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Railway Management Systems Market to be worth $55 Bn by 2026
- Published Date: November 10, 2020
Railway Management Systems Market size is projected to exceed USD 55 billion by 2026, according to a new research report by Global Market Insights Inc.
Rising urbanization and increasing congestion and energy consumption in train traffic operation is said to drive the industry growth. The growing need to optimize the existing rail infrastructure and adoption of smart mobility solutions will also propel the market demand. Several major economies are investing in the expansion and modernization of rail networks to speed up the delivery of transport services. For instance, in September 2020, the Wokingham government announced an investment of USD 11.50 million to upgrade the signaling system at Wokingham’s railway network in Berkshire. The signaling and infrastructure enhancements are focused on improving the reliability and flexibility of railway services for passengers by 2021.
The ongoing coronavirus (COVID-19) pandemic has negatively impacted the railway management systems market revenue due to the imposition of stringent lockdown measures globally. Travel restrictions and the temporary closure of manufacturing facilities to prevent transmission and ensure social distancing have hampered the industry expansion in FY2020. However, with the gradual reopening of factories and relaxation on travel restrictions, will augment traction over the coming years.
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The growing demand for maintaining high availability and reducing operational costs
Maintenance and support services are essential for maximizing system life cycle, operations, and processes to enhance customer experience. Leading players are providing operational and maintenance services for helping rail operators to remain active by maximizing availability, reducing costs, and ensuring safety.
Browse key industry insights spread across 500 pages with 674 market data tables and 31 figures & charts from the report, “Railway Management System Market Size By Component (Solution [Rail Operation Management System, Rail Traffic Management System, Rail Asset Management System, Rail Control System, Rail Maintenance Management System, Passenger Information System, Rail Security], Service [Training and Consulting, System Integration & Deployment, Support & Maintenance]), By Deployment Model (On-Premise, Cloud), By Operating System (Linux, QNX, VxWorks), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026”, in detail along with the table of contents:
Railway operators prefer on-premise data storage
The on-premise deployment model in railway management systems market will expand at around 7% CAGR through 2026. The model is highly secure and prevents threats associated with data breach in the railway sector. It is reliable and can be customized as well as provides full control over rail infrastructure and data, enabling operators to meet compliance requirements. Stringent regulations including the UK Data Protection Act 2018 and General Data Protection Regulation (GDPR) directs railway managers to improve data protection & privacy of individuals across the Europe.
Reliability, safety, and security capabilities of VxWorks for operating embedded computing systems of critical rail infrastructure
The demand for real-time performance, safety, and security to influence the adoption of VxWorks Real-Time Operating System (RTOS) in the railway management system. The software is developed by Wind River Systems and is mainly designed for embedded systems. Several rail authorities rely on VxWorks for real-time, secure, safe, and future-proof operations.
Growing investments for connected rail infrastructure in North America
The railway management systems market growth in North America is expected to increase over the forecast timeline owing to the launch of connected rails that are equipped with smart interfaces and advanced technology platforms. High-speed trains and deployment of smart mobility will drive the marketplace for innovative and intelligent solutions in the railway sector. The growing usage of railway management systems for improving traffic control, reliability & safety, and streamlining operations will also foster business expansion.
Another factor accelerating the regional growth is increasing government and private sector effort to implement intelligent railway management solutions.
Investments in R&D for introducing innovative railway management systems
The companies are investing highly in R&D activities for new product launches to attract a large customer base and expand business operations. Key players operating in the railway management systems market include ABB Group, Bombardier, Inc., Cisco Systems, Inc., General Electric Company, Hitachi Rail, Ltd., GAO RFID, Inc., Amadeus IT Group SA, Thales Group, OptaSense, and Trimble Inc.
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