Market Size of Railway Management System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Railway Management System Market Analysis
The railway management system market is expected to reach a CAGR of 12% during the forecast period (2021 - 2026). Global trends, such as digitization, automation technologies to enhance optimization, government initiatives, connectivity, sustainability, energy conservation, and integration of IoT, are expected to be the major factors for the growth of the market.
- Railway 4.0, also known as Digital Railway, is a major trend that leads to the automation of railway operations, is boosting the growth of the market. Moreover, the railway industry embraces disruptive technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data analytics, cloud computing, and cybersecurity, which are likely to contribute to the growth of the market.
- The global population is expected to reach 9.8 billion by 2050, out of which 75% will dwell in cities. Hence, it has become imperative for public agencies to ensure that the transportation sector, specifically the rail network, is ready to meet the growing connectivity needs. Moreover, the emerging trend of smart cities is also boosting the railway management system market.
- The growth of the railway management system is expected to be primarily driven by the growing need for urban connectivity, increased integration of IoT- based solutions, and higher emphasis on reducing emissions.By 2050, it is expected that passenger mobility will increase by 200-300%, and freight activity will increase by 150-250%.
- Integration of the smart systems to communicate across traditional railway infrastructure, high investment in the development of software portfolio, minimizing error rates due to increasing system complexity and implementation of weatherproof sensors are identified as the major challenges faced by the market.
- Due to the ongoing COVID-19 outbreak, the automotive & transportation industry is amongst the most affected vertical and is facing huge losses due to lockdown across the world. Therefore the growth of the market is likely to fall till the resurgence of the industry.
