The global railway services have been struggling to keep up with the growing passenger and freight and transportation. The rising demand from equally rising number of passenger travelling by railways is creating various problems for the industry including lack of optimized use of the networks, inefficient use of the railway assets and passenger safety. Growing threats to the safety of freight and passengers is creating demand in the railway management system market. As a result, these management solutions are experiencing rapid changes in terms of their applications and technological enhancements. The present day changes in the industry are creating strong growth prospects for both the existing as well as potential investors in rail market.
Segmentation in Rail Management Systems Market
In order to understand the basic trends, drivers, restrains, and growth opportunities in the market, researchers have segmented this industry on the basis of several basic industry components, which include various systems, services and solutions offered in the industry. Apart from that the geographic regions of the industry are also taken into consideration. Following are the details of the segmentation in the railway management system market:
- Services: Professional, cloud hosting, and system integration services
- Systems and Solutions: Railway operations, assets, traffic, maintenance and control systems
- Geography: Europe, Asia Pacific, Latin America, Middle East, Africa, and North America
Trends and Drivers: Future Prospects
The global railway management system market is expected to witness healthy growth thanks to the rising demand across different parts of the world. Increasing requirement from freight and passengers in the emerging markets is proving to be a great help for the global industry. Adoption of automated technology is also driving the market ahead. Many countries are integrating advanced automated technologies into their existing traditional systems in order to gain more power as well as better control over the rail sector. Growing demand from Asia Pacific and especially the countries like India and China are also creating strong future prospects for the industry. Upgraded railway tracks and integration of nationwide networks of railways across Africa, North America, Europe and Asia are also equal contributors for this healthy growth.
According to the market research reports, the global railway management system market is set to grow at an anticipated CAGR of over 12.9% to reach $35.99 billion by the end of the year 2019. As of the year 2014, the industry was poised at $19.58 billion. Asia Pacific is expected to witness the most stunning growth during the forecasting period. Technological advancements, expanded railway ecosystems, and changing revenue models are expected to create better business opportunities in this industry during the forecasting period.