|Status : Upcoming||Report Code : VRICT5018||Industry : ICT & Media||Available Format :|
The global railway management system market is expected to witness significant growth during the forecast period (2018 – 2024). Furthermore, hyper-urbanization, technological developments in railways and an extensive number of initiatives undertaken by the government authorities across the globe are the major factors strengthening the growth of the market worldwide.
Insight by Solution
On the basis of solution, the railway management system market is segmented into rail traffic management system, rail maintenance management system, passenger information system, rail operations management system, rail security, freight information system, rail asset management system, rail communication and networking system, rail control system and rail analytics.
Furthermore, rail asset management system is further subcategorized into train information solution and track monitoring solution; rail communication and networking system is further sub-segmented into ground-to-train communication solution and train-to-train communication solution; rail operations management system is subcategorized into facility management solution, rail automation management solution, workforce management solution and revenue management solution; revenue management solution is further subdivided into ticketing revenue management and freight revenue management. Additionally, rail traffic management system is further sub-segmented into centralized traffic control solution, intelligent signaling solution and real-time train planning and route scheduling/optimizing solution.
The rail control system is further subcategorized into communication-based train control solution, positive train control solution and integrated control solution. Among all these segments, the rail traffic management system segment generates the largest revenue to the railway management system market owing to its growing benefits such as controlling traffic of entire railway network, enforcement of laws and regulations along with providing centralized administration, enforcing regulations and traffic control of the entire rail network. Moreover, the system provides flexibility, time efficacy, increasing the effectiveness of operations and improvement of risk associated at the time of disaster over the network.
Insight by Service
On the basis of service, the railway management system market is segmented into system integration and deployment, consulting, and support and maintenance. Among all these segments, system integration and development services are expected to witness the fastest growth of during the forecast period. System integration and deployment services aid software of smart railways that helps them in identifying the requirement for upgradation and alteration. Furthermore, this segment helps in reducing the cost, deployment time, reducing disruptions pertaining to deployment and testing and integrating solutions.
The development of wireless connectivity, remote management of railway systems and the adoption of sensors are the key trends observed in the railway management system market, globally. Moreover, increasing trend of optimization in various fields such as technology, electronics, and media is performing crucial roles in transportation sector specifically in railways across the globe.
Increasing urbanization and high growth in demographic variables across various emerging economies are the major factors that are driving the growth of the railway management system market. Moreover, rapid increase in globalization and increasing number of cases towards passenger traffic and freight along are other factors that are driving the growth of the market across the globe. Advent of latest technology, cloud models and increasing embracement of IoT has led to rapid globalization in various emerging economies such as Asia-Pacific. Thereby contributing effectively towards the enhancement of digital transformation in this region, which is further accentuating the demand for railway management system across the globe.
Increasing blocking with regards to existing railway infrastructure capacity and increasing operational inadequacies is expected to hamper the growth of the railway management system market. Moreover, high initial cost pertaining to deployment is expected to further hinder the growth of the market in the near future.
Globally industry players are leveraging market growth through technological advancements and confining to the industry safety norms and regulations that maintain reliability and safety. Moreover, adoption of the latest communication and information technology solutions by the key players are strengthening their position in the railway management system market, worldwide.
Geographically, Asia-Pacific is expected to witness the fastest growth in the railway management system market, globally, during the forecast period. The extensive growth is attributed towards technological advancements, increasing investment towards digital transformation and increasing disposable income of the citizens residing in Asia-Pacific. Several countries in this region such as China, Australia, Hong Kong, Singapore, Korea and India are concentrating their investments towards technological advancements. According to a recent report, it has been indicated that approximately 30% of the investment towards rail is confined and localized in this region in APAC.
The high population growth rate in the region has intensified the need for transformation. Furthermore, increasing population and enlargement of the prevailing rail infrastructure is expected to further drive the growth of railway management system market in this region. Moreover, North America generates the largest revenue in the global market and is expected to witness high growth during the forecast period. The increasing revenue growth of railway management system market in this region is attributed towards technological advancements and extensive infrastructural development.
The key players operating in the railway management system market across the globe include Computer Sciences Corporation, Indra Sistemas, GE Transportation, Ansaldo STS, Alstom, Hitachi Ltd., ABB Ltd., IBM Corporation and Bombardier Inc.