Categories: Market Research

Passenger Information System Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Passenger Information System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Information System Global Market Report 2024, The passenger information system market size has grown rapidly in recent years. It will grow from $25.17 billion in 2023 to $27.82 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to urbanization and public transportation growth, regulatory compliance, enhanced passenger experience, increased mobility and connectivity, safety and security concerns.

The passenger information system market size is expected to see rapid growth in the next few years. It will grow to $42.62 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to personalized passenger services, predictive analytics for service optimization, cybersecurity measures, sustainability and eco-friendly transportation. Major trends in the forecast period include technological advancements in communication, augmented reality (AR) and virtual reality (VR), real-time travel information, integration with mobile devices, multimodal integration.

The growing number of travelers and passengers is expected to propel the growth of the passenger information system market going forward. The passenger information system provides real-time updates on the status of public transportation and other information that passengers and travelers would use to have a safer and more enjoyable commute. For instance, according to a report by the International Air Transport Association, a Canada-based trade association of the world’s airlines, revenue passenger kilometers, or RPKs, which measure total traffic, increased by 76.0% and domestic traffic increased by 11.7% in March 2022 compared to March 2021. Therefore, the growing number of travelers and passengers is driving the growth of the passenger information system market.

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The passenger information system market covered in this report is segmented –

1) By Component: Hardware, Software, Service

2) By Location: On Board, In Station

3) By Transportation Mode: Railways, Roadways, Airways And Waterways

4) By Functional Mode: Multimedia Displays, Audio Systems, Computing Systems, Networking And Communication Devices, Video Surveillance, Content Management System, Other Functional Modes

Major companies operating in the passenger information system market are focused on introducing advanced solutions, such as passenger tracking solutions, to gain a competitive edge in the market. Passenger tracking solutions are technologies designed to monitor the movement of passengers within an airport and respond quickly to issues. For instance, in March 2023, AeroCloud Systems, a UK-based software company, launched AeroCloud Optic. AeroCloud Optic is a passenger tracking solution that uses computer vision to intelligently, anonymously, and accurately track passengers through an airport. It provides real-time passenger flow monitoring and triggers alerts in response to operation bottlenecks, such as extended wait times at check-in or security. It optimizes airport operations, enhances the passenger experience, and maximizes revenue.

The passenger information system market report table of contents includes: