Passenger information system market: Latest Trends, Market Size, Share, Global Industry Analysis, Opportunity 2021
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The COVID-19 pandemic has impacted the global passenger information system market in a negative way. This is mainly due to total shutdown of travel industry across the globe to curb the transmission of coronavirus. For instance, since January 2020, various tourist destinations across the U.S., Asia Pacific, Africa, and the Middle East have imposed various restrictions. Besides, around 92% of the all the tourism destinations across the globe are following complete ban on international tourists. However, many governing bodies worldwide are taking measures and initiating various policies to help people during the crisis. For example, the government of Russia introduced automated permit verification systems for all the people travelling thorough public transport, in order to support social distancing.
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However, the global passenger information system market is estimated to recover by Q3/Q4 of 2022 owing to increasing initiatives by governing bodies around the world to promote digitization of systems to help reduce direct contact among the people.
Market Estimations: Pre and Post Covid-19
The global passenger information system market was accounted for $20,325.3 million in 2018, and is expected to surpass $56,885.6 million by 2026. The global market was estimated to grow at a CAGR of 14.3% before the outbreak of COVID-19 pandemic. However, now the global passenger information system market is expected to witness a decline in the growth rate and exhibit a CAGR of 13.5% after COVID-19 outbreak.
Prominent Market Players
Research Dive’s research report on global passenger information system market outlines and summarizes several aspects of the key players functioning in the global industry such as company snapshot, business performance, latest developments, strategic moves, product portfolio, SWOT analysis, and many more. The key players of the market include Alstom, Indra, Cubic Corporation, Hitachi, Ltd., Electric Corporation, Mitsubishi, Teleste Corporation, Central Electronics Limited, ST Engineering, Siemens, TOSHIBA CORPORATION, and Thales Group. These players are implementing numerous strategies such as strategic collaborations, acquisitions, technological advancements, and many more to gain a competitive edge in the global industry.
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