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Globally, the railway management system market is projected to show rapid growth in the forecast period, owing to the increasing urbanization, high demographic growth, adoption of Internet of Things, Cloud Computing, Data Analytics, and other advanced technologies are offering services across all the departments such as traffic controlling, ticketing, maintenance, inter and intra communications, etc. Nowadays, the government has taken various initiatives such as smart city projects, collaboration with private sector, encouraging Public-Private Partnership model, cost and energy efficiency, reduction of rail traffic, promotion of travel and tourism on a global level, measures to improve connectivity between urban and suburban areas and long-distance regions and other rail development projects together are fuelling the growth of railway management system are fostering the growth of railway management system. The surge in demand for good infrastructure, low fares, high-tech platforms, online arrival-departure information, safety-security, comfort is fuelling the growth of this market.
The constant growth in urbanization, expansion in the rail network system connecting urban and suburban areas, adoption of IoT, Cloud computing, data and other advanced technologies in rail management practices, improvement in inter and intra infrastructure of rails, high tech platforms, low fare, safety- security, and comfort mobility are the foremost driving factors of the growth of this market. Moreover, government initiatives for the reduction in rail traffic, cost and energy efficiency, expansion of rail connectivity across regions, promotion of travel and tourism are also driving the growth of this market.
Limited budget for railways from government, the high initial installation cost of the railway management system, the constant rise in passenger and freight traffic, inefficiency in cost management are some of the reasons that can hamper the growth of the market in the forecast period.
Key Market Driver -
Development in advance technology, urbanization, demographic growth and government initiatives towards railway management are expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Lack of budget from the government, expenses involved in financing the rail projects may hamper the global railway management system market in the forecast period.
Globally, the railway management system have been segmented by solution type, by service type, by development type, and by region. By solution type, the rail traffic management system is expected to dominate the market of the railway management system. This system permits centralized supervision and traffic control of the entire rail network. The central control system regularizes the entire rail operations. The central rail administration system uses real-time data over high-speed communication links across the rail infrastructures and trains to automate the traffic. Rail traffic management comprises of traffic control, routing, signaling, and train schedules. By service type, the global Railway Management System Market is segmented into Consulting, System Integration, and Support and Maintenance. The system integration is estimated to have the largest share in this market owing to the aid they provide in identifying the need for up-gradation and adaptation to support the smart railway software, in the present infrastructure, and avoid the limitation of such software.
Furthermore, owing to the low cost and rise in the end to end solutions provided by the consulting segment, the market is expected to grow in the forecast period. By deployment type, on-premise deployment is projected to dominate as compared to cloud deployment. Also, cloud deployment is anticipated to grow at a steady pace.
The major companies in the global railway management system market include Bombardier, Cisco, Eurotech, Indra Sistemas, Alstom, Toshiba, Frequentis, Trimble, Tech Mahindra, Huawei, Atos, Hitachi, DXC Technology, Thales, General Electric, EKE Electronics, Optasense, GAO RFID, Ansaldo, Sierra Wireless, Amadeus and IBM.
The Asia Pacific holds the largest market of the railway management system and is expected to dominate this market in the forecast period owing to the adoption of the advanced technologies, digitalization, and rise in investments from the government and private sector. Increased disposable income of the region, rapid urbanization, and demographic growth are also boosting the market share of the railway management system in this region. However, the Asia Pacific is followed by North America in terms of railway management system market share owing to the adoption of high tech technologies by the region coupled with developed technologies and an increase in the tourism sector. Top players such as IBM, General Electric (GM), and Bombardier are from this region.
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