Operational safety is a prime concern for the railways to operate in the current competitive scenario. Despite the rising number of commuters and growing demand from emerging markets, railway industry is struggling with several basic issues like international interoperability, transport capacities, instrumental costs and operational costs and so on. Introduction to automated management systems is proving to be vital for the global industries. The global railway management system market is gaining strength from different factors like rising demand and growth in the emerging parts of the world. These systems bring discipline and uniformity in the activities of the railways, which make them all the more popular across developed as well as developing parts of the world.
Scope of Research
In order to understand the reach and adoption of the management systems for the railways, the expert researchers segment the global market on the basis of its basic components. These components include the types of services, systems and solutions. Demand from different geographic regions is also taken into consideration for detailed analysis of the demand and supply chains across international and regional levels. The major systems and solutions available in the market include management of rail assets, operations, and control, traffic, and maintenance systems. The services available in the industry include cloud hosting, system integration and various other professional services.
Drivers and Restraints
The global railway management system market is driven by three vital drivers, which include growth of advanced technologies across the national and international levels, saturation of infrastructure, demographic and economic growth across emerging as well as developed regions, and growing demand due to economic sustainability of the available services and solutions. The major restraints for the market include operational compatibility, safety compliances, congestion and capacity tolerance, and low project funding from different governments and authoritative bodies. Nevertheless, the market is seeking growth opportunities from the adoption of cloud and big data and infrastructure development.
Forecasting Reports
As per the analysis of the global trends, drivers and segments of the industry, the railway management system market is expected to grow at a CAGR of over 12% from 2014 to 2020. At the projected growth rate, the industry is expected to become worth $35.99 billion in 2019, which is currently poised at $19.58 billion. During the forecasting period, innovative management practices are expected to be strong drivers for the global industry. Enhancement of the maintenance, operations, and effectiveness of the services are the key factors driving adoption of these services across different parts of the world. Innovation is expected to be the strongest growth driver in the industry for the years to come.
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