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Globally, railways have augmented spending on IT services like outsourcing, project-oriented services, and support services. This comprehensive market analysis also shows that the services segment is slated to record an impressive 48 percent of share by 2020. Thus, it is estimated that the services segment will likely emerge as the largest market for railways IT spending during that period.
Technavio’s market research analyst predict the EMEA region will emerge as the largest geography for IT spending in railways during the forecast period. Its prospects for growth can be attributed to investments made by many EU governments to develop smart cities in the region. The region is also slated to witness a high demand for analytics as per the forecast.
“Analytics will play a key role in improving railway operations and increase revenues by ensuring better services and end-user satisfaction. Since railway operators use imaging frameworks, sensors, infrastructure testing and other developing systems to generate high data volumes, the need for analytics to help authorities to take strategic decisions will also increase,” said Amit Sharma, one of Technavio’s lead analysts for ICT research.
The global airport IT spending market is extremely concentrated due to the presence of a few large vendors. Since this market is highly concentrated, these vendors are anticipated to make a push for differentiating their products through cost-effective solutions. It is estimated that the demand for operational systems will significantly drive the growth of this market with a lion’s share of over 47 percent during the forecast period.
The global IT spending market will also likely witness some key developments in the healthcare SCM sector. Healthcare SCM systems provide services such as labor optimization, financial management and smooth flow of information throughout the supply chain. Ongoing efforts to implement GS1 standards as a tool to improve healthcare SCM systems will further drive its adoption during the forecast period. Technavio’s research analyst predicts the global healthcare SCM market to grow steadily at a CAGR of 10 percent over the next four years.
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