The global railway management system market is expected to witness significant growth during the forecast period (2018 – 2024). Furthermore, hyper-urbanization, technological developments in railways and an extensive number of initiatives undertaken by government authorities across the globe are the major factors strengthening the growth of the market worldwide.
On the basis of solution, the railway management system market is segmented into rail traffic management system, rail maintenance management system, passenger information system, rail operations management system, rail security, freight information system, rail asset management system, rail communication and networking system, rail control system and rail analytics..
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The rail control system is further subcategorized into communication-based train control solution, positive train control solution and integrated control solution.
On the basis of service, the railway management system market is segmented into system integration and deployment, consulting, and support and maintenance. Among all these segments, system integration and development services are expected to witness the fastest growth during the forecast period.
The development of wireless connectivity, remote management of railway systems and the adoption of sensors are the key trends observed in the railway management system market, globally. Moreover, increasing trend of optimization in various fields such as technology, electronics, and media is performing crucial roles in transportation sector specifically in railways across the globe.
Geographically, Asia-Pacific is expected to witness the fastest growth in the railway management system market, globally, during the forecast period. The extensive growth is attributed towards technological advancements, increasing investment towards digital transformation and increasing disposable income of the citizens residing in Asia-Pacific.
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The key players operating in the railway management system market across the globe include Computer Sciences Corporation, Indra Sistemas, GE Transportation, Ansaldo STS, Alstom, Hitachi Ltd., ABB Ltd., IBM Corporation and Bombardier Inc.