Reports And Data
Railway Management System Market Size – USD 44.57 Billion in 2021, Market Growth – at a CAGR of 8.2%, Market Trend – Advancement in technology
NEW YORK, NY, UNITED STATES, June 16, 2022 /EINPresswire.com/ — Rapid growth of population and hyper-urbanization, and increasing technological advancements to improve efficiency of railway systems are driving market revenue growth
The global railway management system market size is expected to reach USD 89.94 Billion in 2030 and register a revenue CAGR of 8.2% over the forecast period, according to latest report by Reports and Data. Increasing demand for efficient rail operations and growing population and hyper-urbanization are factors contributing to rapid market revenue growth. The railway management system provides improved operation and control, energy & asset management, staff & passenger information management, traffic planning, and analytics, among various other benefits. Also, these systems deploy advanced connectivity services and on-train processing for tracking location and speed of trains.
The railway management system incorporates several types of manual and automatic systems, which comprise numerous solutions and services that aid in quick and better management of railways. Various services and activities conducted during railway operation include train scheduling, route traffic management, power supply and infrastructure management, and station control. The railway management system encompasses all parts of rail journey, from departure of the train from the shed (parking) until its arrival at the destination shed. Key components of railway management system are rail traffic management system, rail operation management system, rail asset management system, rail maintenance management system, and rail control system. Changing trends and technological advancements in railway industry have reduced operation timeframes for addressing difficulties.
Companies profiled in the global railway management system market report include ABB Limited, IBM Corporation, Cisco Systems Inc. Huawei Technologies Co., Ltd., Siemens AG, Capgemini, Honeywell International Inc., Accenture Plc., Hitachi Ltd., and DXC Technology Company.
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Some Key Highlights from the Report
• By offering, services segment is expected to grow at a faster rate during the forecast period. Support and maintenance services include troubleshooting help 24/7, upgrading existing freight management system solutions, problem-solving, repairing, and replacing failed components, and proactive services, along with technical support by technicians and test scenario management. Support and maintenance service, in addition to facility inspection and training, provides round-the-clock support for railway management system solutions. Railway management system frequently employs these services to avoid risks, such as system failure, fire accidents, internal & external risk, and equipment protection.
• Solutions segment of the railway management system market is expected to account for a larger market revenue share over the forecast period. For expanding and creating modern and automated railway infrastructures, inclusion of various railway management system solutions is of key importance for the railway sector.
• Railway management system market in Europe accounted for largest revenue share in 2020 and is expected to grow at a faster rate over the forecast period. Western European countries with well-established railway infrastructure, such as UK, France, and Germany, are implementing a variety of modern railway management systems. European countries are making significant investments in modernizing and upgrading their current rail systems. Social and commercial agreements among EU member states have facilitated large-scale, cross-border trade and passenger transportation in Europe. The region is expected to witness rapid growth in adoption of railway management system solutions, particularly in communication technology, with the European Telecommunications Standards Institute (ETSI) forming a separate committee to focus on Machine-to-Machine (M2M) communication privacy standardization and high trading standards. GSM-R, a part of ETSI/3GPP GSM specifications, possesses specific Quality of Service requirements for applications in harmonized operation of railways.
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For this report, Reports and Data has segmented the global railway management system market based on offering, deployment type, and region:
Solution Type Outlook (Revenue, USD Billion; 2019–2030)
• Operations Management System
• Traffic Management System
• Asset Management System
• Control System
• Communication and Networking System
• Passenger Information System
• Freight Information System
Services Type Outlook (Revenue, USD Billion; 2019–2030)
• System Integration and Deployment
• Support and Maintenance
Deployment Type Outlook (Revenue, USD Billion; 2019–2030)
Regional Outlook (Revenue, USD Billion; 2019–2030)
• North America
• Latin America
• Middle East & Africa
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Key Advantages of Railway Management System Report:
• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Railway Management System industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Railway Management System market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
global Railway Management System Market