Global Railway Management System Market Reflecting a CAGR of 9.8% by 2020 End
Deerfield Beach, FL -- (SBWIRE) -- 09/29/2017 -- According to the report, the global railway management system market was valued at approximately USD 19.60 billion in 2014 and is expected to reach approximately USD 34.25 billion by 2020, growing at a CAGR of around 9.8% between 2015 and 2020. Zion Market Research has published a new report titled "Railway Management System (Rail Operations Management Systems, Rail Traffic Management Systems, Rail Asset Management Systems, Rail Control Systems and Rail Maintenance Management Systems) Market for Professional Services, System Integration Services and Cloud Hosting Services: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020"
Railway management system is a communication platform to provide an effective method of regulating trains by monitoring their movement, induction, and withdrawal of rakes. It collects signaling information such as track circuits, route setting, signals, points etc. and helps the railway management systems to control and monitors the flow of information between the different sub-systems like doors, converters also between the train and ground. The railway management system offers efficient and reliable train operation, high level of safety and security as well as convenient and excellent services for passengers.
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The railway transport market is mainly driven by increasing freight and passenger traffic. Advancement in technology to provide better services is expected to fuel the railway management system market in the near future. Furthermore, with the increasing globalization of economic activities coupled with increasing infrastructure has resulted into growing demand for rail transportation services. However, the presence of stringent safety regulations in the rail sector may pose a challenge to the market growth in the near future. Moreover, advancement in the railway infrastructural activities is projected to open new growth opportunities for railway management system in the years to come.
The railway transport market is segmented on the basis of different services including professional services, system integration services, and cloud hosting services. A professional service was the largest segment with over 54.3% of market share of the total revenue generated in 2014. This segment is expected to continue its dominance in the global market throughout the forecast period. System integration service was another key outlet for railway management system market, which accounted for 35.9% share of the overall market in 2014.
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Various system and solution segments of railway management system market include rail operations management systems, rail traffic management systems, rail asset management systems, rail control systems and rail maintenance management systems. In terms of revenue, rail operation management system was leading segment and it accounted for over 39.2% market share of the total market in 2014. The rail asset management system is expected to witness significant growth in the near future.
In terms of revenue, Europe dominated the railway management system market, accounting for 38.6% share in 2014. This growth is mainly attributed to the increasing restructuring activities of railway sector coupled with advanced technology in this region. Asia Pacific was a second largest regional market and estimated to be the fastest-growing regional segment during the forecast period, led by dynamic growth in the long-term, highly influenced by new projects processing industry in China, India, and countries in Asia Pacific.
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