Railways Management System Market Growing at a CAGR of 10.2% to Reach USD 56.18 billion by 2023
Railways Management System Market Overview:
The railways management system market includes several tools and services to improve the performance of the rail sector. It includes several activities, such as traffic planning, operations management, energy supply and infrastructure, maintenance and support, control of the network and communication stations, information management, railway installations, etc.
The size of the global railway management system market was estimated at USD 34.50 billion in 2018 and is expected to reach USD 56.18 billion by 2023, with a compound annual growth rate (CAGR) of 10.2% during the forecast period.
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Railways Management System Market Drivers, Challenges and Opportunities:
High population growth and increased urbanization in developing countries are the main drivers of the growth of the global market for railway management. Other key drivers include advances in technology, adoption of the Internet of Things, cloud models and other automated models to improve optimization. In addition, increasing government efforts and partnering with IT vendors to implement automated models to increase infrastructure efficiency is also fueling the growth in the global market.
On the other hand, some constraining factors hinder the growth of the market for railway management systems such as high initial deployment cost, different security standards, complex interoperability, and others.
Advances in technology have led to greater adoption of automated technology for the efficient management of the rail network and infrastructure, thereby improving this market opportunities. Rail Traffic Management System, a Rail Asset Management System, a Rail Operating Management System, a Rail Control System and a Rail Maintenance Management System are different types of solutions offered by this market that are expect to increase the market chances in the future.
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Railways Management System Market Geographic Segmentation:
North America is expected to be the dominant market, followed by the Asia-Pacific region, as most South Asian countries are moving towards automated solutions in the rail sector. The European region contributed the most to the global market revenue for railways management systems in 2016, due to its advanced technical aspects, its intensive adoption of IoT and its considerable railway infrastructure. In addition, urban transport and highly developed infrastructure in key countries such as France, Germany, the United Kingdom and Italy have prompted key suppliers to invest in the technological development of railway management solution in these regions.
Railways Management System Market Key Market Players:
The main players in the global rail management systems market are Alstom SA, Cisco Systems, Inc., General Electric, ABB Limited, IBM Corporation, Hitachi Limited, Huawei Technologies Co. Ltd., Indra Sistemas SA, Siemens AG and Alcatel-Lucent.
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