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(Hosting-NewsWire.com, March 23, 2020 ) According to a new market research report "Railway Management System Market by Solution (Rail Asset Management, Track Monitoring, Revenue Management, Intelligent Signaling System, Route Planning & Scheduling, PTC, CBTC, PIS, Security & Analytics), Service, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Railway Management System Market size estimated to be $34.50 billion in 2018 and is expected to reach $56.18 billion by 2023, growing at a compound annual growth rate (CAGR) of 10.2% during the forecast period.
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Major factors driving the railway management system market include high demographic growth, hyper-urbanization, adoption of IoT as well as automation technologies to enhance optimization, technological advancements in railways, and increasing number of government initiatives and PPP models for modernization of railways.
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The rail traffic management system segment is estimated to account for the largest market share in 2018.
The rail traffic management system segment is estimated to account for the largest market share in 2018. Rail traffic management systems allow centralized supervision, enforcing regulations and traffic control of the entire rail network. This central administration system uses real-time data over high-speed communication links across trains and rail infrastructures to automate the traffic. Rail traffic management involves signaling, traffic control, routing, and train scheduling. The system offers a flexible solution to increase the network capacity and time efficiency, regulate the flow of traffic, reduce the risk of operational delays, and improve disaster management over the network. The features of rail traffic management system include traffic planning, operation management system, power supply and infrastructure, operation information for passengers, maintenance support, and driver-only and driverless operation. This solution segment has been further sub-divided into three segments, namely, intelligent signaling solution, real-time train planning and route scheduling/optimizing solution, and centralized traffic control solution. Hence, this segment is expected to dominate the railway management system market.
System integration and deployment segment is expected to be a larger segment in terms of market size in the services market during the forecast period.
System integration and deployment services help identify the need for adaptation or upgradation to support the smart railways software in the existing infrastructures and avoid the restriction of such software. These services help reduce deployment time, save cost, enable efficient working, and minimize deployment-related disruptions. Deployment and integration services begin with collecting customers’ requirements, and then deploying, integrating, testing, and rolling out solutions. Deployment and integration service providers help end users integrate smart infrastructure solutions with their existing legacy infrastructures. These services help in deploying the best-in-class solutions, independent of the vendor, to develop highly optimized smart railways. All these factors are fueling the adoption of system integration and deployment services, which is expected to have the largest market size in the railway management system.
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APAC is expected to hold the largest market size during the forecast period.
APAC is expected to account for the largest market size during the forecast period. European countries such as the UK, France, and Germany are mature in terms of market growth. This is due to the increase in the adoption of new technologies, high investments for digital transformation, and the increasing GDP in the APAC countries. Majority of the potential economies in this region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in technological transformation. In APAC, the total rail network size is nearly 320,600 km, which constitutes approximately 28.8% of the global rail network. According to Business Line’s latest estimates, 30% of the global rail investment is localized in APAC. The high population growth rate in the region has intensified the need for transformation and expansion of the existing rail infrastructure.
Major vendors covered in the railway management system market report include Hitachi (Japan), Bombardier (Canada), Huawei (China), Indra Sistemas (Spain), Atos (France), Toshiba (Japan), Tech Mahindra (India), Nokia (Finland), Ansaldo (Italy), Siemens (Germany), Thales (France), DXC Technology (US), ABB (Switzerland), Amadeus (Spain), Alstom (France), Cisco (US), Optasense (UK), IBM (US), General Electric (US), GAO RFID (Canada), EKE Electronics (Finland), Sierra Wireless (Canada), Eurotech (Italy), Frequentis (Austria), and Trimble (US).
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