Solution Segment to Dominate North America Passenger Information System Market during 2020–2027
According to The Insight Partners market research study on “North America Passenger Information System Market Forecast to 2027 – COVID-19 Impact and Analysis - By Component (Solution and Services), Location (On Board and In Station), Mode of Transportation (Roadways, Railways, and Waterways and Airways), and Functional Model (Multimedia Display, Audio Systems, Computing Systems, Networking and Communication Devices, video Surveillance, and Content Management Systems)”, the market is expected to reach US$ 13,257.96 million by 2027 from US$ 5,912.57 million in 2019; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027. The report provides trends prevailing in the North America Passenger Information System market, and the drivers and restraints pertaining to the market growth. Rising focus over consistent, real-time, and reliable passenger information as well as rising frequency of passenger journey through public transport will drive the demand for passenger information system market. However, lack of advanced infrastructure along with high costs associated with passenger information system will hinder the market in developing countries in North America.
The passenger information system market in North America is segmented into component, location, mode of transportation, and functional model. Based on location market is segmented into on board and in station. In 2019, the In-Station segment held the largest share of the North America Passenger Information System Market. The use of passenger information system in station are becoming quite prevalent as such displays provide passengers about necessary travel information, such as arrival/departure times, platform numbers, destinations, intermediate stations, possible delays, and others. Such displays possess an open communication protocol and are quite flexible to be easily incorporated into current station management system. For instance, in order to offer better experience and easy guidance to passengers, the Indian Railways announced the use of new passenger information system at Anakapalle Railway station of the Vijayawada Division in South Central Railway. The use of passenger information and security system in the stations helps to properly dissipate the information and comprises of displays such as text-only LED, advanced LED, plasma screen, a public address system, emergency intercoms, cameras, controllers for CCTV and media and much more. However, the outbreak of COVID-19 and lockdown imposed by the governments across North America is anticipated to have a huge disruption in the growth of various industries across North America. Although, US is the leading hub of manufacturing and largest raw material supplier for various industries, it is one of the worst affected countries due to the outbreak of COVID-19. The governments across North America are taking measure like travel bans, business shutdowns, and lockdown, which is expected to hamper the anticipated revenue generation and growth opportunities for coming months.
Alstom, Cisco Systems Inc., Cubic Corporation, Hitachi, Ltd, Huawei Technologies Co., Ltd, Singapore Technologies Engineering Ltd., Teleste Corporation, Thales Group and Wabtec Corporation among many others. The major players in the passenger information system market are focused on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base.
The Report Segments the North America Passenger Information System Market as Follows:
North America Passenger Information System Market, by Component
- Solution
- Services
North America Passenger Information System Market, by Location
- On Board
- In Station
North America Passenger Information System Market – by Mode of Transportation
- Roadways
- Railways
- Waterways and Airways
North America Passenger Information System Market – by Functional Model
- Multimedia display
- Audio Systems
- Computing Systems
- Networking and Communication Devices
- Video Surveillance
- Content Management Systems
North America Passenger Information System market – by Country
- US
- Canada
- Mexico
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