Global Patient Information System (PIS) Market Size, Share, Forecast Report, 2020-2027

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The global market for PIS is projected to have considerable CAGR during the forecast period. The market growth is mainly driven due to growing demand of real time passenger information, increasing penetration of smartphone across the globe. Moreover, the growing service offerings by the travel providers to the passengers further supported the growth of PIS market. The other primary factor that is responsible for market growth is the advancements in technology. Various companies along with the top industry key players are adopting several new technologies for enhancing the passenger experiences. For instance, In December 2019, Vistara, an Indian full-service airline in partnership with Nelco, a local satellite services provider announced to provide in flight connectivity installed. Moreover, increasing implementation of IoT and AI technology coupled smart city projects further expected to provide significant opportunity to the market growth.



Segmental Outlook



The global PIS market is segmented based on product type and industry. Based on the product type, the market is further classified into hardware and software & services. The software & services segment is projected to have considerable growth owing to the growing demand of cloud based PIS solutions across various mode of transportation such as airways and railways. The market is mainly driven due to growing demand of software and services for connected devices for providing passenger information On the basis of mode of operation the market is further segregated into airways, roadways, railways, and waterways.



Global PIS market to be driven by Airways



Among mode of transportation, the Airways segment held a considerable share in the market owing to the growing aviation sector. The global aviation industry continues on its successful path, marked by strong growth especially in certain emerging markets, and healthy consolidation in more mature regions. Whereas, in emerging markets such as China, and India, it is expected to mark a momentous growth in the forecast period. According to the International Air Transport Association (IATA), China is expected to replace the US as the world's largest aviation market in 2024. Whereas, India is projected to take over the UK for third place in 2025, while Indonesia and Japan will be ranked 5th and 7th respectively. Additionally, it is estimated that for air travel approximately 817 million new passengers will be added to account for a total of 1.3 billion in 2035 in China. Whereas, 322 million new additional passengers will add to account a total of 442 million in India. According to the World Bank, there were approximately 3.23 billion passengers traveled via air which further raised to 4.23 Billion passengers in 2018, thus such an increase in the number of passengers traveling via air supports the growth of the market.



Regional Outlook



Geographically, the global PIS market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market growth is attributed to the significant adoption of PIS in economies such as China, Japan, India, South Korea, Thailand, and Australia. Further, growth in the aviation industry, and railways in these countries and increasing smart city projects is also driving the market growth. In addition, according to the World Bank, the number of passengers in the countries such as India, Vietnam, China are also growing rapidly at a growth rate of 104%, 100% and 57% respectively, which directly fuels the growth of the aviation industry and in turn spurs the market growth during the forecast period.



North America to hold a considerable share in the global PIS market



Geographically, North America is projected to hold a significant market share in the global PIS market. Major economies which are anticipated to contribute to the North America PIS market are the US and Canada. North America is dominating the PIS market owing to wide adoption of PIS solutions, significant presence of PIS vendors and growing government support for smart city projects. High disposable income, a large proportion of high-income groups are some of the key factors that are continuously propelling the number of passengers traveling via airplanes. The US is home to the second most millionaires across the globe. As per the Credit Suisse report, around 40% of the global millionaires are in the US, which was around 18.6 million in 2019, with an increment of 675,000 millionaires over the past year. The high population base provides a potential customer base for the airplane. Therefore aviation industry further contributes significantly in the growth of the market in the region.



Market Players Outlook



The key players in the PIS market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Advantech Co., Ltd., ALSTOM Holdings, Cisco Systems, Inc., Siemens AG, Wabtec Corp., and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market.