Passenger Service System Market
Passenger Service System Market (Component: Software and Services; and Deployment: Cloud and On-premise) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Companies Expand Customer Portfolio to Keep Economies Running amid Coronavirus
Relaxations in travel bans and reopening of various businesses in 2021 are creating incremental opportunities for companies in the passenger service system market. During the first quarter of 2020, airlines were seen gravitating toward PSS to manage their inventory and ancillary services. For instance, the Amadeus Passenger Service System was contracted and implemented by Mauritania Airlines and JSX Airlines, respectively, to manage loyalty services and revenue accounting.
Companies in the passenger service system market continue to expand their portfolio of customers to keep economies running. They are entering into multi-year agreements to establish stable revenue streams. Cloud-based solutions are being used to effectively manage event bookings and operations.
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Bot Protection Mechanisms in Software Prevent Automated Attacks in Reservation Systems
The passenger service system market is projected to advance at a robust CAGR of ~12% during the forecast period. However, these systems are subject to data security concerns of passengers. Since several million travelers post pictures of their boarding passes and barcodes under hashtags such as boarding pass on social media, malicious hackers may potentially take advantage of the technological vulnerabilities of reservation systems. Hence, software developers are integrating bot protection mechanisms to limit the amount of requests that can be submitted during a certain period of time.
Companies in the passenger service system market are adopting bot protection mechanisms in software to prevent automated attacks in reservation systems.
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Strategic Collaborations Enable Innovations in Powerful Cloud-based Software Solutions
The passenger service system market is estimated to reach the revenue mark of US$ 20 Bn by the end of 2030. This is evident since companies are setting their collaboration wheels in motion to innovate in cloud-based software solutions. For instance, Flightdocs has announced to join forces with the ATP family to deliver power cloud-based software solutions that enable aircraft maintenance, troubleshooting, and inventory management.
Software developers in the passenger service system market are increasing efforts to incorporate a library of technical publications and regulatory content in cloud-based solutions. Safe and reliable operation of aircraft has become a need of the hour in today’s unprecedented times. User-friendly maintenance tracking and inventory management software are being preferred by users.
Next-gen Airline Passenger Services Platforms Help Reduce Vendor Dependency
iFly Res by IBS Software - a leading SaaS solutions provider to the travel industry globally is gaining recognition for its next-gen airline passenger services platform, which offers greater business flexibility and operational efficiency. Companies in the passenger service system market are fulfilling client needs for a dynamic platform with a customer centric design that can seamlessly adapt as per changing business models.
Stakeholders in the passenger service system market are creating platforms that cater to low cost as well as hybrid operations. Such platforms not only ensure high productivity but also reduce vendor dependency. Fares, ancillary fees, departure control, and customer service have become key focus points for software developers.
Increased Competition, Pressure to Reduce Costs Trigger Demand for PSS
Companies in the passenger service system market are developing reliable and custom-built software platforms that offer sustainable solutions in aircraft management. This has become necessary since airlines are faced with increased competition and the pressure to reduce costs. Airline parking reservation systems and ticketing services are generating stable revenue streams for companies in the passenger service system market.
iFour Technolab is gaining popularity among India’s well-known aviation software companies, owing to its platform that offers credible insights about the fuel tracking system, airport workforce check-in/check-out, and cabin crew management. Time management and flight dispatch management are emerging as important applications of aviation PSS. Software companies are working with cyber-security professionals to prevent the damage caused by hackers on a daily basis.
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Whilst reinforcing their financial situation, companies in the passenger service system market are actively involved with customers to support them during the unprecedented times of the coronavirus pandemic. Full distribution capabilities, real-time flexible reports, and highly competitive pricing in platforms are being preferred by clients. However, software companies are pressured with the burden of ever-increasing customer expectations and the need to incorporate IT innovations. Hence, companies should adopt digitization and automation technologies to overcome errors made in manual operation of platforms. Cloud-based platforms are being leveraged with dedicated hosting services and regulatory compliance such as the GDS Type A/B and ATPCO standards.
Passenger Service System Market: Overview
- According to a latest research report on the global passenger service system market published by Transparency Market Research for the historical period 2018–2019 and the forecast period 2020–2030, rise in demand for advanced services and count of tech-savvy consumers has encouraged innovation in technologies across various industry verticals. Factors such as usage of smartphones, software applications, and access to the Internet have influenced airlines to improve passenger services overtime. This, in turn, is anticipated to propel the passenger service system market during the forecast period.
- In terms of revenue, the global passenger service system market is estimated to exceed value of US$ 20 Bn by 2030, expanding at a CAGR of ~12% during the forecast period
Increase in Adoption of Passenger Service Systems to Optimize CAPEX and OPEX for Airline Sector: Key Driver of Passenger Service System Market
- Many airlines have adopted passenger service system (PSS) in their regular operational process with the rapid inclusion of information technology in the airline sector. PSS has made airline operations highly automated through the introduction of online booking, inventory control, and reservation service. Increased usage of the Internet by end users for the reservation of flights is one of the driving factors for the passenger service system market. According to IATA, demand for airline website and mobile application booking are expected to increase among end users in the upcoming years. According to an IATA Global Passenger Survey, 51% of flights were booked online via smartphone/devices in 2019 as compared to 47% in 2018. In the same period, bookings through online travel agencies declined to 18% in 2019 from 22% in 2018.
- PSS reduces the additional expenditure on traditional activities for reservations and departures, such as reservation through desks, walk-in reservations, and baggage check-ins. PSS is expected to reduce the dependency of airlines on travel agents to offer better service to end users.
- Thus, increase in adoption of software platforms and tools to optimize CAPEX and OPEX is projected to fuel the demand for passenger service systems during the forecast period
Cloud-based Passenger Service Systems
- Rapid developments in the field of IT and telecommunication are opening up cost-effective and simpler ways to deliver passenger service systems. The cloud-based passenger service system segment is expected to expand at the highest CAGR during the forecast period. Most airline companies are adopting cloud-based solutions and services to improve the efficiency of services by providing real-time access to information. Thus, solution vendors offering cloud-based solutions have opportunities to attract new customers and increase their share in the passenger service system market globally.
Passenger Service System Market: Competition Landscape
- Detailed profiles of providers of passenger service system have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global passenger service system market are
- Amadeus IT Group SA
- Bravo Passenger Solutions Pte Limited
- Enoya-one LTD. (AeroCRS)
- Hexaware Technologies Ltd.
- Hitit Computer Services A.S.
- IBS Software Services Pvt. Ltd.
- Information Systems Associates FZE
- Intelisys Aviation Systems Inc.
- KIU System Solutions
- Mercator Limited
- Radixx International, Inc.
- Sabre Corp.
- Sirena-Travel JSCS
- SITA NV
- Travel Technology Interactive
- Travelport Worldwide Ltd.
- Travelsky Technology Ltd.
- Unisys Corporation
- IBM Corporation
- Hewlett Packard Enterprise
Passenger Service System Market: Key Developments
- Key providers of passenger service systems, such as Amadeus IT Group SA, Radixx International, Inc., Sabre Corporation, SITA NV, Travelsky Technology Ltd., and Unisys Corporation are focusing on the development of cost-effective passenger service systems to attract more customers
- Additionally, players active in providing passenger service systems are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach in the passenger service system market. Some other key developments in the global passenger service system market are highlighted below:
- In November, 2020, Hitit Computer Services A.S. and Nella Airlines entered into partnership to increase Brazil's travel standards through Hitit’s cutting-edge technology
- In October, 2020, Hitit Computer Services A.S. collaborated with Contour Airlines to enhance the air carrier’s technology infrastructure
- In June 2019, Amadeus IT Group, S.A. acquired ICM Group Holding Limited, a provider of passenger automation and self-service bag drop solutions to airports and airlines. Through this acquisition, Amadeus IT Group, S.A. is now able to configure, design, operate, implement, and support all airport systems needed to manage passengers and their baggage from end-to-end.
- In the global passenger service system market report, we have discussed individual strategies, followed by company profiles of providers of passenger service system. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global passenger service system market.
Passenger Service System Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global passenger service system market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the passenger service system market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the passenger service system market is expected to progress during the forecast period of 2020-2030.
The report offers intricate dynamics about the different aspects of the passenger service system market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the passenger service system market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the passenger service system market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the passenger service system market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the passenger service system market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Passenger Service System Market
The report provides detailed information about the passenger service system market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the passenger service system market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for passenger service system market players?
- Which factors will induce a change in demand for passenger service systems during the assessment period?
- How will changing trends impact the passenger service system market?
- How will COVID-19 impact the passenger service system market?
- How can market players capture low-hanging opportunities in the passenger service system market in developed regions?
- Which companies are leading the passenger service system market?
- What are the winning strategies of stakeholders in the passenger service system market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the passenger service system market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the passenger service system market?
Research Methodology – Passenger Service System Market
The research methodology adopted by analysts to compile the passenger service system market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the passenger service system market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the passenger service system market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the passenger service system market.
Passenger Service System Market – Segmentation
TMR’s research study assesses the passenger service system market on the basis of component, deployment, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the passenger service system market.