Digital Railway Market Worth $74.8 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Sept. 19, 2019 /PRNewswire/ -- According to a new market research report "Digital Railway Market by Offering (Solutions and Services) , Application Type (Rail Operations Management, Passenger Experience, and Asset Management) , Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2024", published by MarketsandMarkets, the Digital Railway Market is expected to grow from USD 50.0 billion in 2019 to USD 74.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period.
Major factors expected to drive the growth of the digital railway include increasing investments in the railway sector in various countries and surge in passenger numbers over the past few years.
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Based on offerings, services segment to record for a higher growth rate during the forecast period
The service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities, and reduced operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity. The services have been bifurcated into 2 segments, namely, professional services and managed services.
Among services, managed services segment to grow at a higher CAGR during the forecast period
Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer's IT infrastructure. Organizations' need to optimize resource utilization, which is one of the major factors, expected to fuel the growth of the Digital Railway Market. Managed services provide constant upgradations and customized features to fulfill the customers' ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized managed service providers to system integrators and Value-Added Resellers (VARs).