The report "Automated Passenger Counting System Market with COVID-19 Impact, by Technology (IR, ToF, Stereoscopic Vision), Passenger Information System Market by Type (Display System, Mobile Applications), Application and Region - Global Forecast to 2025", was valued at USD 155 million in 2019 and is projected to reach USD 245 million by 2025; it is expected to grow at a CAGR of 13.2% from 2020 to 2025. The passenger information system market was valued at USD 7.0 billion in 2019 and is projected to reach USD 8.9 billion by 2025; it is expected to grow at a CAGR of 12.5% during the forecast period.
Request Report Sample@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=17856390
Driver: Government regulations regarding the requirement of transit data
One of the key driving factors for the growth of the automated passenger counting system market is the government regulations in some countries for the regular reporting of ridership data from fleet operators to government agencies. These government agencies use this data to keep track of the public transport requirements of passengers, carry out regional development planning, analyze commuting trends, etc. The continuously increasing global population has led to the growing requirement of efficiently and adequately managing public transport services. Governments in a number of countries are taking initiatives to maintain databases of trips of passengers through all modes of public transport such as buses, trains, and ferries for keeping track of passengers.
Restraint: Lack of awareness about benefits offered by automated passenger counting systems in developing and least developed countries
Even though the market for automated passenger counting systems is growing at a rapid pace in a number of developed countries, these systems are witnessing low adoption in developing or least developed countries. Several federal- and state-funding agencies require ridership reports to evaluate the performance of transit agencies and offer a general scenario of the demand level for transit services in specific areas. Detailed ridership data is used by service planners and schedulers to make changes to routes of transit vehicles based on passenger traffic. Time-related data, in combination with ridership data, is used to monitor running times and schedule adherence of in-transit vehicles.
Opportunity: Technological advancements in automated passenger counting systems
In the last few years, there have been significant technological advancements in automated passenger counting systems, including time-of-flight or stereoscopic vision technologies. The incorporation of these technologies in automated passenger counting systems has enabled them to achieve more than 95% accuracy in their counting results. Traditional passenger counting systems use treadle mats and infrared technology to count passengers. These systems, when mounted on high ceilings or high-traffic environments, face accuracy-related issues caused by even slight variations in light or temperature. However, these limitations have been overcome by advanced technologies such as stereoscopic vision and time-of-flight technologies.
Challenge: Supply chain disruptions and reduced demand for passenger information systems amid COVID-19
Government regulations imposed in different countries to deal with the COVID-19 situation have affected the passenger information system market. Some of the regulations include a complete temporary shutdown of manufacturing facilities or their partial operations with limited manpower, as well as travel restrictions. These regulations have disrupted the global supply chain and impacted the production capacities of companies.
Automated passenger counting and information system market in APAC to grow at the highest rate from 2020 to 2025
The growth of the market in the APAC region can be attributed to the developing transportation sector, increasing number of buses and rails equipped with automated passenger counting and information systems. Moreover, the rising number of government initiatives to improve transportation services in APAC and surging investments in the transport sector transportation sector will drive growth. China and India are highly populated countries in the world. Thus, transit operators in these countries are adopting automated passenger counting and information systems to schedule routes and timing of public transport according to the requirements of passengers for the optimum utilization of their resources. The deployment of these systems enables the development of reliable and timely transportation services to a large population. The passenger information systems are used to convey schedules, route changes, and other real-time information such as arrival and departure time of vehicles, as well as delays, if any, to passengers.
iris-GmbH Infrared & Intelligent Sensors (Germany), HELLA Aglaia Mobile Vision GmbH (Germany), Eurotech (Italy), DILAX Intelcom GmbH (Germany), Infodev Electronic Designers International Inc. (Canada), Cisco Systems, Inc. (US), Siemens AG (Germany), Hitachi, Ltd. (Japan), Samsung Electronics Co., Ltd. (South Korea), Innovation in Traffic Systems SE (Germany), BOE Technology Group Co., Ltd. (China), Clever Devices Ltd. (US), Ermetris SRL (Italy), EyeRide (US), Giken Trastem Co., Ltd. (Japan), GMV Syncromatics (US), LG Electronics (South Korea), Passio Technologies (US), Postec Technology (Brazil), r2p GmbH (Germany), Wabtec Corp. (US), and Xovis AG (Switzerland) are some key players operating in the automated passenger counting and passenger information system market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment