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.
Services Segments to Have Dominant Share
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.
Roadways Segments to Have Dominant Share
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.
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Passenger Information Display System to be Most Lucrative
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.
Geographical Analysis and Major Market Players
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.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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