As per Inkwood Research, the Global Intelligent Railways Transportation Management Systems Market is anticipated to grow with a CAGR of 11.90% in terms of revenue during the forecast period of 2023-2032.
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Digital technologies are evolving rapidly, bringing innovations in operations across the railway sector. This is projected to enhance the passenger’s experience. For instance, smartphones are transitioning the passengers’ commute and travel. Accordingly, the vendors in the market are focusing on expanding their consumer-focus initiatives. As a result, there are working on the technical integration of rail services. This further contributes to the global intelligent railways transportation management systems market growth.
Evolving E-Commerce Industry drives Market Growth
The surging number of online buyers & purchases and the subsequent growth of e-commerce have pushed the vendors to optimize their logistics and order fulfillment capabilities. For instance, Amazon spent $34 billion in fulfillment costs and $27.7 billion in shipping costs in 2018. Accordingly, the e-commerce boom has surged the transportation of goods and services in the last few years. In addition, e-commerce is among the leading growth drivers of the logistics market. Therefore, there is a growing need for intelligent railways transportation management systems as vendors strive to achieve their shipping and logistics goals.
Support and Maintenance Service is the Largest Revenue-Generating Service
Support and maintenance services are important in the rail industry to identify imminent issues and errors. This will further help optimize the maintenance schedule to achieve the highest availability of trains. Moreover, these services include maintaining rail infrastructure encompassing electrification, signaling, and tracks.
Europe is the Dominant Region in the Global Market
Europe has an advanced railway sector. The smart railways growth in the region is attributed to advancements in the railway infrastructure and penetration of digital solutions. In addition, the rising government activities with regard to the adoption of green mobility and the launch of alternative fuels for railways are projected to offer growth opportunities for the analyzed market.
The global intelligent railways transportation management systems market rivalry is characterized by high levels of competition, growing levels of product penetration, and moderate/high product differentiation. Some of the key firms in the market include Oracle Corporation, Siemens AG, Thales Group, Tata Consultancy Services Limited (TCS), etc.