Global railway fleet management market to reach $3.84 billion by 2024: Technavio

Must Read

How to choose an effective DDoS mitigation plan

There are several flavours from which to choose when selecting an effective DDoS mitigation strategy. Most enterprises opt for one of the cloud protection flavours (always-on or on-demand)

How tech bolster security of online gaming platforms

The rise of and is evident throughout the world’s financial capitals with the UK, US, and a few other European nations at the forefront

Explained: The evolving nature of cybersecurity threats

Concerns such as hacking and the presence of computer viruses have existed for decades in one form or another. As technology evolved over the years, so did the cybersecurity  threats themselves.

Powered by technology, the global railway fleet management market size is expected to touch $3.84 billion during the period 2020-2024, said a new report from research firm.

Technavio attribute this growth to increasing adoption of different types of technology including technology that helps increase productivity and offers several benefits such as stability, reliability, and real-time communication.

Furthermore, helps in maximizing profits and minimizing costs by reducing the time required for re-configuration. Also, this technology expedites the time-consuming coupling and de-coupling process of railcars. Thus, the adoption of and wireless technology will drive market growth during the forecast period.

Similarly, the adoption of cloud computing for streamlining fleet management operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.

The adoption of cloud computing offers an array of benefits to railway fleet owners and operators as it enables real-time visibility into operations, cost-effectiveness, low maintenance costs, and improved vehicle uptime. As a result, fleet management vendors are increasingly leveraging cloud technologies to cater to the evolving needs of the customers. The cloud-based solutions enable fleet operators and owners to monitor their fleets and make informed decisions related to fleet operations.

“Need for operational competency and rising investments in railways will boost the railway fleet management market growth during the forecast period,” says a senior analyst at Technavio.

APAC led the railway fleet management market share in 2019, followed by Europe, North America, MEA, and South America. The growth can be attributed to the increasing investments in the railway industry due to rapid urbanization and the rising need for better public transport in the region.

Subscribe to receive the day's headlines from Tech Observer straight in your inbox

Leave a Reply

*The moderation of comments is automated and not cleared manually by techobserver.in. Embedding of any link and use of abusive or unparliamentary language are prohibited.
- Advertisement -

Latest in TECH

Sapience Analytics signs distribution agreement with Redington

Sapience Analytics and Redington said that they have entered into a distribution agreement where latter will resell the Sapience Vue solution through its network of over 30,000 channel partners, system integrators, and value-added resellers countrywide.
- Advertisement -SAP Hana

Related Articles