The Europe passenger information system market is expected to grow from US$ 5,241.72 million in 2019 to US$ 12,663.64 million by 2027; it is estimated to grow at a CAGR of 11.8% from 2020 to 2027.
The Europe passenger information system market is likely to account for a remarkable share of the global passenger information system market during the forecast period. Rising focus on consistent, real-time, and reliable passenger information is driving the market in the region. Passenger information system acts as the secured link between a transit agency and passengers, providing and dispersing the significant information needed for each of its end users. Such systems record and track down the necessary data related to real-time vehicle location along with current status updates, tentative schedule of journey, and much more. Thus, important information required by its end users reaches in no-time without any defaults or changes. Hence, such systems hold significance across the world. These systems deploy the use of several interconnected devices, installed on platforms or depots or any mode of transportation. They manage data and deliver reliable and accurate real-time transit information which is significantly promoting the growth of the passenger information system market.
In terms of location, the in station segment led the Europe passenger information system market in 2019. The use of passenger information system in stations is becoming quite prevalent as such displays provide passengers about necessary travel information, including arrival/departure times, platform numbers, destinations, intermediate stations, and possible delays. Such displays possess an open communication protocol and they are quite flexible to be easily incorporated into current station management system. The use of passenger information and security systems in the stations helps to properly dissipate the information. These systems comprises displays, such as text-only LED, advanced LED, plasma screen, a public address system, emergency intercoms, cameras, and controllers for CCTV and media.
Dysten Sp. z o.o; Alstom; Cisco Systems Inc.; Cubic Corporation; Hitachi, Ltd; Huawei Technologies Co., Ltd; Singapore Technologies Engineering Ltd.; Teleste Corporation; Thales Group; and Wabtec Corporation are among the key players in the market in this region.
In Europe, currently Russia is the hardest-hit country by the coronavirus outbreak. It is expected to suffer an economic hit due to the lack of revenue from various industries, as the country recorded the highest number of coronavirus cases, followed by Spain. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. This is anticipated to impact the market growth in Europe.
The overall Europe passenger information system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe passenger information system market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically associated with this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe passenger information system market.