The global passenger information system market accounted for $20,325.3 million in 2018 and is anticipated to reach $56,885.6 million by 2026, at a CAGR of 13.5% during the forecast period.
The passenger information system has experienced substantial growth in previous years; but, due to the COVID-19 pandemic, the market is estimated to witness a sudden downfall in 2020. This is majorly attributed to the rising lockdown scenarios in majority of the nations, and the shutdown of all kinds of travel activities across the globe. The passenger information system market is anticipated to flourish in the coming years after the recovery from the COVID-19 pandemic.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|14.3%||13.5%||Q3/Q4 2022||82||USD 26,923.6 Billion||USD 18,846.5 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The passenger information system is used to provide real-time information about public transport to passengers. This information is provided with the help of automated vehicle location systems. The transportation sector has adopted some key developments related to the telecommunication industry for faster data transfer, such as cloud and big data technologies. This adoption has facilitated the ease of the passenger information systems to function properly and provide accurate real-time transit information to the passengers.
The operational procedures of the passenger information systems are complex; this is majorly due to the integration of various components. These components increase the overall installation cost of the passenger information system. These key aspects are projected to hinder market growth shortly. Besides, the lack of skilled labor to operate these systems is another noticeable aspect that is anticipated to constrain market growth.
Despite the booming nature of the market till 2019, the COVID-19 pandemic has impacted the passenger information system market severely in 2020. Due to the widespread of CORONAVIRUS, the travel industry has come to a total shutdown across the globe, to curb the virus transmission of the virus from one person to another. Due to this, the passenger information system market has observed a drastic downfall in revenue. For instance, various tourism destinations across the U.S., Africa, Asia-Pacific, and the Middle East have implemented various restrictions since January 2020.
Around 92% of the overall tourism destinations are following complete ban on international tourists. In addition to this, many governing bodies across the world are taking care of troubled people by initiating various policies. For instance, the Russian government has introduced automated permit verification systems for all public transport users to support social distancing. These situations will drastically alter post the coronavirus disease threat settles.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
As per our study, the market will recover the loss incurred and be profitable by Q3 2022. The countries around the world are fighting vigorously to overcome this pandemic situation. Also, the governing bodies across the globe are promoting digitization of systems that will help in reducing direct contact among the people along with decreasing the time spent by people standing in queues, majorly in underdeveloped and developing nations. In addition to the aforementioned factors, hotel industry key players are planning to take a step ahead and join hands with various other industries to generate more revenue.
As per an article published by the World Economic Forum, the global travel and tourism industry is expected to experience a huge loss of jobs during this pandemic, and to fight this, the government should instantly work on simplifying the visas and deduct the travel taxes to encourage the tourism industry post-COVID-19 pandemic is under control.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Passenger Information System Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity