Asia-Pacific is expected to grow at a highest CAGR owing to increased IoT penetration among transportation industry demand for intelligent transportation system

PORTLAND, PORTLAND, OR, UNITED STATE, March 3, 2022 /EINPresswire.com/ -- Rise in demand for real-time transit information solutions for the passengers, increased adoption of smartphones, increased penetration of IoT solutions in transportation sector, and advancements in telecommunication offerings are anticipated to drive the growth of the global passenger information system market.

Depending on mode of transportation, it is fragmented into airway, railway, and roadway. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Increase in demand by passengers for accurate real-time transit information, advancements in telecommunication sector to offer faster data transfer, and rise in adoption of cloud & big data technologies among transportation sector drive the demand for PIS market.

In addition, surge in adoption of cloud and big data technologies is expected to create lucrative opportunities for the growth of the market. However, high cost associated with implementation, managing the passenger information and dearth of advanced infrastructure facilities among the developing economies of Asia-Pacific and LAMEA for installing these systems are anticipated to hamper the market growth during the forecast period.

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Key Findings of the Passenger Information System Market :

• The services segment is expected to exhibit significant increase in terms of revenue during the forecast period.

• In 2016, the roadway segment accounted for the highest revenue among the other modes of transportation.

• Passenger information display system generated the highest revenue in 2016.

• Asia-Pacific is projected to exhibit substantial growth during the forecast period.

Some of the key players operating in the passenger information system market include Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales, and Toshiba Corporation.

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