May 07, 2020
According to the research report titled ‘Railway Management System Market Size By Component By Deployment Model Industry Analysis Report, Regional Outlook , Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, worldwide railway management system market is projected to exceed USD 64 billion by the year 2024.
Rising number of smart cities, shifting focus towards sustainability, changing consumer lifestyle and strict regulatory scenario are major factors fostering the growth of railway management system market. Rapid expansion of telecommunication sector and growing demand for mobility solutions are driving the market growth. Rising adoption of automation, big data analytics, cloud computing and IoT solutions have led to digital transformation of the railway sector. Strict government regulations regarding consumer safety is further fueling the market expansion. However, factors such as immature market conditions and high capital investments may act as a restraining factor to the overall market scenario.
By component type, rail traffic management system segment generated USD 7 billion in the year 2017, primarily due to rising adoption of effective rail traffic management solutions and advanced transportation services. Key industry players are focusing on developing innovative traffic management tools in order to provide improved passenger experience.
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As per deployment type, on-premise segment held 78% market share in 2017 and is estimated to record considerable growth rate through 2024. On-premise deployment of solutions offers better flexibility with regards to integration management, configurations and data modifications.
Citing the regional scope, Europe railway management system industry accrued USD 13.41 billion in the year 2017. High concentration of market majors, rising development of high-speed trains and shifting focus towards improving urban transportation systems as well as railway infrastructure are promoting the business outlook in Europe.
The prominent companies operating in railway management system market are EKE Electronics, General Electric, Ansaldo, Amadeus, Frequentis, Optasense, Sierra, Siemens, Trimble, Toshiba, Thales, Tech Mahindra, Indra, Bombardier, Eurotech, Atos, ABB, Alstom, Huawei, IBM, Hitachi, Nokia and Cisco among others.