The global railway management system market is expected to witness a CAGR of 8.8% during the forecast period. Railway management system solutions have created huge growth opportunities for technology suppliers and some associated service providers. The factors contributing to the high growth rates worldwide are the increasing demand for efficient railway operations, the rising prevalence of big data and IoT along with rapid evolution of railway management system, the rise of PPP models and government initiatives, population growth, and hyper-urbanization, and increased congestion caused by aging railway infrastructure. These factors are also expected to affect the future of the global railway management system market.
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Hitachi and BART (Bay Area Rapid Transit) had a partnership to build and deploy the latest technology for digitally operated trains in San Francisco, California. The company aspires to expand its capacity and enhance its offerings.
Siemens and ARM, a renowned producer of automotive IP and software, had a partnership. Active safety, improved driver assistance, in-vehicle infotainment, and self-driving vehicles are all goals that Siemens wants to achieve from this partnership.
The COVID-19 pandemic had been severe on the railway management system market; however, the market is anticipated to bounce back in 2021. The automotive and transportation industries are one of the most severely affected verticals, facing huge losses due to the lockdown. Some countries are engaged in a comprehensive renovation of rail infrastructure and the construction of new tracks and freight corridors during the lockdown. Therefore, market growth may slow down until the industry recovers.
By services, system integration and deployment segment to dominate the market during the forecast period
The system integration and deployment will dominate the market during the forecast period as it helps to identify the need for adoption and upgradation in order to support smart railways software in the existing infrastructure and avoid any restrictions in the software. Thus, these services will speed up the deployment, saves time and costs, and minimize deployment-related disruptions.
“By region, the Asia Pacific to record the fastest growth during the forecast period”
The railway management system market in the Asia-Pacific region is expected to grow strongly in the future. The Asia-Pacific region increasingly adopts new technologies, increases investment in digital transformation, and increases railway spending are the factors that will boost the market growth in this region. Many emerging economies in the region such as Australia, Singapore, China, South Korea, Hong Kong, and India are rapidly investing in railway technology transformation. In addition, the government-private sector partnerships that are developing in developing economies are also expected to promote the growth of target markets in the Asia-Pacific region.
Key players operating in the railway management system market across the globe include Computer Sciences Corporation, Indra Sistemas, GE Transportation, Ansaldo STS, Alstom, Hitachi Ltd., ABB Ltd., IBM Corporation, and Bombardier Inc.
Source: VynZ Research