Press release
Global Public transport and Railways Market will reach 99100 million US$ by the end of 2025
Public transport is a shared passenger-transport service which is available for use by the general public, as distinct from modes such as taxicab, carpooling, or hired buses, which are not shared by strangers without private arrangement.
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Government and regulatory bodies are striving for the furtherance of the transport infrastructure systems, as it replicates the development of the economy. The restraints of the railway management system market include operational efficiency & increasing congestion, high initial cost of deployment & capacity, and lack of ICT infrastructure & interoperability.
The rail traffic management system is expected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period, due to the rise in installations of intelligent signaling solutions and demand for real-time train planning & route scheduling. In addition to that, traffic analytics solutions provide information for planning and forecasting for improved and advanced traffic management. The solution helps railway operators determine the future trends and patterns of transportation.
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With regards to the geographic analysis, Europe is expected to benefit from its technological advancements, large number of smart devices, strong government regulations, followed by high usage of big data analytics, and predictive and sensor analytics across the railways industry.
Asia-Pacific (APAC) is expected to lead the railway management system market, by region, between 2016 and 2021. The growth can be attributed to the global competition, increasing penetration of smart devices, connected machines, and increasing investment in smart cities.
The global Public transport and Railways market is valued at 33500 million US$ in 2017 and will reach 99100 million US$ by the end of 2025, growing at a CAGR of 14.5% during 2018-2025.
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