Newark, NJ, Nov. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global railway management system market is expected to grow USD 42.2 billion in 2020 to USD 85.3 billion by 2028, at a CAGR of 9.2% during the forecast period 2021-2028.
The global railway management system market is witnessing significant growth from the past years. This growth is attributed to the aging railway systems which reduces the efficiency of resources and compromise’s reliability in established rail markets. The markets adopt newer, more efficient technology infrastructures, leaping over the current practices. Many existing IT systems are complex and old, which makes data sharing difficult. They are also not able to cope with the scale of growth predicted over the next few years. Frequent network failures and system outages can have a domino effect, resulting into traffic and clashes, significantly affecting customer satisfaction.
The railway management system market consists of numerous tools and offerings that permit higher control of the rail industry. It consists of a couple of activities, along with traffic planning, operation control, electricity supply & infrastructure management, maintenance & support, station control & communication network, rail-facility information management, etc. Furthermore, the primary tools used in the worldwide railway management industry consist of rail traffic control system, rail asset management system, rail operation management system, rail control system, and rail maintenance management system.
The global railway management system market is expected to witness significant growth, owing to increasing urbanization, increasing demand for rail services is increasing strain on the existing systems and requiring the optimization of the existing passenger and freight schedules to achieve increased throughput on the current rail infrastructure. Rail freight companies are experiencing growth in trade, especially in energy and commodities areas. The factors restraining the growth of the market are huge capital expenditure, coupled with mounting upfront installation costs, is a hurdle to the adoption of railway management system technologies across regions. High maintenance and operational costs are also a massive concern for railway authorities.
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Key players operating in global railway management system market include Cisco (US), Alstom (France), Hitachi (Japan), Wabtec (US), ABB (Switzerland), Siemens (Germany), Huawei (China), Indra Sistemas (Spain), Honeywell (US), Fujitsu (Japan), Toshiba (Japan), Tech Mahindra (India), DXC Technology (US), Trimble (US), Uptake (US), Accenture (Ireland), IBM (US),Capgemini (France), Amadeus (Spain), Advantech (Waiwan), Thales Group (France), Eurotech (Italy), Frequentis (Austria), Nokia Networks (Finland) and Atkins (UK). To gain a significant market share in the global railway management system market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Hitachi announced a partnership with Bay Area Rapid Transit in October 2020 to design and install the latest technology for the digitally controlled trains in San Francisco, US. The company hopes to increase capacity and improve services.
- Siemens announced a partnership with ARM in January 2020. A leading provider of automotive IP and software. The company hopes to achieve advanced driver assistance, active safety, in-vehicle infotainment, and self-driving vehicles.
- Alstom signed a contract with the Public Transport Authority of Western Australia in December 2019 to build and maintain the next generation of C-series trains for Perth’s rail network.
- Alstom acquired Bombardier Transportation in February 2020. The acquisition expanded Alstom’s rolling stock portfolio and add significant assets to its services business, including access to an extensive network of maintenance facilities and a large number of trains in service.
Rail traffic management system segment dominated the market held the largest market share of 20.3% in the year 2020
On the basis of solution, the global railway management system market is segmented into rail operations management system, facility management, rail traffic management system, revenue management, workforce management, rail asset management system, rail security, rail analytics, passenger information system, freight information system, rail control system, rail automation management, rail communication and networking system. Rail traffic management system segment dominated the market held the largest market share of 20.3% in the year 2020. This growth is attributed to the increasing urbanization which has increased the frequency of the trains.
Support and maintenance segment dominated the market held the largest market share of 41.7% in the year 2020
On the basis of service, the global railway management system market is segmented into consulting, support and maintenance, system integration, and deployment. Support and maintenance segment dominated the market held the largest market share of 41.7% in the year 2020. This growth is attributed to the 24/7 troubleshooting assistance, upgrading the existing freight management system solution, problem-solving, repairing, replacing failure components, proactive services, technical support by technicians, and test scenario management.
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Regional Segment of Global Railway Management System Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global railway management system market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region holds the largest market share of 46.2% in the year 2020. This growth is attributed to the well-established railway structure in the countries like U.K., France, and Germany.
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About the report:
The global railway management system market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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