Market Trends of Railway Management System Industry
This section covers the major market trends shaping the Railway Management System Market according to our research experts:
Passenger Information System to Drive the Market Growth
- A passenger information system is likely to drive the growth of the market, as this is the most important communication link between transportation administrators and travelers, which provide visual and acoustic data to travelers on a route.
- PIS comprises constant train following, course data and booking, travel arranging, travel planning, and online connectivity solutions and is likely to grow over the forecast period due to the increase in passenger traffic and digitalization in the railway industry.
- For instance, in 2018, the Norwegian government started a project for complete digitalization of signaling and interlocking on the whole of the 4,200 km rail network in Norway, which is scheduled to be fully equipped with ERTMS by 2034.
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Asia-Pacific to Witness Highest Growth
- Asia-Pacific is expected to account for the highest growth due to the rising adoption of new technologies and high investments for digital transformation. Moreover, the increasing GDP of countries such as Australia, Singapore, China, Korea, Hong Kong, and India further boost market growth.
- India, one of the fastest-growing economies in the world, is actively investing in the further development of its railway services. The country's railway ministry allocated a budget of USD 22.4 billion to develop the Indian railway network for the 2020-21 financial year.
- With this, India aims to reduce fatalities, prevent derailment by the installation of online monitoring of rolling stock, implementation of ERP, wireless corridor, heavy-haul trains specializing in the freight business, and development of specialized R&D Center.
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