. Department of transportation invested around USD 63.9 billion for major transportation infrastructure across America.

Asia Pacific is likely to exhibit a remarkable market growth with the highest CAGR during the forecast period. APAC is considered one of the fastest-growing regions, owing to the increasing adoption of real-time information systems, technological advancements, and government initiatives towards transportation services. Additionally, increased investments in metro rail projects and increased number of passengers traveling from public transport in the region accelerating growth in APAC. For Instance,

• In 2021, the Indian Government has invested over USD 33 billion to improve transportation infrastructure in the Union Budget, and USD 2.61 billion is funded for metro projects.

Furthermore, due to major key players such as Siemens AG, Alstom, Thales Group, and Advantech Co., Europe is expected to have significant market growth throughout the forecast period.

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Segmentation

Passenger Information System Industry Developments

• In January 2021, Cubic Corporation launched “UMO” fully integrated suite of platforms for mobility, riders, service providers and transit agencies to enhance its existing transportation technology portfolio. Umo is a versatile set of solutions that enables passengers plan trips across public and private modes and to pay fares, receive rewards for travelling, and get real-time information to improve their mobility.


• In June 2020, Wabtec Corporation launched “BlueFilter”, an air-filtration invention, to provide a healthy, and clean atmosphere for train and metro passengers. BlueFilter in railcars removes more than 90% of impurities every air cycle, TÜV tested and meets high safety standards.