Railway Management System Market
As per Market Research Future (MRFR), the global railway management system market share is projected to register a CAGR of 11.02% from 2020 to 2027 (forecast period). The report provides a rigorous and in-depth analysis of the effects of the COVID-19 pandemic on the global railway management system market.
The railway management system is a fully integrated railway transport solution that aims to increase revenue, minimize operating costs, and improve customer safety. The railway management system includes a range of tools and services that allow better management of the railway sector. The system involves a range of activities such as traffic planning, operation management, power supply infrastructure management, maintenance support, station control communication network, railway information management, and many others. In addition, the key tools used in the global railway management industry include railway traffic management systems, railway asset management systems, railway management systems, railway control systems, and railway maintenance management systems.
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Market Dynamics
The increasing number of passengers traveling by railway network encourages government authorities worldwide to upgrade the railway infrastructure to speed up passenger journeys and ensure interoperability. In August 2020, the UK Department for Transport (DfT) launched an ambitious upgrade plan to invest USD 404 million in railway services in Wales to provide better railway and public transport to passengers. The project includes the deployment of a smart railway management system at Cardiff Central Station in South Wales to assure safe railway operations and improve passenger journeys between Cardiff and Swansea. The rising attention of government bodies on improving railway services will drive industry demand.
Moreover, the increasing prevalence of big data and IoT, combined with the rapid evolution of the railway management system in emerging economies over the last decade, has positively affected the expansion of the railway industry.
The ongoing COVID-19 pandemic has had a significant global impact on developed and developing countries. The downturn in the economy and the decline in GDP of major countries are projected to impede the business growth of the railway management system in the medium term in the first half of FY2020. The shutdown of manufacturing plants and labor shortages will lead to a decrease in market demand. However, the market is expected to rebound by the second quarter of FY2021, as the pandemic eases and manufacturing operations begin again after the lockdown.
Market Segmentation
The global market for railway management system has been segmented based on solution and service.
Based on solution, the global railway management system market has been segmented into railway operations management systems, railway maintenance management systems, railway traffic management systems, railway asset management systems, railway control systems, railway communication, and networking systems, passenger information systems, railway security, railway analytics, and freight information systems.
Based on service, the global railway management system market has been divided into consulting, system integration and deployment, and support and maintenance.
Regional Analysis
By regions, the global railway management system market has been segmented into North America, Asia Pacific (APAC), Europe, the Middle East and Africa, and South America.
The Asia Pacific is likely to hold the largest market share in the forecast period due to an increase in the adoption of emerging technologies and a high level of investment in digital transformation. The rising GDP of the APAC countries is also anticipated to contribute to market development. Most of the potential economies in this region are Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be investing rapidly in technological transformation.
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Key Players
The Global Railway Management System Market is defined by the presence of several regional and local providers. Some of the leading participants in the market are Alstom, Huawei, Cisco, General Electric, ABB, IBM, Hitachi, Bombardier, Indra Sistemas, Siemens, Ansaldo, ATOS, Toshiba, Nokia Networks, Tech Mahindra, Thales Group, DXC Technology, Eke-Electronics, Eurotech and Sierra Wireless among others.
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