North America Railway Management System Market to exceed USD 17 billion by 2024

March 12, 2020


As per the report titled ‘North America Railway Management System Market Analysis By Deployment Model, Component, Countries Outlook, Industry Size, Share, Growth Trends & Forecast, 2018 – 2024 ’, available with Market Study Report LLC, North America railway management system market is projected to record substantial growth during the forecast period.
 

According to reliable estimates, North America railway management system market share is anticipated to surpass USD 17 billion by the end of 2024. Increasing adoption of AI and cloud-based services to aid rail operators in remote monitoring of the system to minimize failures is augmenting the market growth. Fujitsu and SRI International’s new rail delay prediction solutions powered by AI are able to predict the length of delays based on the information of the past train delay and send these updates to the responsible authorities through cloud-based services. Such innovations and technological advancements will foster the market growth during the analysis period.
 

Stringent government regulations such as the rail safety regulation by the U.S. Federal Railroad Administration (FRA) and the Canadian Railway Safety Act to ensure railroad safety, enhance security, and improve environmental efficiency, are rendering a positive impact on the market outlook.
 

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The report cites that rail maintenance management system segment is projected to grow with a CAGR of 8% during the forecast years. Increasing market competition, low maintenance expenditure, high operational safety will play a key role in product adoption. Growing deployment of predictive analytics to continuously monitor assets, identify defects, and start necessary maintenance process before the failure occurs improves the system availability and decreasing the maintenance cost.
 

Prominent players in North America railway management system market include IBM, Bombardier, Cisco, GAP RFID, Computer Science Corporation, DXC Technology, Trimble, and Sierra Wireless. These players are highly engaged in new product launches, partnerships, and business expansions to improve their market stake.


Frequently Asked Questions (FAQ) :

Increasing adoption of AI and cloud-based services to aid rail operators in remote monitoring of the system to minimize failures is augmenting the market growth.
Low maintenance expenditure and high operational safety associated with these systems will boost the product demand.
Prominent North America railway management system market players include IBM, Bombardier, Cisco, GAP RFID, Computer Science Corporation, DXC Technology, Trimble, and Sierra Wireless.