Passenger Information System Global Market Report 2024

The passenger information system market size has grown rapidly in recent years. It will grow from $25.17 billion in 2023 to $27.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth observed in the historical period can be attributed to urbanization and the expansion of public transportation, efforts towards regulatory compliance, improvements in passenger experience, increased mobility and connectivity, and heightened concerns for safety and security.

The passenger information system market size is expected to see rapid growth in the next few years. It will grow to $42.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to personalized passenger services, the implementation of predictive analytics for service optimization, cybersecurity measures, and a focus on sustainability and eco-friendly transportation. Major trends in the forecast period include technological advancements in communication, the integration of augmented reality (AR) and virtual reality (VR), real-time travel information, seamless integration with mobile devices, and the promotion of multimodal transportation solutions.

The anticipated growth in the number of travelers and passengers is expected to be a significant driver for the expansion of the passenger information system market in the coming years. The passenger information system plays a crucial role by providing real-time updates on the status of public transportation and other essential information, enhancing the safety and overall experience of commuters. For instance, data from the International Air Transport Association, a Canada-based trade association of the world's airlines, indicates a substantial increase in revenue passenger kilometers (RPKs) by 76.0% and a notable 11.7% rise in domestic traffic in March 2022 compared to the same period in 2021. This data highlights the growing number of travelers and passengers, underscoring the pivotal role played by passenger information systems in meeting the needs of an expanding transportation user base. Consequently, the upward trend in the number of travelers and passengers is a key factor driving the growth of the passenger information system market.

The anticipated increase in demand for smartphones is poised to be a significant driver for the growth of the passenger information system market in the foreseeable future. Smartphones, advanced mobile devices that integrate traditional cellular phone functionalities with various computer-such as features, are becoming integral to modern communication. They enable users to access real-time information through passenger information systems, providing up-to-date details about public transportation services, including arrival times, delays, and route changes. In February 2023, Uswitch Limited, a UK-based financial conduct authority, reported a noteworthy growth in mobile connections, reaching 71.8 million in the UK in 2022, representing a 3.8% increase (around 2.6 million) compared to 2021. The UK's smartphone ownership is projected to reach 95% of the population, approximately 65 million individuals, by 2025. This surge in smartphone demand underscores the pivotal role these devices play in accessing passenger information systems, driving the growth of the passenger information system market.

Key players in the passenger information system market are strategically focusing on the introduction of advanced solutions, with a particular emphasis on digital systems, to establish a competitive advantage. Digital systems, intricate hardware circuits, function to store, process, and transmit information in digital format, utilizing discrete symbols such as binary digits (bits) for representation. A case in point is Wiener Linien, an Austria-based company specializing in passenger transportation services, which, in January 2022, unveiled a digital passenger information and guidance system. This system, positioned strategically above each door, serves as a dynamic visual information source, enhancing the overall passenger experience by providing information-rich content. The digital passenger information and guidance system contribute to the seamless and convenient utilization of trains, thereby elevating the quality of the travel experience for passengers.

Leading companies in the passenger information system market are strategically focusing on the introduction of advanced solutions, particularly passenger tracking solutions, to secure a competitive advantage. Passenger tracking solutions are innovative technologies specifically designed to monitor and track the movement of passengers within an airport, enabling swift responses to potential issues. A notable example is AeroCloud Systems, a UK-based software company, which, in March 2023, introduced AeroCloud Optic. This cutting-edge passenger tracking solution utilizes computer vision to intelligently and anonymously track passengers throughout the airport. AeroCloud Optic offers real-time monitoring of passenger flow and activates alerts in the face of operational bottlenecks, such as prolonged wait times at check-in or security. The solution not only optimizes airport operations but also significantly enhances the overall passenger experience, ultimately contributing to revenue maximization.

In September 2021, R2P, a Germany-based transportation technology designer and developer, successfully acquired T.G. Baker Americas Inc. for an undisclosed amount. This strategic acquisition is anticipated to establish a robust presence for R2P in North America and contribute to the expansion of its customer base. T.G. Baker Americas Inc. is a Canada-based company specializing in passenger information systems.

Major companies operating in the passenger information system market report are Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, Airbus SE, Cisco Systems Inc., Mitsubishi Electric Corporation, Toshiba Corporation, Thales Group, Alstom SA, Atos SE, Singapore Technologies Engineering Ltd., Wabtec Corporation, Icon Multimedia, Bombardier Inc., Indra Sistemas S.A., Advantech Co. Ltd., LOT Group, Cubic Corporation, Neusoft Corporation, TOYO DENKI SEIZO K.K., Teleste Corporation, LANCom D. O. O., Secheron SA, ENABLE INTERNATIONAL LIMITED, AMiT Transportation, EKE-Electronics Ltd., Quester tangent Corp., Televic Rail, Dittolive Incorporated, Infotek Software & Systems Private Limited , Stadler Rail.

North America was the largest region in the passenger information system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the passenger information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the passenger information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Passenger information systems consist of three main components such as hardware, software, and services. Hardware encompasses the physical components of computers and related devices, and these are deployed both on board and in stations. The scope of transportation modes covered includes railways, roadways, airways, and waterways. In terms of functionality, passenger information systems incorporate multimedia displays, audio systems, computing systems, networking and communication devices, video surveillance, content management systems, and other functional models to provide comprehensive and efficient information services to passengers.

The passenger information system market research report is one of a series of new reports that provides passenger information system market statistics, including passenger information system industry global market size, regional shares, competitors with a passenger information system market share, detailed passenger information system market segments, market trends and opportunities, and any further data you may need to thrive in the passenger information system industry. This passenger information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The passenger information systems market consists of revenues earned by entities by providing prerecorded announcement and interactive voice response system. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.