Global Railway Management System Market 2019-2023
About this market
Urban rail transit systems are short-length passenger rail systems that are used for transportation within urban or suburban regions. Metro rail is considered to be one of the most convenient modes of urban transportation for mass transit. The demand for urban mass transit railway systems has increased to ease congestion with the growing urbanization. Though these systems help in easing the traffic, they require highly advanced management systems to carry out their day-to-day activities. The population in urban areas has been increasing, with several cities becoming megacities characterized by high passenger inflow. The increased the network coverage of the railway system and thereby the capability in handling different interconnected railway lines. Railway management systems offer efficient control over different railway network lines and thus help in the management of railway operations. Therefore, the demand for railway management systems is expected to grow with several new future urban mass transit railway projects being lined. Technavio’s analysts have predicted that the railway management system market will register a CAGR of over 9% by 2023.
Need for upgrade and modernization of railway infrastructure
The continuous use of railways and the demand for improved services by customers have increased the need for new infrastructure. Hence, many railway operators are undertaking upgrade and modernization activities for railway infrastructure. These activities are aimed at replacing old systems with new ones and adding improved safety features and monitoring facilities.
High cost of adoption
Deployment of railway management systems involves significant costs owing to the use of advanced technologies. Moreover, railway networks are required to shut down for the period of deployment and need to undergo trials. Therefore, the high cost of adoption of railway management systems will continue to be a major challenge for the market.
For the detailed list of factors that will drive and challenge the growth of the railway management system market during the 2019-2023, view our report.
Technavio Announces the Publication of its Research Report – Global Railway Management System Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rise in use of automaton and IoT in railways.”
According to the report, one of the major drivers for this market is the need for enhanced cross- border railway network.
Further, the report states that one of the major factors hindering the growth of this market is the requirement for skilled workforce.