PUNE, India, December 13, 2016 /PRNewswire/ --
According to a new market research report "Railway Management System Market by System & Solution (Railway Traffic Management System, Rail Operations Management System, Rail Maintenance Management System), Service (Professional and Managed), and Region - Global Forecast to 2021" published by MarketsandMarkets, the market size expected to grow from USD 29.27 Billion in 2016 to USD 57.88 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.6% during the period 2016-2021.
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Browse 87 market data Tables and 49 Figures spread through 165 Pages and in-depth TOC on "Railway Management System Market"
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The major drivers for upsurge in demand for railway management systems & solutions and services include an increasing demand for improved services in railways, government initiatives, and emergence of Internet of Things (IoT). High demographic growth and hyper-urbanization are the major drivers for the Railway Management System Market.
Rail traffic management system is expected to hold the largest market share in the Railway Management System Market
The rail traffic management involves signaling, traffic control, routing, and train scheduling. The system offers a flexible solution to increase the network capacity & time efficiency, regulate flow of traffic, reduce the risk of operational delays, and improve disaster management over the network. The growth of rail traffic management system is also attributed to the need for advanced transportation infrastructure.
Managed services segment is expected to grow at the highest CAGR during the forecast period
On the basis of services, the managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services support the implementation of railway management systems & solutions, across trains and stations.
Europe is expected to hold the largest market share in the Railway Management System Market
As per the geographic analysis, Europe is likely to benefit from its technological advancements, followed by the high usage of IoT and data analytics platforms, across various rail management operations. The planned investment to improve urban transport and traffic infrastructures in France, Germany, Italy, and the U.K. are expected to drive the European railway transportation market. The European Rail Traffic Management System (ERTMS) is an initiative by Europe to encourage cross-border trade, standard train-control, and command technology throughout its member states.
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The major vendors covered in the Railway Management System Market for this study include Alstom SA (Saint-Ouen, France), Cisco Systems, Inc. (San Jose, U.S.), General Electric (Connecticut, U.S.), ABB Ltd. (Zurich, Switzerland), IBM Corporation (New York, U.S.), Hitachi Limited (Tokyo, Japan), Bombardier, Inc. (Quebec, Canada), Huawei Technologies Co. Ltd. (Shenzhen, China), Indra Sistemas SA (Alcobendas, Spain), Siemens AG (Munich, Germany), Alcatel-Lucent (Paris, France), and Ansaldo STS (Genoa, Italy).
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