(IT-NEWSWIRE.COM, September 22, 2022 ) Railway Management System Market size to grow from USD 40.8 billion in 2020 to USD 61.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 8.7% forecast period.
Railway management system solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers. Factors contributing to the high growth rate in these regions are the increasing need for efficient rail operations, rising PPP model and government initiatives, growing population and hyper-urbanization, and increasing congestion due to aging railway infrastructure. These factors are also expected to shape the future of the global Railway Management System Market.
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The solutions segment to hold a larger market size during the forecast period
The solutions segment of the Railway Management System Market is projected to hold a larger market size during the forecast period. The solutions segment in the Railway Management System Market is further segmented into rail asset management, track monitoring, revenue management, intelligent signaling system, route planning & scheduling, ptc, cbtc, pis, security & analytics. The incorporation of various railway management system solutions for the railway industry has become necessary for developing and establishing advanced and automated railway infrastructures.
By services, the Support and Maintenance segment to record a highest growth rate during the forecast period
The support and maintenance services include 24/7 troubleshooting assistance, upgradation of the existing freight management system solution, problem-solving, repairing, replacing failure components, proactive services, technical support by technicians, and test scenario management. The support and maintenance segment also includes facility inspection and training, and round-the-clock support for railway management system solutions. These services are widely adopted by organizations to avoid business threats and safeguard devices.
By region, Europe to account for the largest market size during the forecast period
Countries from Western Europe, such as the UK, France, and Germany, have well-established railway infrastructure, and various railway operators in this region use some advanced railway management system solutions. European countries have been investing majorly in the modernization and upgradation of their existing rail infrastructure. Social and trade agreements among the EU countries have promoted large-scale, cross-border trade, and passenger traffic in Europe. The high growth of the adoption of railway management system solutions is expected in the region, especially in communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on the Machine-to-Machine (M2M) communication privacy standardization and high trading standard.
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Major vendors in the Railway Management System Market include Siemens (Germany), Cisco (US), Alstom (France), Hitachi (Japan), Wabtec (US), Trimble (US), Atkins (UK), Uptake (US), Accenture (Ireland), Capgemini (France), Amadeus (Spain), Advantech (Waiwan), Thales Group (France), Eurotech (Italy), and Frequentis (Austria).
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