Global Railway Management System Market 2019-2023 | Increasing Use of Automation and IoT in Railways to Boost Growth | Technavio
The global railway management system market is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio.
(prsubmissionsite) November 14, 2019 –A key factor driving the growth of the global railway management system market is the expansion of urban mass transit railway infrastructure. Urban rail transit systems are short-length passenger rail systems that are used for transportation within urban or suburban regions and to ease congestion with the growing urbanization. For instance, countries in Europe and in Asia are extending their metro transit services to meet with the rising demand. Though these systems help in easing the traffic, they require highly advanced management systems to carry out their day-to-day activities. Therefore, railway management systems offer efficient control over different railway network lines and thus help in the management of railway operations. Also, the demand for railway management systems is expected to grow with several new future urban mass transit railway projects during the forecast period.
As per Technavio, the increasing use of automation and IoT in railways will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global railway management system market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global railway management system market: Increasing use of automation and IoT in railways
Automation and loT technologies are gradually finding adoption in railway systems, where they are being used to control and manage technology and communications systems. In the future, the railway industry is expected to rely on these smart transportation systems that leverage a combination of technology, planning, and greater intelligence to harness data, which will be used to provide better service and safer travel. IoT systems combined with big data analytics can also aid railway operators to identify components that are performing feebly and are likely to fall, thus, reducing breakdown during operations, network downtime, and customer dissatisfaction.
“Along with the increasing use of automation and loT technologies, the rise in adoption of ERTMS is another factor that is trending in the market. The ERTMS is a control, command, signaling, and communication system for railway management and safe regulation, which ensures that the train does not exceed the safe speed and distance. Consequently, it opens up opportunities for vendors in the railway management system market by offering a one-stop solution, thereby resulting in the growth of the global railway management system market,” says a senior analyst at Technavio.
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Global railway management system market: Segmentation analysis
This market research report segments the global railway management system market by product (control system and information system) and geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America, respectively. During the forecast period, the APAC region is expected to continue its leadership as well as register the highest incremental growth due to the modernization of the existing national railway networks and construction of new urban railway transit networks.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
· Market ecosystem
· Market characteristics
· Market segmentation analysis
· Market definition
· Market size and forecast
Five Forces Analysis
· Regional comparison
· Key leading countries
· Vendors covered
· Vendor classification
· Market positioning of vendors
· Competitive scenario
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