The passenger information system (SIP) market appreciates the growing adoption of private cloud and the growing number of software-defined information centers.
Passenger Information System Market Overview
The global passenger information market size is expected to grow from USD 24.10 billion in 2021 to USD 64.51 billion in 2027, growing at a compound annual growth rate of 12.14% during the forecasted period and major elements stimulating the growth of passenger information systems market include increasing an ultimatum for intelligent public transport systems, including real-time movement of passengers, extensive use of smartphones and other connectivity devices.
The increase in the application of advertising and data systems, developments in the technological landscape to magnify the passenger experience, and a rush of urban population and traffic into public transport systems. The rise in the number of covid-19 has dealt a severe blow to the transportation industry, which in turn has impacted the growth of the passenger information market.
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With most governments implementing lockdown practices, there is a substantial reduction in the transport industry across all modes of transport. Ongoing EV-related projects have been hampered now, and most EV manufacturing industries, like Tesla, have shifted construction to ventilator production, which is seeing a remarkable ultimatum.
IoT usages are always opening up new revenue streams by smoothing out real-time tracking of vehicles and providing monitoring feeds to passengers. Monitoring is aimed at passengers and helps review passenger travel history to determine if the passenger should be isolated.
Passenger Information System Market Segmentation
The passenger information system market has been categorized into four major segments, such as components, locations, transportation modes, and functional modes. Based on components, the market is divided into solutions (display system, announcement system, emergency communication, mobile application and others) and services (consulting, deployment or integration and maintenance).
However, the mode of transport is divided into railways, roads, airways and waterways, while the functional model is divided into multimedia display, audio system, computer system, network, communication devices, CCTV and other functional models.
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The passenger information system market has been segmented into major regions, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East. North America is expected to be the broadest market size description among other regions in the passenger information system market, and the trend is expected to continue through 2026.
The United States and Canada are the leading countries in the region as they are seeing remarkable progress in the development of smart cities and transportation projects.
Passenger Information System Industry News
The Passenger Information System market report includes the study of key players providing the Passenger Information System market offerings, it shows the major vendors in this market across the globe.
The main suppliers are Advantech Co. Ltd., Alstom, Wabtec Corporation, Cubic Corporation and Cisco Systems, INC. The limited liability company Advantech and VinBus Ecology transport services have scribbled a draft cooperation contract on improving the intelligent management of electric buses. system, in December 2020.
According to a report, the North American transportation industry has the most developed market for passenger information systems.
1.1 ANALYSIS OF MARKET ATTRACTIVENESS
2 MARKET INTRODUCTION
2.2 SCOPE OF THE STUDY
2.3 RESEARCH OBJECTIVE
2.4 MARKET STRUCTURE
3 RESEARCH METHODOLOGY
5.2.1 GROWING CONCERNS ABOUT SECURITY IN PUBLIC TRANSPORTATION SYSTEMS
5.2.2 GROWING URBANIZATION COUPLED WITH GROWTH IN PUBLIC TRANSPORT TRAFFIC
5.3.1 HIGH COSTS INVOLVED IN TRAVELER INFORMATION SYSTEMS
5.3.2 TECHNICAL LIMITS OF PASSENGER INFORMATION SYSTEMS
5.4 IMPACT OF COVID-19
5.4.1 IMPACT ON THE ROAD AND RAIL SECTOR
5.4.2 IMPACT ON ASIAN COMPANIES
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