- Press Release -

Award-winning consulting firm Fact.MR has published a new report on passenger service systems for the forecast period 2021-2031. As per the study, the market is likely to reach US$ 20 billion by 2031, expanding staggeringly at a CAGR of around 12% over the next ten years. Increasing need to optimize capital and operational expenditure is prompting aviation stakeholders to invest in high-grade service system management solutions.

An expanding tourism industry is providing a nudge to passenger service management solution uptake across key countries, especially across Asia Pacific. Additionally, surging freight traffic has also necessitated establishment of robust operational management frameworks to streamline the entire cargo handling process, for which, uptake of advanced software is important.

According to the International Air Transport Association’s (IATA), as of January 2021, global cargo tonne km flown (CTKs) reached pre-pandemic levels, and by Q1-end, they were 4.4% higher. Hence, aviation stakeholders are hopeful of a strong recovery trajectory across certain regions over the coming months, a trend that will majorly heighten market growth prospects. Additionally, investments in cybersecurity solutions are bound to increase amid growing concerns about passenger and freight data theft by hackers and other malicious entities.

Key Takeaways from Market Study

• By component, passenger service software demand is expected to incline considerably in future
• Demand for cloud-based passenger service systems to witness impressive surge
• Increased deployment of academic programs on aviation to enhance adoption of key software across the U.S.
• India to emerge as a promising market, attributed to increased expenditure on airline infrastructure
• China to emerge as the most lucrative Asian market, amid surging business volumes and growing passenger traffic

“Ever-swelling global aviation industry is putting existing operational management capacities under heavy strain, prompting entities to invest in smart and automated solutions, providing immense opportunities for market players,”

Competitive Landscape

Prominent manufacturers of passenger service systems are emphasizing on offering state-of-the-art management services and software to expand their outreach. They are actively collaborating with various agencies to deploy their solutions.

• In April 2021, Hitit Computer Services expanded its footprint across Asia by forging two new partnership agreements with Myanmar Airways International and Air KBZ, by offering its highly sophisticated Crane Solution Suite, including reservation & passenger service, departure control system, weight & balance and a host of other operations
• In March 2021, IBS Software Services launched a new version of its iFlight Platform, built on SaaS technology designed for airlines and airline groups comprising of three specific modules for Ops, Crew and Hub management. These combined modules help improve operational efficiency and scalability

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the passenger service system market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of component (software and services) and deployment (on-premise and cloud), across five major regions of the world (North America, Europe, Asia Pacific, Middle East & Africa, and South America).

About the ICT Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations – the ICT team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the Industrial lucidly in 50+ countries for over a decade. The ICT team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Sr. Consultant – ICT

E-mail: shambhu@factmr.com