The qualitative research study introduced by Graphical Research on “ — North America Railway Management System Market Size By Deployment Model (On-Premise, Cloud), 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]), Industry Forecast, 2018 – 2024”, expected to surpass 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.
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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.
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Segments we cover:
North America Railway Management System Market Trends, By Deployment Model
North America Railway Management System Market Statistics, By Component
Revenue Management Solution
Rail Operation Management System
Facility 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)
Training and Consulting
System Integration and Deployment
Support and Maintenance
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Name: Parikhit B.
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Release ID: 502154