Market Highlights
The escalating population levels and the requirement for additional amenities are anticipated to spur the passenger service system market share. The mounting demand for artificial intelligence and augmented reality is anticipated to bolster the passenger service system market size in the coming period.
The rise in the number of aircrafts operating in the travel sector has augmented the demand for passenger service systems consequently. Market focused reports associated to the Information and Communications Technology industry among others recently have been made accessible by Market Research Future which issues reports on this industry. The passenger service system market globally is estimated to achieve revenues worth USD 10 billion by the year 2023 while growing at a CAGR of 11% approximately in the forecast period.
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Detailed Regional Analysis
The Passenger Service System Market on a global scale comprises of the regions such as Europe (Germany, the U.K,) North America (Mexico, the U.S., and Canada), Asia Pacific (Japan, China, and India), and Rest of the World. The North American region is among the leading regions in the world in terms of market stake. The passenger service system market in this region has an enormous demand potential owing to the mounting adoption of consumer electronics devices, which is additionally pushing the market growth to a great extent. The market for passenger service system in the European region is anticipated to observe a speedy growth in the upcoming period. While, the Asia Pacific nations such as Japan, China, and India are developing markets for passenger service systems, which is projected to develop at a maximum CAGR percent in the review period.
Segmentation:
The segmental investigation of the passenger service system market is segmented into deployment, solution, service, and region. On the basis of service, the passenger service system market is segmented into airline inventory system, airline reservation system, departure control system, loyalty system, ancillary services, customer care system, internet booking system, airport management consulting, and others. Based on the deployment, the passenger service system market is segmented into the cloud and on-premise. On the basis of the solution, the passenger service system market is segmented into loyalty management, reservation management, inventory management, and others. On the basis of regions, the passenger service system market consists of North America, Europe, Asia Pacific, and the rest of the regions.
Competitive Analysis
The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the development of the market in the forecast period. The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period. The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further.
The noteworthy contenders the passenger service system market are Radixx International, Inc. ( U.S.), Information Systems Associates FZE (UAE), Unisys Corp.(U.S.), Mercator Ltd.(India), Intelisys Aviation Systems Inc.(Canada), Travelport Worldwide Ltd.(U.K), Travelsky Technology Ltd. (China), Hexaware Technologies Ltd. (India), Sirena-Travel JSCS (Russia), SITA NV (Geneva), Sabre Corp.(U.S.), IBS Software Services Pvt. Ltd.(India), Amadeus IT Group SA (Spain), Hitit Computer Services A.S. (Istanbul), Travel Technology Interactive (France), Bravo Passenger Solutions Pte Ltd.( Singapore), and KIU System Solutions (Argentina), among others.
Industry Updates:
Feb 2020 Amadeus and Lufthansa Group have improved and extended their old technology partnership. Through this contract, Swiss International Air Lines, Austrian Airlines, Lufthansa, Brussels Airlines, and Air Dolomiti will go on to depend on the Altéa Passenger Service System to direct inventory, reservation, ticketing, disruption management at the airport, and departure management.
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