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Railway Management System Market Growth 2024 | Key Companies ABB, Alstom, Amadeus, Ansaldo STS, Atos SE, Bombardier, Cisco, DXC Technology, EKE-Electronics Ltd, Eurotech, Frequentis, General Electric, GAO RFID
Railway Management System Market
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Driven by the railway authorities' increased focus on facilitating a more enhanced customer experience, railways are also deploying a number of digital technologies and services to provide more value-added services to the passengers. This has indeed propelled the safety, reliability, efficiency and overall performance of the railway services, fueling the railway management system market trends.
These systems will assist in the implementation of data and technology to improve railway mobility, sustainability and efficiency. For example, the Ministry of Indian Railways has allied with the Ministry of Urban Development to ensure smart stations' development under the ongoing Smart Cities mission in the nation. Under this initiative, about 400 stations in the nation are currently being redeveloped with an aim of providing easier access as well as improved facilities for passengers. Such initiatives taken by government to develop the infrastructure of a country will further boost railway management system market.
The collaboration finds renewed strength on the basis of the fact that the companies recognize the rapid pace of development in the context of the DfT, Passengers and Train Operators with regards to the on-train Passenger Information experience. Such efforts by leading companies in railway management solution advancement is certain to propel the growth of railway management system market.
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The Asia Pacific railway management system market is projected to witness exponential growth in the years to come, primarily powered by the surging number of strategic initiatives adopted by regional governments to up the economic ante of the continent. That said, the increasing GDP of the Asian nations and the vast majority of smart city initiatives that typically revolve around the region's public transportation networks are also expected to boost APAC railway management system market.
According to a 2018 report by The Economic Times, under the Indian Government's smart city initiative the total amount of investment proposed across 4,500 projects in over 99 cities was approximately INR 203,979 crores with a large chunk of it being utilized in development of smart stations. Attributing to these factors, the APAC railway management system market is anticipated to register a CAGR of 14% over 2018-2024.
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