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(Wireless-NewsWire.Com, September 25, 2024 ) The way we travel is on the cusp of a major transformation, driven by a surge in Passenger Information System (PIS) adoption. According to a new report by MarketsandMarkets, the PIS market is projected to reach a staggering USD 52.6 billion by 2028, fueled by a healthy CAGR of 12.4%.
Innovation at the Forefront
This growth is propelled by a dynamic and competitive vendor landscape. Companies are constantly pushing boundaries, introducing cutting-edge features like AI, IoT, and data analytics. This fierce competition translates into benefits for travelers, with a wider range of choices and an accelerated pace of innovation.
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Display Systems Lead the Way
Display systems are expected to remain the dominant segment within the PIS market. This is due to the increasing demand for visual information, advancements in display technology, and its widespread application across various transportation modes (railways, roadways, airways, and waterways).
The Rise of Services
While display systems hold the largest market share, the services segment is expected to see the fastest growth. This is driven by the increasing demand for managed services, where experts handle maintenance, updates, and security. This allows transportation authorities and companies to focus on core operations while reducing costs and complexity. Additionally, emerging trends like personalized information and real-time data integration necessitate specialized expertise, propelling the services sector forward.
Asia Pacific: A Region on the Move
The Asia Pacific region is poised to become a major driver of PIS market growth. Rapid infrastructure development, government initiatives promoting smart cities, and rising disposable incomes are all contributing factors. This trend is further amplified by technological advancements and a growing demand for personalized and convenient travel experiences.
Looking Ahead: A Connected Future
The future of passenger information systems is bright. As technology continues to evolve, we can expect a more connected and personalized travel experience. From real-time updates to predictive maintenance, PIS will play a crucial role in transforming the way we navigate the world.
MarketsandMarkets™
Mr. Rohan Salgarkar
1-888-600-6441
sales@marketsandmarkets.com
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