Why is Reducing Expenditure an Important Growth Driver for Passenger Service System Companies?

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 Passenger Service System 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.

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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 Trends of Passenger Service System Market

• 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

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Key Market Segments Covered

• Component
  • Passenger Service System Software
    • Airline Reservation Systems
    • Airline Inventory Systems
    • Departure Control Systems
    • Internet Booking Systems
    • Loyalty Systems
    • Customer Care Systems
    • Airport Management Consulting
    • Ancillary Services
  • Passenger Service Systems
    • Professional
    • Managed
• Deployment
  • On-premise Passenger Service Systems
  • Cloud-based Passenger Service Systems

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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

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/06/21/1872442/0/en/Demand-for-Regulatory-Information-Management-to-Surge-as-End-Users-Target-Low-TTM-amid-Regulatory-Changes-Fact-MR.html

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