The global passenger information system market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for advanced systems that can provide real-time information regarding public transport through voice, visual, and other media to consumers can influence demand for passenger information systems. These systems can be used to track and provide information such as entertainment, scheduling, news broadcasting, and emergency communication services to commuters. In addition, they can support passengers in attaining relevant information related to status of several transportation mediums such as train, buses, and airplanes.
Traditionally, passengers had to wait in long queues to get information related to departure and arrival time of bus or train. In case of passenger information system, all information is likely to be available online. This can support transport service providers to have competitive edge over other service providers. Moreover, passenger information systems can provide several functions such as emergency communication, new broadcast, weather forecast display, and on-demand information and entertainment. Such features can gain traction among passengers and generate huge revenue.
Stringent government regulations pertaining to public transport systems to enhance security and safety of commuters can surge demand for passenger information systems. Continual development of communication technology such as 4G, LTE, and 5G can influence growth of market. Growing adoption of mobile phones and better network connectivity are likely to fuel market growth over next few years. High demand for smart cities offering securely integrated information & communication technology solutions and digital devices can drive market growth during the forecast period (2018 to 2025).
To cater to rising demand for passenger information systems, most companies are likely to focus to R&D investments to develop systems to provide relevant information to commuters. For instance, Telangana state road transport corporation (TSRTC) recently introduced advanced passenger information system to help commuters have friendly and easy travel. Vehicle tracking and passenger information system (VTPIS) is likely to provide commuters information regarding various stages of travel such as information about next stop and time to reach next stop. This information is expected to be flashed on light emitting diode (LED) screens installed in buses.
The passenger information system market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into LCD display system, LED display system, and others.
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Based on application, the market can be classified into train, metro, airplane, and others. Train segment is expected to dominate the market over the forecast period attributed to established railways in United States and Europe regions. However, majority of government investment is likely to come from developing economies over next few years. Growing need for improvement in efficacy and efficiency of transportation systems can surge demand for automated passenger information dissemination services.
Regional segmentation includes Europe, India, United States, Japan, China, and Southeast Asia. United States dominated the market in recent years and is expected to grow at similar pace during the forecast period.
Similarly in India, the market is likely to grow well over the forecast period attributed to rising adoption of passenger information systems by transport service providers to gain competitive edge over counterparts.
In Japan, the market is estimated to grow well attributed to presence of leading market players such as Toyo Denki, Mitsubishi Electric, and Toshiba in the region.
Some of the leading companies offering passenger information system are Televic Group, Teleste Corporation, Mitsubishi Electric, Beijing Century Real Technology, Shenzhen Beihai Rail Transit Technology.
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