SELBYVILLE, Del., Nov 16. 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the railway management system market, which estimates the market valuation for railway management systems will cross US $55 billion by 2026. Rapid urbanization stressing railway authorities to upgrade the existing infrastructure will boost the demand for advanced systems.
The rise in the number of railway accidents over recent years has encouraged railway operators to incorporate advanced maintenance solutions. Train maintenance management platforms keep a precise record of the previous maintenance schedules and generate alerts for the periodic maintenance routine of vehicles as well as other railway assets. Vehicle maintenance scheduling solutions enable one to evaluate a vehicle's condition throughout its life cycle based on data assessments. Predictive maintenance includes the deployment of sensor-based analytical monitoring in real-time for sub-systems and assets that provide enough time to take proactive measures based on the recorded condition parameters.
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Development in cloud computing technologies led by leading technology providers, such as IBM Corporation and Huawei Technologies Co. Ltd., will support the cloud-based railway management system model. Cloud offers flexibility and scalability while eliminating the need to install on-premise hardware. Moreover, it can easily accommodate surging amounts of data without having to expand on-premise infrastructure. The deployment of cloud-based railway management systems also reduces the maintenance costs associated with on-premise hardware.
Railway management systems are required to be built on robust operating systems that efficiently manage a system's hardware and resources such as storage, memory, and processors. Linux is an open source operating system. Linux was designed to be similar to UNIX OS but has progressed to run on a variety of hardware from supercomputers to smartphones. Every Linux-based OS involves the Linux kernel that manages a set of software packages and hardware resources that make up the rest of the operating system. As Linux features secure and flexible servers, railway management software is being developed on the OS.
Asia-Pacific offers strong growth opportunities to the railway management system market due to improving economic conditions supporting the adoption of advanced technologies. Government organizations are investing heavily in railway management system development projects to offer enhanced services to passengers and ensure safety and convenience. For instance, in December 2019, Indian Railways announced plans to modernize its signaling system throughout its network by executing Modern Train Control system with LTE-based MTRC. Smart city development projects in China and Singapore will further propel the demand for advanced railway management systems.
Browse key industry insights spread across 500 pages with 674 market data tables and 31 figures & charts from the report, "Railway Management System Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
Some major findings of the railway management system market report are:
- Government organizations are focusing on railway infrastructure development for overall economic growth and are encouraging Public-Private Partnerships (PPPs) for the implementation of advanced train management systems.
- Rapid urbanization in several countries over the last decade has stressed the existing railway network, encouraging railway authorities to modernize infrastructures to streamline operations and boost productivity. The growing passenger demand for enhanced convenience and security will also fuel the railway management system market growth.
- Digital technologies, such as IoT, AI, and cloud, have supported the development of advanced railway management systems. IoT has enabled the development of a connected system that integrates data collected from sensors embedded into several railway assets. For instance, sensors embedded in railway tracks facilitate precise maintenance scheduling.
- AI has enabled efficient data management by leveraging big data analytics. The technology has simplified revenue and workforce management platforms and is also aiding in the development of predictive analytics-based systems. AI enables authorities to take proactive decisions based on the existing data patterns.
- The real-time management of railway traffic enables authorities to provide accurate data to passengers regarding arrival and departure timings or delays and cancellation of railways. Railway apps on internet-enabled devices enable travelers to receive instantaneous alerts about alterations in railway schedules.
- The growing adoption of railway management systems in North America and Europe due to robust infrastructure supporting the incorporation of advanced technologies is being witnessed. The systems are specifically being adopted by tram operators to streamline traffic in crowded cities and enhance passenger comfort and convenience.
- Players focusing on launching innovative solutions to strengthen their market position will propel the railway management industry growth. Major players are entering into strategic partnerships with government organizations and railway authorities to implement their solutions over a large network.
- Key players operating in the market are Cisco, IBM, Nokia, Bombardier, Atos, ABB, Toshiba, Huawei, Alstom, Eurotech, General Electric, Indra, Thales, Trimble, Siemens, and Hitachi.
Browse the complete report's table of contents at https://www.gminsights.com/toc/detail/railway-management-system-market
Partial chapters of the report's table of contents (ToC):
Chapter 6 Railway Management System Market, By Deployment Model
6.1 Key trends, by deployment model
6.2.1 Market estimates and forecast, 2015 - 2026
6.3.1 Market estimates and forecast, 2015 - 2026
Chapter 7 Railway Management System Market, By Operating System
7.1 Key trends, by operating system
7.2.1 Market estimates and forecast, 2015 - 2026
7.3.1 Market estimates and forecast, 2015 - 2026
7.4.1 Market estimates and forecast, 2015 - 2026
7.5.1 Market estimates and forecast, 2015 - 2026
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Railway Aftermarket Size By Subsystem (Traction & Propulsion, Bogies/Wheelsets & Suspension, Body Structures, Braking Systems, Auxiliary Systems, Rail Tracks & Equipment), By Product (Rail Infrastructure, Rolling Stock [Metro, High Speed Rail, Light Rail & Trams, Locomotives, Passenger Wagons, Freight Wagons]), By Service Provider (OEM, Railway Operators, Third Party/Component Suppliers), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026
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Railway Management System Market size worth around $55 Bn by 2026
Railway Management System Market size is projected to exceed USD 55 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.