The global passenger service system market is expected to grow at an astonishing CAGR of over 9.4% between 2022 and 2032, expected to be valued at US$ 21.9 Billion. In FY 2021, the industry was valued at US$ 7.9 Billion, and is projected to experience a Y-o-Y growth of 12.7% in 2022, reaching US$ 8.9 Billion.
As travelers and passengers demand more and more travel, new technologies and services are being developed around the world in an effort to continually improve the safety, efficiency, and effectiveness of the industry. A rise in international passenger traffic has continuously resulted in new needs and requirements for ensuring a smooth and secure flow of passengers. As the number of people traveling by air continues to surge, major aviation companies plan to use advanced software solutions to streamline operational processes and automate a large number of processes in the service system market.
This has resulted in an environment that has created fertile ground for the numerous passenger’s service systems providers in recent years. As per Fact.MR- market research and competitive intelligence provider- the industry grew at a 10.7% CAGR from 2015 to 2021.
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How Profitable is the U.S. Market for Passenger Service Systems?
According to Airlines for America, the U.S. aviation industry rakes in nearly US$ 2 Trillion in economic activity each year, generating over 10 million jobs. Therefore, key airline companies are investing in streamlining operations, boosting their growth. Air transportation systems worldwide are composed of complex networks and alliances that are constantly changing. At least one connection is made by most international passengers traveling to and from the United States before reaching their final destinations.
The immense scope of aviation has led to many academic and research programs to develop and deploy initiatives to teach and learn about the technical aspects of aviation, an advancement that has led to an increase in the use of passenger service management solutions, both on premise and cloud-based in the market. The market for passenger service systems will grow at a CAGR of 6.5% to reach a value of US$ 3.2 Billion during the forecast period.
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Competitive Landscape
An increase in product functionality is a key reason behind the increasing demand for passenger service systems. Therefore, market players are increasing their R&D spending in order to launch new products in the market. Furthermore, both acquisitions & mergers, collaborations, and regulatory approvals are also crucial components of effective growth.
- In September 2021, Bimanimplemented SabreSoni’s Passenger Service System, which will allow it to transform into a digital airline, grow its revenue and improve the passenger experience. With the help of the new contract Biman will deploy SabreSonic Passenger Service System that will help them transform their business, drive revenue growth, and improve passenger experiences. As part of the deal, Biman has also chosen a number of Sabre solutions as well as renewed its global distribution agreement with Sabre to help meet the demands of modern day travellers, to avail their services across all points of sale, to optimize the acquisition of new customers, to enhance the value of its loyalty program, and to stimulate demand as the high-stakes market recovery gains traction.
- An advanced check-in management system, Amadeus Altéa Departure Control for Ground Handlers, was unveiled in December 2021at Pulkovo International Airport in St. Petersburg, which welcomed almost 20 million passengers in 2019. The Amadeus solution uses a SaaS (software as a service) model that permits airlines to take advantage of an integrated check-in system without hosting their own systems directly at Pulkovo Airport. The Amadeus system provides a single, modern interface that will allow ground handling companies to offer services to any airline.
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
Report Summary
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of passenger service system market across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of passenger service system market during the forecast period. Price point comparison by region with global average price is also considered in the study.
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