The global passenger information system market size is expected to reach USD 65.21 billion by 2030, according to a new study by Polaris Market Research. The report “Passenger Information System Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, and Services); By Location; By Transportation Mode; By Functional Mode; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The next industrial revolution will be accelerated by advances in artificial intelligence, machine learning, the Internet of Things (IoT), and big data, which will undoubtedly contribute to the expansion of transportation infrastructure. The PIS will be enhanced using IoT, AI, and machine learning technologies to boost connectivity and speed up the transmission of transit information. Transport IT solution suppliers are attempting to match the demands of dynamic passenger information needs and a variety of cutting-edge information sources to get an advantage in the cutthroat industry.
One of the main drivers of the market growth is the rising demand from passengers for precise and trustworthy real-time transit information. The market is also expanding due to increased demand for intelligent vehicles and telecommunications industry developments that enable quicker data transfer rates. Additionally, a rise in the market for intelligent transportation systems and a flurry of big data, cloud, and Internet of Things (IoT) usage in the transportation industry is propelling the sales of passenger information systems worldwide.
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Additionally, some of the market's growth drivers include an increase in the usage of mobile devices, the internet, and the demand for factual information from passengers and travelers for better connectivity and safe travel. The government's rising investment in transportation improvement is boosting the market growth. For instance, in December 2021, In the Union Budget for 2021, the Indian government allocated about USD 33 billion for improving transportation infrastructure and USD 2.61 billion for metro projects.
Passenger Information System Market Report Highlights
Polaris Market Research has segmented the passenger information system market report based on component, location, transportation mode, functional mode, and region:
Passenger Information System, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Passenger Information System, Location Outlook (Revenue - USD Billion, 2018 - 2030)
Passenger Information System, Transportation Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Passenger Information System, Functional Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Passenger Information System, Regional Outlook (Revenue - USD Billion, 2018 - 2030)