Passenger Service Systems Market Is Expected To Reach Nearly US$ 21.9 Billion By 2032

 

According to a recently published study by Fact.MR, the Passenger Service Market (旅客サービスシステム市場) system 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.

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 prospects.

Browse in-depth TOC on “Airline Inventory Systems Demand” Download PDF Brochure:
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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.

Competitive Landscape

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.

Get Full Access of Complete Report: https://www.factmr.com/report/passenger-service-system-market

Key Market Segments Covered in Passenger Service System Market

  • 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

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