Selbyville, Delaware, Jan. 04, 2019 (GLOBE NEWSWIRE) --
The railway management system market is set to grow from USD 33 billion in 2017 to USD 64 billion by 2024, according to a latest Global Market Insights, Inc. report. The market growth is attributed to the increasing adoption of IoT and digitalization in the railway industry.
IoT allows the rail operators to have proper information about the train’s location with respect to other trains to ensure passengers’ safety. It also automatically regulates the trains speed on the basis of real-time information, in turn, reducing the chances of collision driving their adoption in the railway management system market.
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The Passenger Information System (PIS) holds the highest growth potential in the railway management system market. Due to a rising competition in the market and growing passenger expectations, train operating companies are continually striving to augment passenger satisfaction by delivering more information than just departure and arrival timings. Various reference messages and advertising content are displayed on the information devices inside & outside trains, enabling passengers to know their precise location, next train stops, and other beneficial information related to the train’s path.
The system integration & deployment service segment dominates the railway management system market with an industry revenue of over USD 1 billion in 2017. Railway operators are working toward transforming their traditional network systems with advanced IP-based technologies. Hence, adopting efficient system integration & deployment services assist them in integrating their existing legacy systems with new technologies as well as deploying new systems for creating cost-efficient and highly-scalable & secured solutions delivering an enhanced end-to-end connectivity.
Browse key industry insights spread across 340 pages with 336 market data tables & 30 figures & charts from the report, “Railway Management System Market Size By Component (Solution [Rail Operation Management System {Facility Management Solution, Revenue Management Solution, Ticketing Management Solution, Workforce Management Solution, Rail Automation Management Solution}, Rail Traffic Management System {Intelligent Signaling Solution, Real-Time Train Planning And Route Scheduling Solution, Centralized Traffic Control Solution}, Rail Asset Management System {Train Information Solution, Track Monitoring Solution}, Rail Control System {Positive Train Control Solution, Communication-based Train Control Solution, Integrated Control System}, Rail Maintenance Management System {Vehicle Maintenance Scheduling Solution, Predictive Analytics For Maintenance Management Solution}, Passenger Information System, Rail Security], Service [Training and Consulting, System Integration and Deployment, Support and Maintenance]), By Deployment Model (On-Premise, Cloud), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Switzerland, Poland, China, Japan, Australia and New Zealand [ANZ], South Korea, India, Southeast Asia, Brazil, Mexico, Argentina, Chile, South Africa, GCC, Nigeria), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/...tem-market
The cloud deployment model is growing at the fastest rate in the market due to various benefits that it offers such as ongoing software updates and easy access anywhere using the browser, making it easier for rail authorities to carry out their operations. These models are also highly secure & scalable, augmenting their demand in the market.
The Asia Pacific railway management system market is anticipated to grow at the fastest rate at a CAGR of over 14% over the forecast timeframe. The major factors contributing to market growth in this region include the strategic initiatives adopted by the government, which include smart cities and digitalization coupled with the increasing GDP of the Asian countries. Furthermore, as transportation infrastructure in some of the countries is still in development phases, various companies are making strategic investments in this region due to a huge growth potential driving the market demand.
The major companies working in the railway management system market include ABB, Ansaldo, EKE Electronics, Frequentis, Cisco, IBM, Nokia, Huawei, Bombardier, Indra, Toshiba, Trimble, Thales, Hitachi, Siemens, Alstom, Atos, Sierra Wireless, Thales, and Amadeus. These companies offer various rail management solutions & services to meet the growing needs of passengers. The major strategy adopted for expansion is partnerships & collaborations as it assists the companies to expand their regional presence, thereby serving a larger customer base.
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