Urbanization and the development of transportation infrastructure will play a crucial role in driving the market growth.
The global railway management system market is in its growth phase, and is expected to witness average growth rate of 16.6% during the forecast period, owing to increase in demand for national and international travel, high adoption of efficient and technologically advanced transportation management solutions, and supportive regulations from the governing authorities.
The global railway management system market was valued at $29,434 million in 2016, and is projected to reach $82,973 million by 2023, growing at a CAGR of 16.6% from 2017 to 2023. The solution segment is anticipated to grow at the highest growth rate during the forecast period.
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The European region was the highest revenue contributor in the global railway management system market in 2016, due to its advanced technical aspects, high adoption of IoT, and well equipped with enormous railway infrastructure. Furthermore, the urban transport and highly developed infrastructure in the key countries, such as France, Germany, UK, and Italy, have lured the key vendors into investing in technological development of railway management solutions of these regions. The LAMEA railway management systems market is expected to grow at the highest rate during the forecast period, owing to the unprecedented increase in demand for technological upgrade of railway infrastructure in Africa and South America.
In 2016 the railway traffic management systems segment accounted for the highest share in the market, and is expected to witness highest growth rate from 2017 to 2023, owing to high demand for rail traffic management such as traffic control, scheduling & planning, routing, signaling, and monitoring. This offers efficient solutions to increase time utilization and network capabilities. Furthermore, it regulates the traffic, offers solutions for disaster management over the network, and reduces possible delays in the operation.
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Profiling Key Players: Alstom SA, Cisco Systems, Inc., General Electric, ABB Limited, IBM Corporation, Hitachi Limited, Huawei Technologies Co. Ltd., Indra Sistemas SA, Siemens AG, and Alcatel-Lucent.
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