Passenger Display System Market worth swell to $17.41 Billion by 2027
October 13, 2021
The need for improving customer satisfaction throughout the journey of passengers is like to boost the growth of passenger information system marketPORTLAND, OR, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- The growth of the global passenger display system market is driven by rise in demand for real-time, consistent, and reliable passenger information coupled with increase in frequency of passengers travelling through public transport and technology advancements in the transport industry which are available in number of forms such as display boards, LEDs, and passenger information mobile application. However, high installation & maintenance cost of these display systems and technical limitation hamper the passenger display system market growth. Conversely, surge in demand for intelligent transportation system along with increase in penetration of advanced technologies such as cloud, Big Data, and IoT are anticipated to provide remunerative opportunities for the expansion of the market during the forecast period.
In 2019, the global passenger display system market share was dominated by the hardware segment, and is expected to maintain this trend during the forecast period, as these hardware components are used to provide real-time information to passengers about the state and nature of a transport service through visual and media devices. Despite of high cost of hardware components, they form the integral part of any intelligent transportation system, which fuels the market growth. However, the services segment is expected to witness the highest growth, owing to rise in need to maintain and enhance existing passenger display solutions and make the deployed solution more robust, which drive the demand for training, support, and maintenance services in the market.
According to a recent report published by Allied Market Research, titled, “Passenger Display System Market by Component, Display Type, and Mode of Transportation: Global Opportunity Analysis and Industry Forecast, 2020-2027,” The global passenger display system market size was valued at $6,775.00 million in 2019, and is projected to reach at $17,417.00 million by 2027, growing at a CAGR of 12.4% from 2020 to 2027.
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On the basis of mode of transportation, the airways segment exhibited the highest growth in the passenger display system market in 2019, and is expected to maintain its dominance in the upcoming years, owing to rise in deployment of passenger display systems at large airports for each terminal or even each major airline. They are used to inform passengers of departure/arrival times, boarding gates, destinations, notifications of flight delays/flight cancellations, and partner airlines. However, the railways segment is expected to witness highest growth during the forecast period, due to significant rise in vehicular traffic across the globe in the last couple of years. This is attributed to the fact that these displays provide information to the vehicle drivers as well as pedestrians while assuring safe and smooth vehicle and pedestrian traffic flow.
Though COVID-19 crisis continues to disrupt many industries, it has opened opportunities for high adoption of digital transformation approaches among which cloud-based services have gained high importance and adoption. When state and country-wide lockdowns initiated at the beginning of 2020, both employee and customer engagement & experience became major factor to drive the global cloud migration services market. Many businesses encouraged and adopted ‘work from home’ policy for employee safety that further increased the demand for cloud technology as it offered cloud-based application, data, storage, and flexible computing power capabilities which in turn also supported the market growth in 2020.
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Key Findings Of The Study
• By component, in 2019 the hardware segment dominated the passenger display system market size. However, the services segment is expected to exhibit significant growth during the forecast period.
• On the basis of display type, the LCD segment accounted for the highest revenue in 2019, however, the LED segment is expected to witness highest growth rate in the forecasted period.
• Depending on mode of transportation, the airways generated the highest revenue in 2019. However, the railways segment is expected to witness highest growth rate in the near future.
• Region wise, the passenger display system market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key passenger display system industry players profiled in the report include Alstom, Cubic Corporation, Hitachi, Ltd., Indra, Mitsubishi Electric Corporation, Siemens AG, Singapore Technologies Electronics Limited, Teleste Corporation, Thales, and Toshiba Corporation. This study includes market trends, passenger display system market analysis, and future estimations to determine the imminent investment pockets.
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