The rising adoption of the internet of things (IoT) in modern railway management systems is driving market revenue growth
Market Size – USD 40.72 Billion in 2020, Market Growth – at a CAGR of 8.2%, Market Trend – Rise in number of passengers traveling through railways
The global railway management system market size is expected to reach USD 89.97 Billion in 2030 and register a revenue CAGR of 8.2% over the forecast period, according to the latest report by Reports and Data. The rise in the number of passengers traveling through railways and the increasing use of railways for logistics and transportation are key factors driving market revenue growth. Innovations in rail freight transportation are also expected to offer new opportunities for global railway management system market growth. Also, growing attention towards modernizing railway systems to make them more efficient, as well as to improve railway infrastructure, is driving the market growth.
The rising trend of the development of smart cities and smart transportation networks is affecting the market growth of railway management systems, as these systems help in the deployment of modern data and technology to improve the sustainability, mobility, and efficiency of railway networks. For example, the Indian Ministry of Railways, 2016, formed a strategic collaboration with the Ministry of Urban Construction to assure the development of smart stations as part of India’s continuing smart cities initiative. Over 400 stations in India are being renovated under this program to provide better facilities and easy access.
Some Key Highlights from the Report:
- By offering, the solutions segment is expected to account for the largest revenue share over the forecast period due to an expanding railway sector and the need to efficiently manage traffic for an increasing number of trains en route. A centralized management system can regulate all train activities. To automate traffic, this central management system uses real-time data across high-speed communication links among trains and rail facilities. Signaling, traffic control, routing, and train schedules are all part of rail traffic management.
- By offering, services segment revenue is expected to register a faster CAGR over the forecast period. System integration and deployment services are in high demand as they help in identifying requirements for adaptation or upgradation to support smart railways software in existing infrastructures and reduce software restrictions.
- Railway management system market in Asia-Pacific accounted for a significant market revenue share in 2020, due to fast economic growth and increasing investment activities in countries like China and India, which have strong demand for railway management systems. Growing urbanization in the region, along with increasing demand for in-city train transit, is another factor expected to drive market growth over the forecast period.
- After Asia-pacific, railway management system market revenue in North America is expected to grow at a faster rate over the forecast period, owing to the increasing adoption of modern technologies. The region has the presence of leading market players, such as IBM Corporation and Honeywell International Inc., which are playing a major role in driving the market growth.
- Some major companies profiled in the market report include ABB Limited, IBM Corporation, Cisco Systems Inc., Huawei Technologies Co., Ltd., Siemens AG, Capgemini, Honeywell International Inc., Accenture Plc, Hitachi Ltd., DXC Technology Company, and Bombardier Inc.
For this report, Reports and Data have segmented the global railway management system market based on offering, deployment type, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2030)
- Rail Operations Management System
- Rail Traffic Management System
- Rail Asset Management System
- Rail Control System
- Rail Communication and Networking System
- Rail Security
- Rail Analytics
- Passenger Information System
- Freight Information System
- System Integration and Deployment
- Support and Maintenance
- Deployment Type Outlook (Revenue, USD Billion; 2018–2030)
- Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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 based on market drivers, limitations, and prospects.