Passenger Information System Market Expected to Reach USD 42.96 Billion by 2026: Verified Market Research
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the Passenger Information System Market.
JERSEY CITY, N.J., March 14, 2023 /PRNewswire/ -- The global Passenger Information System Market is projected to grow at a CAGR of 11.34% from 2019 to 2026, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 18.13 Billion in 2018 and is expected to reach USD 42.96 Billion by the end of the forecast period.
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Passenger Information System Market on the Rise Due to Digitalization and Developing Communication Systems
The global Passenger Information System market is expected to witness significant growth in the upcoming years. The market drivers include the utilization of a combination of digital and analog technology to manage passenger information that can be accessed in real-time. This system provides passengers with access to information such as onboard services, connections, arrival times, disruptions, alternative routes, etc. The implementation of such systems in the train and airways sectors has led to an increase in their demand.
One of the primary factors boosting the demand for the Passenger Information System market is the trend of digitalization and developing communication systems. Such services have proved to significantly improve passenger service and provide higher satisfaction to the passengers. Additionally, the widespread use of smartphones and other similar devices has contributed to an increase in demand for passenger information systems.
The Passenger Information System market is highly competitive, with several prominent players operating in the market. Some of the key players in the market include r2p GmbH, Quester Tangent, Televic Group, HITACHI, AMiT, Thales Group, Cubic Corporation, and Indra. These players are focusing on product benchmarking and SWOT analysis, key development strategies, market share, and market ranking analysis to stay ahead in the competition.
Furthermore, the Passenger Information System market size is expected to increase significantly due to the increasing demand for efficient transport services. The market is expected to witness a substantial growth rate during the forecast period. The market size is also expected to be influenced by the implementation of various government initiatives and policies aimed at enhancing transportation infrastructure.
In conclusion, the Passenger Information System market is expected to witness significant growth due to the uilization of a combination of digital and analog technology, the trend of digitalization and developing communication systems, and the increasing demand for efficient transport services. The market size is expected to increase, and the key players in the market are focused on product benchmarking and SWOT analysis, key development strategies, market share, and market ranking analysis to stay ahead in the competition.
Based on the research, Verified Market Research® has segmented the global Passenger Information System Market into Component, Mode of Transportation, And Geography.
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Leading Passenger Information Systems making travel-related communication more advanced
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