Global Information Technology Spending in Railways Market 2016-2020
Outlook of the global information technology (IT) spending in railways market
Technavio’s market research analyst has estimated the global information technology (IT) spending in railways market to grow at a CAGR of almost 16% over the forecast period. Recently, it has been observed that many countries from across the globe have increased their IT spending in railways to modernize the existing rail infrastructure as it lacked operational efficiency and had serious security issues. Since the implementation of IT in railways enhances the quality of service, end users in the railway sector have started implementing IT solutions for video surveillance, alarm systems, site access control, equipment telemetry, and remote access monitoring. In the railways sector, the ability of IT to prevent accidents and to aid during emergencies will result in its increased implementation during the predicted period.
In terms of geography, Technavio’s market research analyst has estimated the EMEA region to be the largest market for IT spending in railways during the forecast period. The prospects for growth in this market can be attributed to the investments made by the region's governments to develop smart cities. Factors such as the development of intelligent infrastructure and the augmented utilization of telematics will aid in the growth of this market in EMEA.
Category-based segmentation of the IT spending in railways market
Technavio’s market research analysts have estimated the services market segment to be the largest market segment during the forecast period. The railway’s augmented spending on IT services like outsourcing, project-oriented, and support services will result in the steady growth of this market segment. This comprehensive market analysis has shown that the services segment will account for an impressive market share of more than 48% by 2020.
Growth drivers, challenges, and upcoming trends: Demand for analytics
The high demand for analytics is a key market trend that will impel the prospects for growth in this market. Analytics plays a significant role in improving railway operations and also helps to increase revenues by ensuring better passenger services and customer satisfaction. Since railway operators use imaging frameworks, sensors, infrastructure testing, and other developing systems to generate huge data volumes, the need for analytics techniques that will help authorities to take strategic decisions will also increase.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the global IT spending in railways market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global IT spending in railways market?
- What are the key market trends impacting the growth of the IT spending in railways market?
- What are the challenges to market growth?
- Who are the key vendors in the global IT spending in railways market?
- What are the market opportunities and threats faced by the vendors in the global IT spending in railways market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global IT spending in railways market?
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