Market Research Future (MRFR) projects the global railway management system market size to register a CAGR of 11.02% from 2020–2027 (review period).
Digitalization and Rapid Technological Improvements
A variety of rapid technical breakthroughs have allowed market transition over the last two decades while also enabling digital tools to deliver innovative services. Due to the enormous benefits that digitization provides to the business, the public, and passengers, the rate of digitalization is expected to accelerate. This ecosystem is expected to expand over time, encouraging firms to provide novel advanced services and to adopt sophisticated technology, operational capabilities, and approaches. There will be several chances to generate revenue, reduce expenses, and improve the passenger experience in this dynamic landscape. Railways are employing digital solutions to meet these goals and are forsaking traditional modes of operation to some extent. Railway systems with remarkable environmental performance, economies, and time effectiveness have been identified as a key component of urban growth. This is projected to fuel market expansion.
The Global Market to Witness Growth Post COVID-19 Pandemic
The COVID-19 outbreak had a severe influence on rail operations in 2020, causing rail services to be halted in numerous nations for a quarter and several other countries to resume rail operations with few trains on track. While some countries have suffered significant losses, others have engaged in a comprehensive revamp of rail infrastructure as well as the construction of new tracks and freight corridors under the imposed lockdown. COVID-19 has had a significant influence on the market in 2020; however, the market is likely to rebound in 2021. Remote-based monitoring and predictive maintenance technologies would be required as the out-of-operations rolling stock would need proper maintenance.
The global railway management system industry has been segmented based on solutions and services.
By solution, the global railway management system market has been segmented into rail operations management systems, rail traffic management systems, rail maintenance management systems, rail asset management systems, rail control systems, rail communication and networking systems, rail security, passenger information systems, rail analytics, and freight information systems.
By service, the global railway management system market has been divided into consulting, system integration and deployment, and support and maintenance.
APAC to Hold the Biggest Share
Due to the high adoption of new technologies and substantial investments in digital transformation, Asia Pacific is predicted to hold the biggest market share over the projection period. The rising GDP of APAC countries is also predicted to contribute to market expansion. Most of the potential economies in this region include Singapore, Australia, China, Korea, Hong Kong, and India, all of which are considered investing heavily in technological transformation.
The global railway management system industry is characterized by the presence of several regional and local providers. Some of the prominent participants in the market are Alstom, Cisco, General Electric, ABB, IBM, Hitachi, Bombardier, Nokia Networks, Huawei, Indra Sistemas, Siemens, Ansaldo, ATOS, Toshiba, Tech Mahindra, Thales Group, DXC Technology, Eke-Electronics, Eurotech and Sierra Wireless among others.
In October 2020, Hitachi announced a collaboration with BART (Bay Area Rapid Transit) to build and implement cutting-edge technology for digitally operated trains in San Francisco, California. The company intends to expand its capacity and improve its offerings.
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