Restrictions on Travel during the Covid-19 Pandemic Expected to Surge the Growth of the Global Passenger Information System Market - Exclusive Business Report by Research Dive
The coronavirus outbreak has impacted the global passenger information system market in a negative way. This is because of the strict lockdowns and temporary shutdown of travel and tourism industry. The market is likely to recover from the loss in the 3rd and 4th quarters of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic period.
New York, USA, July 19, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global passenger information system market is forecasted to reach $56,885.6 million by the end of 2026, from $20,325.3 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the passenger information system market has recorded a CAGR of 13.5% during recent months, while it was estimated to be 14.3% in the pre-pandemic scenario. The main reason behind this downfall is the restrictions on national and international travel imposed by the government during this period. Passenger information system is used to provide real-time information about public transport to the passengers. The demand of this system has been declined as the travelling and public transport has yet not started.
Check out How COVID-19 impacts the Global Passenger Information System Market: https://www.researchdive.com/connect-to-analyst/184
Factors Impacting the Revenue before and after the Pandemic
According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $18,846.5 million, while it was estimated to be $26,923.6 million in a pre-COVID analysis. As Covid-19 pandemic has not come to an end yet, the governments across the world have imposed many policies and regulations related to travel and tourism industry. Public transport is yet to become fully operational, which has declined the demand of the passenger information system market during the pandemic period.
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Key Players and Strategies
1. Alstom
2. Indra
3. Cubic Corporation
4. Hitachi, Ltd.
5. Electric Corporation
6. Mitsubishi
7. Teleste Corporation
8. Central Electronics Limited
9. ST Engineering
10. Siemens
11. TOSHIBA CORPORATION
12. Thales Group
These players are working on developing strategies such as product development, merger and acquisition, and partnerships and collaborations to sustain the market growth. For instance, in April 2019, Thales Group, a French multinational company that designs and builds electrical systems and provides services for the aerospace, defence, transportation and security markets, completed the acquisition of Gemalto. Incorporating the talent and technologies of Gemalto, Thales will develop secure solutions to address the major challenges faced by our societies, such as unmanned air traffic management, data and network cyber security, airport security or financial transaction security.
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Post Pandemic Insight
However, with the 2nd wave and the expected 3rd wave of the pandemic, the restrictions on travel are not being lifted totally. Hence, this may extend the recovery period of the market further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period. Governments are also promoting digitization of systems in order to diminish the social contact to curb the Covid-19 infection. These factors are expected to enhance the market growth during the upcoming years.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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