Market Size of Passenger Service System Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 10.24 Billion |
| Market Size (2029) | USD 22.56 Billion |
| CAGR (2024 - 2029) | > 17.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Passenger Service System Market Analysis
The Passenger Service System Market size is estimated at USD 10.24 billion in 2024, and is expected to reach USD 22.56 billion by 2029, growing at a CAGR of greater than 17.12% during the forecast period (2024-2029).
With the emergence of low-cost carriers (LCC) and a growing number of air passengers, the need for an efficient and mission-critical system for passenger service management is increasing. Thanks to the increasing income levels of customers and the availability of low-cost aviation, tickets are becoming more affordable every day for a broad base of potential customers. For instance, according to the International Civil Aviation Organization (ICAO), in 2018, LCCs carried an estimated 1.3 billion passengers, accounting for approximately 31% of the world's total scheduled passengers.
- Although the passenger service system (PSS) aims to develop a single homogeneous solution, the need for airlines to differentiate their products is hindering this possibility. Despite this, many airlines have included PSS in their standard operating procedures due to the aviation industry's fast adoption of information technology. The advent of online booking, inventory control, and reservation services has greatly automated airline operations.
- In May 2023, Vix Technology has announced a partnership with myBus, a Barcelona-based transit SaaS provider, to bring its cloud-native passenger information and fleet management system to the UK and USA. With the myBus solution, operators can manage their networks in real time, address any gaps in service, and provide passengers with up-to-date information on their journey."
- Furthermore, In May 2023, Travel Technology Interactive (TTI) and carbon click, have announced partnership to work towards a more sustainable future for aviation.This collaboration will deliver the first end to end carbon offset IBE solution, which will be integrated into a single PSS. Traditionally, a barrier for individual airlines has been the long period of time and considerable costs to implement comprehensive solutions with which they are confronted, making it very difficult for many air carriers around the world to adopt end interoperability programs at this stage.
- Although the COVID-19 pandemic slowed down international passenger travel, the market for airline passenger service systems expanded quickly as governments simplified their current operating capabilities, which encouraged the use of smart solutions. Airports were able to operate smoothly throughout the pandemic thanks to these advancements.
