Passenger Information System Market Size, Share, Growth Analysis, By Offering(Solutions, and services), By Location(On-board, in-station), By Transportation Mode(Railways, Roadways, and Airways & Waterways), By Region - Industry Forecast 2024-2031

Global Passenger Information System Market size was valued at USD 26.07 billion in 2022 and is poised to grow from USD 29.30 billion in 2023 to USD 74.64 billion by 2031, growing at a CAGR of 12.4% in the forecast period (2024-2031).

Major companies in the market are spending significantly on research and development to increase their product range, driving the market of the passenger information system. The market participants are also involved in several strategic activities to increase their Global presence with significant market developments, which could be new product launches, contracts & agreements, mergers & acquisitions, increased investments & expansions, new chemical Populace or finally other advancements. In order to extend and thrive in a more competitive and rising market climate, the manufacturers must provide cost-effective goods. A key business strategies adopted by the manufacturers is the production of products locally to reduce operational costs.  'Advantech Co., Ltd.  (Taiwan) ', 'Alstom SA (France) ', 'Wabtec Corporation (United States) ', 'Cisco Systems, Inc. (United States) ', 'Siemens AG (Germany) ', 'Cubic Corporation (United States) ', 'Televic (Belgium) ', 'Huawei Technologies Co., Ltd. (China) ', 'Hitachi, Ltd. (Japan) ', 'Mitsubishi Electric Corporation (Japan) ', 'ST Engineering (Singapore) ', 'Indra (Spain) ', 'Medha Servo Drives (India) ', 'Efftronics (India) ', 'Dysten (Italy) ', 'Lunetta (Italy) ', 'R2P (Germany) ', 'Icon Multimedia (Spain) ', 'Passio Technologies (United States) ', 'Teleste (Finland) ', 'Lancom D.O.O. (Slovenia) ', 'Simpleway (Slovenia) ', 'EKE-Electronics (Finland) ', 'Quester Tangent (Canada) ', 'Lot Group (Austria)'

Smart public transportation systems are particularly customer-oriented, so they effectively help people navigate across the city rather than causing stress by being late or under different conditions. In addition, PIS is one of the core components in intelligent transportation systems, which integrate the respective data from different sources. Thus, informative passenger systems are likely to promote the market in the future.  

Integration of Advanced Technology: The evolution of IoT facilitates the transfer of data between various electronic devices without any human interference. IoT-based ITS helps in the automation of railways, roadways, airways, and marine items increasing the experience of passenger transport. It is expected that the smart devices incorporated in better connectivity and automation and for control purposes will serve as more self-sustaining and intelligent in the data-distributing arena to the traffic management control centers and the cloud.  

North America passenger information system market held the largest demand share in 2023. Due to growing urbanization, the number of urban migrations has increased, surging the demand for efficient public transportation systems that can provide real-time information systems and can manage information is some of the driving factors for the market growth. The technological advancement in the market offers solutions that are advanced in GPS tracking, mobile applications, digital signage, and other features to better manage passenger access for real-time information. Moreover, as the emphasis on safety and security keeps growing, the market is driven by increasing demand for ensuring emergency alerts and data privacy.