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The sudden outbreak of the COVID-19 has created a massive impact over the recent months across the globe on various industries one of the widely affected industries is travel and tourism. All the countries worldwide have closed their international borders to avoid interception of COVID-19 affected persons into the country. Many countries are taking various steps to control this pandemic situation by implementing various laws and by restricting social gatherings, for instance, India has implemented completely restricted both domestic as well as international traveling. Whereas, France has announced a complete ban on traveling for 15 days. During this unique situation, our analysts are helping our clients in understanding the impact of COVID19 on the Passenger Information System Market by providing them with an in-depth analysis.
Our report includes:
As per a new report published by Research Dive, the global passenger information system market is set to generate a revenue of $56,885.6 million by 2026, at a CAGR of 13.5% during the forecast period from 2019 to 2026. The market has been segmented based on components, modes of transport, solution, and region. The passenger information system report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analysts, digitization of the systems such as tickets and updates regarding vehicles are anticipated to drive the market growth in the coming years. However, the high cost associated with the installation of the passenger information system and the lack of highly skilled labor are factors that are expected to hinder the growth of the passenger information system market.
Based on components, the global market for the passenger information system market is classified into hardware, software, and service. The software segment accounted for $5,691.1 million in revenue in 2018 and is projected to grow at 13.9% CAGR by the end of 2026. This is majorly due to the various technological advancements and the rapid growth in the adoption of the passenger information system market in the developing countries.
Based on the mode of transport, the global market is segmented into railways, roadways, and airways. The market size for roadways segment accounted for $7,113.9 million in 2018 and is all set to rise at a CAGR of 14.0% during the projected time frame. This significant growth is majorly due to the growing preference of people to travel by road.
Based on solutions, the global market for the passenger information system market is classified into passenger information display system, announcement system, infotainment system, passenger information mobile application, and emergency communication system. The market size for the passenger information display system was $6,097.6 million in 2018 and is estimated to grow with the highest CAGR of 14.2% CAGR by 2026. Growing development in the developing and underdeveloped nations by installing various passenger information display systems that will enhance the passenger experience by delivering real-time information about the vehicles is expected to boost the market growth soon.
Based on the region, the global passenger information system market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific disaster recovery as a service market accounted for $5,081.3 million in 2018 and is anticipated to rise at a 14.1% CAGR throughout the forecast period. The growth is majorly attributed to the rising investments by various government such as India, China, South Korea, and others to install the passenger information systems across the country.
The major players of the global passenger information system market include Alstom, Cubic Corporation, Indra, Hitachi, Ltd., Mitsubishi, Electric Corporation, Teleste Corporation, ST Engineering, Central Electronics Limited, Siemens, Thales Group, TOSHIBA CORPORATION.
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