Albany, NY -- (SBWIRE) -- 05/02/2018 -- Passenger Service System (PSS) essentially is a set of solutions to facilitate efficient operations for various passenger related issues. At its core, it is a communication system that offers services to passengers such as loyalty, customer care, online booking, reservation, and check-in and check-out status in real-time. The demand for passenger service system has grown over the years primarily on account of the rising spending capacity of the middle-class and the growth in the number of airline operators. Going forward too, this will be the primary growth driver in the global market.
At present, numerous passenger service system (PSS) providers are offering non-core solutions such as ancillary service, loyalty system and customer care system in response to demand from airline operators. In addition, some PSS providers are also providing airport management consulting solution to cater to the demand for smart airport offering. All these are slated to stoke further growth in the global passenger service system (PSS).
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The market is a dynamic one in which new platforms and new technologies are being leveraged to meet the increasing expectations of the customers. The growing penetration of the internet is also generating growth in the global passenger service system (PSS) market.
A report by Transparency Market Research forecasts the global passenger service system (PSS) market to rise at a solid CAGR of 11.8% from 2016 to 2024 to become worth US$ 11.523 bn by 2024 from US$4.315 bn in 2015.
The different types of services in the global passenger service system (PSS) market are airline inventory system, internet booking system, airline reservation system, airport management consulting, loyalty system, departure control system, ancillary services, and customer care system. The airline reservation system segment, of them, accounted for a leading share of 27.8% in 2015. The growth in this segment has been brought about by its swift adoption by medium and small airline operators.
In the near future, however, it is the ancillary services segment that is predicted to clock maximum CAGR on account of demand from airline operators to generate revenue from non-core solutions. Airline reservation system, departure control system and internet booking system are also forecasted to contribute to the revenue for passenger service system (PSS) market in the upcoming years.
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From a geographical standpoint, North America grosses maximum revenue because of the presence of large airline operators and growing number of passengers' demand for passenger service system. However, the growing number of medium and small airline operators in other regions is expected to dent the share of North America and Europe in the coming years.
Asia Pacific is another key region in the global passenger service system (PSS) market that is expected contribute substantially to the revenue. The Asia Pacific market is predicted to register a solid CAGR of 13.0% between 2016 and 2024, powered mainly by China, Australia, and Japan.
Growing number of medium and small airline operators across the Middle East and Africa and South America is expected to contribute the growth of respective market in the coming years.
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Prominent participants in the global passenger service system (PSS) market are Sirena-Travel JSCS, Radixx International, Inc., Hitit Computer Services A.S., Intelisys Aviation Systems Inc., Bravo Passenger Solutions Pte Ltd., Unisys Corp., Hexaware Technologies Ltd., Travelport Worldwide Ltd., SITA NV, Sabre Corp., IBS Software Services Pvt. Ltd., Information Systems Associates FZE, Amadeus IT Group SA, Travel Technology Interactive, Mercator Ltd., Travelsky Technology Ltd., and KIU System Solutions.