Lewes, DE -- (SBWire) -- 04/07/2016 --Report forecast the global IT spending on railways market to grow at a CAGR of 15.93% during the period 2016-2020.
Railway infrastructure plays a vital role in the economic and social development of a country. Globally, the traffic congestion on roads has increased. As a result, people choose trains as a mode of transportation as it is a more feasible and convenient option, especially for long-distance traveling. The rise in passenger and freight traffic has led to a surge in the adoption of IT solutions in railways.
Integration of IT solutions has not only improved operational efficiency and passenger travel experience but also reduced overall costs. Therefore, IT solutions have become a core component of almost all railway operations — from ticketing to logistics handling to catering. Railway systems have improved significantly in the fields of security, operations, and customer services with the extensive use of information communications and technology (ICT).
New technologies, such as Internet Protocol (IP)-based networks and high bandwidth systems, are used to strengthen security and safety in railways. Mobile services are integrated with railway information systems to improve customer services and enhance travel experience.
The report covers the present scenario and the growth prospects of the global IT spending on railways market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
According to the report, the global railways passenger and freight traffic are growing due to plummeting oil prices and increase in industrial activities. Latest offerings (such as mobile ticketing) coupled with the rise in the use of personal computing devices (like smartphones and tablets) are boosting the railway passenger volume.
Further, the report states that the costs involved in implementing IT in railways include licensing fees and expenses for system design and customization, implementation, training, maintenance, and upgrade. After purchasing the license, railway authorities need to hire experts for the proper implementation of the software. Moreover, the integration of these applications with the existing operational processes of the railway network can be quite challenging at times.
Global Information Technology Spending in Railways Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the Global Information Technology Spending in Railways Market: Accenture plc, ALTEN SA, Altran Technologies SA, IBM Corp., and SAP SE.
Other Prominent Vendors in the market are: ABB, Alcatel-Lucent, Alstom, Ansaldo, Bombardier, Capgemini, CGI Group, Cisco Systems, CSC, GE Transportation, Hitachi, Huawei Technologies, Indra Sistemas, Infosys, Siemens, TCS, Tech Mahindra, and Wipro.
Market driver
- Need to improve efficiency and reduce cost
- For a full, detailed list, view our report
Market challenge
- Increased complexity and cost in technology adoption
- For a full, detailed list, view our report
Market trend
- Emergence of new technologies
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 77 pages and 39 Exhibit "Global IT Spending in Railways Market 2016 - 2020" report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Economic overview, Market segmentation by category, Geographical segmentation, Market drivers, Impact of drivers, Market challenges, Impact of drivers and challenges, Market trends, Vendor landscape, Key vendor analysis, Appendix.
For more information Visit at: http://www.marketresearchreports.com/technavio/global-it-spending-railways-market-2016-2020
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