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$4.315 bn in 2015;Passenger Service System (PSS) Market is predicted to clock maximum CAGR on account of demand from airline operators to generate revenue from non-core solutions
Albany, NY -- (SBWIRE) -- 01/02/2018 -- Some of the key players in the global passenger service system (PSS) market are Sirena-Travel JSCS, Radixx International, Inc., Hitit Computer Services A.S., Intelisys Aviation Systems Inc., Bravo Passenger Solutions Pte Ltd., Unisys Corp., Hexaware Technologies Ltd., Travelport Worldwide Ltd., SITA NV, Sabre Corp., IBS Software Services Pvt. Ltd., Information Systems Associates FZE, Amadeus IT Group SA, Travel Technology Interactive, Mercator Ltd., Travelsky Technology Ltd., and KIU System Solutions.
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As per a report by Transparency Market Research, the global passenger service system (PSS) market will likely expand at a robust 11.8% CAGR between 2016 and 2024 to become worth US$ 11.523 bn by 2024 from US$4.315 bn in 2015.
Small and Medium Operators Propel Airline Reservation System
Depending upon the various services offered, the global passenger service system (PSS) market can be segmented into airline inventory system, internet booking system, airline reservation system, airport management consulting, loyalty system, departure control system, ancillary services, and customer care system. Among them, the airline reservation system segment accounted for maximum share of 27.8% in 2015. Mainly driving the growth in this segment is the high uptake among medium and small airline operators.
Geographically, the key segments of the global passenger service system (PSS) market are North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific, of them, is slated to expand its share at a healthy clip and contribute to the market substantially, in the forecast period. As per the TMR report, the market is Asia Pacific will likely rise at a CAGR of 13.0% between 2016 and 2024.
Growing Number of Airline Operators Drive Market
Passenger Service System (PSS) is a clutch of solutions that enables efficient management of an airline front-end operation by managing passenger related activities. It is basically 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. "Increasing spending capacity of the middle-class population and the rise in number of airline operators is slated to provide a fillip to the demand for passenger service system in the coming years. Passenger service system helps airline operators to quickly monetize their offering and further generate revenue from non-core assets," explains the lead analyst of the report.
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At present, numerous passenger service system (PSS) providers are offering non-core PSS solution 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 satisfy demand for smart airport offering.
"Market is at an interesting cusp where players are coming up with new platforms and new technologies to facilitate better services to customers," adds the lead analyst of the TMR report. The demand for better PSS solutions such as home tagging for luggage, presence of augmented reality (AR), and artificial intelligence for customer service are expected to contribute to the growth of PSS solution over the forecast period. Growing penetration of the internet is another major factor boosting the global passenger service system (PSS) market.