Passenger Information System Market Expected to Reach $20.34 Billion by 2019 - New Report by MarketsandMarkets
(PR Web Via Acquire Media NewsEdge) (PRWEB) May 07, 2014
The report "Passenger Information System Market [Display, Announcement, Emergency Communication, Infotainment, Mobile Applications, Devices and Components, Services (Professional, Integration, Cloud)] - Worldwide Market Forecasts and Analysis (2014 - 2019)", defines and segments the Passenger Information Systems market into various segments and provides an in-depth analysis and forecasting of revenues. This research report helps to identify the factors driving this market, various restraints, challenges and opportunities impacting it along with the future roadmaps.
Browse more than 96 market data tables with 62 figures spread through 180 pages and in-depth TOC on "Passenger Information System Market".
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MarketsandMarkets expects the Passenger Information System Market to grow from $6.27 billion in 2014 to $20.34 billion by 2019. This represents a Compound Annual Growth Rate (CAGR) of 26.5% from 2014 to 2019. MarketsandMarkets expects North America to hold the largest market for Passenger Information Systems market, in terms of geographical regions and over the next five years, it is expected to continue this pace but Asia Pacific and Latin America would be the regions with highest growth rate.
MarketsandMarkets broadly segments the Passenger Information Systems market by systems: information display systems, information announcement systems, emergency communication systems, mobile applications; by components: routers, multimedia displays, announcement, networking and communication devices, sensors; by services: professional, integration, cloud; and by modes of transportation: railways, roadways, and airways; and by regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East and Africa (MEA) and Latin America (LA).
Rapid adoption of smart phones, evolution of new telecommunication technologies and high growth in urbanization are the primary factors driving the growth for this market. Passenger information systems address the passenger's demand for real-time information and in-transit connectivity. As the transport service providers find opportunity to retain the customers (in this case, the passengers), the demand for passenger information systems is increasing. Since there are several vendors in this market space, the transport service providers are looking forward to avail better prices. The players in this market space are providing a wide range of feature-rich offerings to attain better market positioning.
As per the study, the changing behavior of passengers is propelling the growth of Passenger Information System Market. Number of passengers availing public transport services is increasing which is being backed by the high growth in urbanization. These passengers have several options to travel as a number of transport service providers are available there. In such case only those transport service providers will retain market share which will be able to retain more passengers.
Passenger information systems offer real-time information and in-transit connectivity to the passengers which gives transport service providers a competitive edge over other service providers. Apart from the above stated features, today passenger information system solutions also offer features such as news broadcast, weather forecast display, on-demand information, emergency communication, and entertainment. Such features lure more passengers which directly attracts more revenues.
With the rise of 3G, 4G LTE, and other communication technologies, now passengers want all the information related to arrival, departure, and cause of delay on their mobile. It has opened new possibilities for mobile application developers. Some of the passenger information systems do provide information vie mobile applications and notifications but in future this segment will be a key segment in this market in terms of revenue generation.
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