Railway Management System - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Railway Management System market is accounted for $28.50 billion in 2017 and is expected to reach $83.88 billion by 2026 growing at a CAGR of 12.7%. Factors such as high demographic growth, hyper-urbanization and technological advancements are driving the market growth. However, high initial cost of deployment is hampering the growth of market.
The railway management system is incorporated with different types of the manual and automatic systems that include various kinds of tools and services, which help in quick and better management of the rail industry. The various types of services and activities performed during the operation of the railway include scheduling the rail, managing the route traffic, power supply & infrastructure management, and station control. The railway management system includes all the possible aspects related to the rail journey from the train’s departure from the origin shed (parking) to its arrival at the destination shed.
Based on the component, Passenger Information System (PIS) is likely to have a huge demand because Passenger Information System (PIS) is a key communication link between transportation administrators and travelers. It is an electronic working apparatus that gives, at some random time, visual and acoustic data to travelers on a route, both consequently or customized physically. Alongside system reliability, safety, and general appearance, the capacity of the administrators to give precise and current data on landing and takeoff times is a key segment of traveler fulfillment. PIS comprises of constant train following, course data and booking, travel arranging, travel planning, and online connectivity solutions.
By geography, Asia Pacific region is constantly enhancing due to adopting new technologies and high investments in rail infrastructure. The increasing GDP of the asian countries is also expected to contribute to the market growth.
Some of the key players in the Railway Management System market include IBM, Huawei, Hitachi, ABB, Siemens, Toshiba, General Electric, Tech Mahindra, Thales Group, Nokia Networks, Eurotech, Bombardier, Cisco, Alstom and Sierra Wireless.
Deployment Types Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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