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North America Railway Management System Market to hit $17 bn by 2024
Published Date: 2019-03-29
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According to the Graphical Research new growth forecast report titled “North America 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 and Deployment, Support and Maintenance]), By Deployment Model (On-Premise, Cloud), Industry Forecast, 2018 – 2024”, estimated to exceed USD 17 billion by 2024.
The rising adoption of AI and cloud-based services in railways is a major factor contributing to market growth. It assists the rail operators for the remote monitoring of the system, predicting failures before they occur. For instance, Fujitsu in partnership with SRI International developed a new system for rail delay prediction solution through artificial intelligence. These systems will predict the length of delays depending on the information of the past train delay and deliver these updates to the concerned authorities through cloud-based services.
The stringent regulations established by the government will also support market demand. The rail safety regulation established by the U.S. Federal Railroad Administration (FRA) and the Canadian Railway Safety Act are some of the major regulations enforced by the North American government for ensuring railroad safety, security accessibility, and environmental efficiency.
The rail maintenance management system is projected to grow at a CAGR of over 8% between 2018 to 2024. With the increasing competition in the market, it is essential to provide rail maintenance management systems with reduced maintenance expenditure, keeping operational safety and driving its market adoption. The use of predictive analytics for maintenance management enables operators to continuously monitor assets, identify probable defects, and start necessary maintenance process before the asset fails, in turn enhancing the system availability and decreasing the maintenance cost. In November 2018, Harsco Rail brought about advancements in their track maintenance and repair processes. This has assisted the company in reducing the risks related to electrical malfunction and operational downtime.
The major players operating in the North America railway management system market include IBM, Cisco, Bombardier, GAP RFID, DXC Technology, Computer Science Corporation, Sierra Wireless, and Trimble. These players have adopted numerous growth strategies including new product launches, partnerships, and business expansions to cater to the demands of the marketplace.
Segments we cover:
North America Railway Management System Market Trends, By Deployment Model
North America Railway Management System Market Statistics, By Component
- Rail Operation Management System
- Facility Management Solution
- Revenue Management Solution
- Ticketing Management Solution
- Workforce Management Solution
- Rail Automation Management Solution
- Rail Traffic Management System
- Intelligent Signaling Solution
- Real-Time Train Planning and Route Scheduling Solution
- Centralized Traffic Control Solution
- Rail Asset Management System
- Train Information Solution
- Track Monitoring Solution
- Rail Control System
- Positive Train Control Solution
- Communication-Based Train Control Solution
- Integrated Control System
- Rail Maintenance Management System
- Vehicle Maintenance Scheduling Solution
- Predictive Analytics for Maintenance Management Solution
- Passenger Information System (PIS)
- Rail Security
- Rail Operation Management System
- Training and Consulting
- System Integration and Deployment
- Support and Maintenance
The above information has been provided for the following countries: