The railway management system market is expected to grow at a compound annual growth rate (CAGR) of 10.2% during the forecast period.
The railway management system market size is expected to grow from USD 34.50 billion in 2018 to USD 56.18 billion by 2023, at a CAGR of 10.2% during the forecast period. This growth is expected to be fueled by the high demographic growth, hyper-urbanization, adoption of IoT as well as automation technologies to enhance optimization, technological advancements, government initiatives and the PPP model, and emerging trend of smart cities. The restraints for the railway management system market are operational inefficiency and increasing congestion with respect to the existing railway infrastructure capacity and high initial cost of deployment.
Among solutions, the PIS segment is expected to witness the highest growth rate during the forecast period.
The PIS segment is expected to grow at the highest CAGR during the forecast period. PIS is a key communication link between transportation operators and passengers. It is an electronic operating tool that provides, at any given time, visual and acoustic information to passengers on a route, both automatically or programmed manually. Along with system reliability, safety, and general appearance, the ability of the operators to provide accurate and current information on arrival and departure times is a key component of passenger satisfaction. PIS consists of real-time train tracking, route information and scheduling, travel planning, passenger infotainment, and online connectivity solutions.
The system integration and deployment services segment is expected to have the highest growth rate during the forecast period.
The system integration and deployment services segment is expected to witness the highest growth rate 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 time and costs, enable efficient working, and minimize deployment-related disruptions.
Asia Pacific (APAC) is expected to grow at the fastest rate during the forecast period
As per the geographic analysis, the railway management system market in the APAC region is expected to witness the fastest growth rate due to the region’s nature of rapidly adopting new technologies and making high investments in rail infrastructure. The increasing GDP of the APAC countries is also expected to contribute to the market growth. The high population growth rate in the region has intensified the need for transformation and expansion of the existing rail infrastructure. Untapped potential markets, high penetration of advanced technologies, growing freight usage in various industries, economic developments, and government regulations are expected to drive the railway management system market growth at the highest rate in APAC during the forecast period.
The break-up of the profiles of the primary participants has been given below:
• By Company Type: Tier 1 - (40%), Tier 2 - (35%), and Tier 3 - (25%)
• By Designation: C-Level - (45%), Director Level - (30%), and Manager Level - (25%)
• By Region: North America - (35%), APAC - (30%), Europe - (20%), and RoW - (15%)
The key railway management system market vendors profiled in the report are:
1. Hitachi (Japan)
2. Bombardier (Canada)
3. Huawei (China)
4. Indra Sistemas (Spain)
5. Atos (France)
6. Toshiba (Japan)
7. Tech Mahindra (India)
8. Nokia (Finland)
9. Ansaldo (Italy)
10. Siemens (Germany)
11. Thales (France)
12. DXC Technology (US)
13. ABB (Switzerland)
14. Amadeus (Spain)
15. Alstom (France)
16. Cisco (US)
17. Optasense (UK)
18. IBM (US)
19. General Electric (US)
20. GAO RFID (Canada)
21. EKE Electronics (Finland)
22. Sierra Wireless (Canada)
23. Eurotech (Italy)
24. Frequentis (Austria)
25. Trimble (US)
The global railway management system market has been segmented by solution, service, and region. A detailed analysis of the regional markets has been done to provide insights into the potential business opportunities across different regions. In addition to this, product portfolio, recent developments, and strategic analysis of vendors are some of the other MarketsandMarkets analyses included in the report.
Reasons to Buy the Report
The report would help the market leaders/new entrants in the railway management system market in the following ways:
1. The report segments the railway management system market comprehensively to provide the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps stakeholders understand their competitors and gain more insights to enhance their positions in the market.