Passenger Service System Industry Expected To Grow at an Astonishing CAGR of over 9.4% by 2033
According to a recently published study by Fact.MR, the market for passenger service systems is likely to reach a value of US$ 21.9 Billion by 2032, growing at a staggering rate of about 9.4% over the next ten years. Stakeholders in the aviation sector are investing in high-grade service system management solutions in order to optimize capital and operational expenditures.
As the tourism industry expands, more countries, particularly those in Asia, are adopting passenger service management solutions. A growing number of passengers traveling by air and the need for seamless procedures before, during, and after the flight have contributed significantly to the rise in PSS in airlines. Furthermore, the increased freight traffic has also necessitated a robust operational management infrastructure to be developed in order to streamline cargo-handling processes, which will lead to increasing the use of advanced software.
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The number of investors in cybersecurity solutions will also rise amid growing concerns about hackers and other malicious entities stealing passenger and freight data in the market. With the 21st century rapidly approaching, industry leaders are leveraging trends such as big data, process automation, artificial intelligence, machine learning, and a variety of other innovations to deploy advanced software-based management solutions.
Key Takeaways from Market Study
- The global passenger service system market is estimated to be worth US$ 8.9 Billion in 2022
- By service type, airline reservation systems are expected to acquire a lucrative market share of 8.6% CAGR during the forecast period
- As a top region, Asia Pacific is slated to have the highest CAGR of 10.2% by the end of the forecast period.
- The UK market growth is expected to reach a CAGR of 8.1% with a market value of US$ 838.8 Billion at the end of the forecast period.
- With surging business volumes and increasing passenger traffic, China will emerge as the most lucrative Asian market during the forecast period.
“A rapid improvement in automated software solutions and the continued development of artificial intelligence will open up a world of opportunity for market players,” says a Fact.MR analyst.
Key pioneers
- Hitit Computer Services A/S
- Radixx International Inc.
- Bravo Passenger Solutions Pte. Ltd.
- Hexaware Technologies Ltd.
- Intelisys Aviation Systems Inc.
- SITA
- Unisys Corp.
- Sabre Corp.
- IBS Software
- AeroCRS
- Amadeus IT Group SA
- Travel Technology Interactive
- Information Systems Associates FZE
- ACCELAero
- Travelport Worldwide Ltd.
- KIU System Solutions
- Travelsky Technology Ltd.
- Sirena Travel JSCS
Competitive Dashboard
Prominent vendors are emphasizing on collaboration to increase output and meet consumer demand, which increases profits and market share. In order to extend their reach, leading manufacturers of passenger service systems emphasize providing state-of-the-art management services and software. These companies have established active collaborations with various governmental agencies. Companies in the passenger service system market generate steady revenue streams from airline parking reservations and ticketing services.
- Tata Consultancy Services, one of the world’s leading IT firms, released a passenger services platform in December 2021 for a global airline. This success is expected to open up additional opportunities across travel segments and geographies. In addition to 70 airport location, Plaza Premium Group (PPG) serves 20 million passengers a year through TCS platform. Kempegowda International Airport in Bengaluru is scheduled to debut the platform in 2022, where the company has already rolled out 18 of 22 planned services.
- As part of the Pan Am Railway acquisition, Amtrak applauds CSX concessions for passenger service in January 2022. CSX Corp. has seemingly eliminated one of the biggest obstacles to its acquisition of Pan Am Railways in a recent filing with the Surface Transportation Board. As part of the agreement, CSX will provide rail services north and south of the city. Norfolk Southern did not fully commit to accepting the conditions Amtrak requested in a public hearing earlier in January on the east-west portion of the network, a nearly 400-mile route that is jointly owned by Norfolk Southern and Pan Am Railways.
A rising level of competitiveness in the commercial transportation industry has created in-flight services, especially food delivery and waste collection to be one of the most important competitive measures to attract passengers over their rivals.
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Market Structure
- Passenger Service System Market by Service Type :
- Airline Reservation System
- Airline Inventory System
- Departure Control System
- Internet Booking Engine Passenger Service System
- Loyalty Layer Passenger Service System
- Customer care Layer Passenger Service System
- Airport Consulting Passenger Service System
- Ancillary Services Passenger Service System
The report covers following Passenger service system insights and assessment that are helpful for all participants involved in the Passenger service system:
- Data on recently introduced regulations and their impact on key industries and on demand in Passenger service system
- Latest industry Passenger service system with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Passenger service system and changing consumer preferences in major industries.
- Changing Passenger service system demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Passenger service system major players
- Passenger service system sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Passenger service system demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
International Air Transport Association (IATA) data shows that global cargo tonne kilometers flown (CTKs) reached pre-pandemic levels by January 2021, and by Q1-end they were 4.4% higher. The aviation market participants are hopeful that certain regions will see a stronger recovery over the next few months, which is likely to lead to stronger growth
More Valuable Insights on Passenger service system
Fact.MR, in its new report, offers an unbiased Market Analysis of Passenger service system, Sales and Passenger service system and of Passenger service system, analyzing forecast statistics through 2022 and beyond. The study reveals growth projections on the of various criteria.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the passenger service system market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032. The study divulges essential insights on the market on the basis of service type (Airline Reservation System, Airline Inventory System, Departure Control System, Internet Booking Engine, Loyalty Layer, Customer care Layer, Airport Consulting, Ancillary Services), across five major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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