Global Train Control Management System Market (2025-2031) | Revenue, Industry, Size, Restraints, Growth, Trends, Consumer Insights, Supply, Investment Trends, Segmentation, Pricing Analysis, Strategic Insights, Companies, Share, Value, Competition, Competitive, Strategy, Forecast, Challenges, Outlook, Segments, Demand, Opportunities, Analysis, Drivers

Market Forecast by Regions and Countries (North America, Europe, LATAM, Middle East, Asia and Africa), By Type (CBTC, PTC, Integrated Train Control), By Application (High Speed Rail, Metro, Streetcar) And Competitive Landscape
Product Code: ETC13268059 Publication Date: Apr 2025 Updated Date: Jul 2025 Product Type: Market Research Report
Publisher: 6Wresearch Author: Sumit Sagar No. of Pages: 190 No. of Figures: 80 No. of Tables: 40

Global Train Control Management System Market Size & Growth Rate

According to 6Wresearch internal database and industry insights, the Global Train Control Management System Market was valued at USD 3.1 Billion in 2024 and is expected to reach USD 4.9 Billion by 2031, growing at a compound annual growth rate of 8.15% during the forecast period (2025-2031).

Global Train Control Management System Market Overview

The Global Train Control Management System Market is experiencing significant growth driven by increasing demand for efficient and safe train operations worldwide. The implementation of advanced technologies such as Positive Train Control (PTC) and Communication-Based Train Control (CBTC) is enhancing the efficiency and safety of rail operations. Factors such as urbanization, population growth, and government initiatives to modernize rail infrastructure are also fueling market growth. Key players in the market are investing in research and development to introduce innovative solutions that optimize train operations, reduce delays, and improve passenger safety. North America and Europe hold a substantial market share due to the presence of established rail networks and stringent safety regulations, while the Asia Pacific region is expected to witness rapid growth due to increasing investments in high-speed rail projects.

Global Train Control Management System Market Trends and Opportunities

The Global Train Control Management System Market is experiencing significant growth driven by the increasing demand for efficient and safe railway operations. Key trends include the adoption of advanced technologies such as IoT, AI, and big data analytics to enhance train control systems` performance and reliability. Opportunities in the market lie in the development of integrated control systems that offer real-time monitoring, predictive maintenance, and improved communication between trains and infrastructure. Additionally, the growing focus on urbanization and the expansion of high-speed rail networks in emerging economies present lucrative prospects for market players. Collaboration with technology providers and railway operators to develop innovative solutions tailored to specific needs will be crucial for companies to capitalize on these trends and opportunities in the Global Train Control Management System Market.

Global Train Control Management System Market Challenges

The Global Train Control Management System Market faces challenges such as high initial investment costs for implementing advanced control systems, interoperability issues among different systems from various manufacturers, and the need for extensive testing and regulatory approvals to ensure safety and reliability. Additionally, the complexity of integrating new control systems with existing infrastructure and equipment poses a challenge for many rail operators. Furthermore, cybersecurity concerns and the potential threat of cyber attacks on train control systems are emerging challenges that require continuous monitoring and investment in cybersecurity measures. Overall, addressing these challenges requires collaboration among industry stakeholders, regulatory bodies, and technology providers to develop standardized solutions and ensure the seamless integration and operation of train control management systems globally.

Global Train Control Management System Market Drivers

The Global Train Control Management System Market is primarily driven by the increasing urbanization leading to the expansion of railway networks, the growing focus on enhancing safety and efficiency in train operations, and the rising demand for advanced signaling and control systems to prevent accidents and improve overall transportation infrastructure. Additionally, government initiatives to modernize rail networks, the integration of digital technologies such as IoT and AI in train control systems, and the need for real-time monitoring and communication in rail operations are further propelling the market growth. The shift towards high-speed rail networks and the adoption of automated train control systems are also significant factors driving the market for train control management systems globally.

Global Train Control Management System Market Government Policy

Government policies related to the Global Train Control Management System Market focus on promoting safety, efficiency, and interoperability in rail transportation systems. These policies typically include requirements for the implementation of advanced train control technologies, such as positive train control (PTC) systems, to enhance safety measures and prevent accidents. Governments also emphasize the standardization and harmonization of train control systems to ensure seamless operations across different rail networks and regions. Additionally, regulations often address cybersecurity considerations to protect train control systems from potential threats. Overall, government policies in this market aim to modernize and improve the reliability of train control management systems to support the growth and sustainability of the global rail industry.

Global Train Control Management System Market Future Outlook

The Global Train Control Management System (TCMS) market is expected to witness steady growth in the coming years due to increasing urbanization, technological advancements, and the need for efficient and safe public transportation systems. The demand for TCMS is driven by the growing emphasis on enhancing rail network safety, reducing operational costs, and improving passenger experience. Additionally, government initiatives to modernize railway infrastructure and the increasing adoption of automation and digitalization in the transportation sector will further propel market growth. With the development of high-speed rail networks and the expansion of urban rail transit systems in emerging economies, the TCMS market is projected to experience significant opportunities for expansion and innovation in the near future. The key players in the industry are likely to focus on research and development to introduce advanced TCMS solutions to meet the evolving needs of the market.

Global Train Control Management System Market Regional Insights

The Global Train Control Management System market is witnessing diverse trends across different regions. In Asia, particularly in countries like China, India, and Japan, there is a growing focus on upgrading existing rail infrastructure to enhance safety and efficiency, driving the demand for TCMS solutions. North America is experiencing a steady adoption of advanced train control systems to modernize its aging rail networks and improve operational performance. In Europe, stringent regulations related to rail safety and increasing investments in high-speed rail projects are fueling the demand for TCMS technology. The Middle East and Africa region is gradually investing in rail infrastructure development, leading to a rising interest in TCMS for ensuring secure and reliable train operations. In Latin America, countries like Brazil and Mexico are investing in railway modernization projects, creating opportunities for TCMS vendors to expand their presence in the region.

Key Highlights of the Report:

  • Global Train Control Management System Market Outlook
  • Market Size of Global Train Control Management System Market, 2024
  • Forecast of Global Train Control Management System Market, 2031
  • Historical Data and Forecast of Global Train Control Management System Revenues & Volume for the Period 2021 - 2031
  • Global Train Control Management System Market Trend Evolution
  • Global Train Control Management System Market Drivers and Challenges
  • Global Train Control Management System Price Trends
  • Global Train Control Management System Porter's Five Forces
  • Global Train Control Management System Industry Life Cycle
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Global Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of North America Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of United States of America Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Canada Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of North America Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Latin America (LATAM) Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of Brazil Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Mexico Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Argentina Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of LATAM Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Asia Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of China Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of India Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Japan Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of Asia Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Africa Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of South Africa Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Nigeria Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Egypt Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of Africa Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Europe Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of United Kingdom Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of France Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Germany Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of Europe Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By Type for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By CBTC for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By PTC for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By Integrated Train Control for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By Application for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By High Speed Rail for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By Metro for the Period 2021 - 2031
  • Historical Data and Forecast of Middle East Train Control Management System Market Revenues & Volume By Streetcar for the Period 2021 - 2031
  • Historical Data and Forecast of Saudi Arabia Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of UAE Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Turkey Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Historical Data and Forecast of Rest of Middle East Train Control Management System Market Revenues & Volume for the Period 2021 - 2031
  • Global Train Control Management System Market - Key Performance Indicators
  • Global Train Control Management System Market - Import Export Trade Statistics
  • Global Train Control Management System Market - Opportunity Assessment By Countries
  • Global Train Control Management System Market - Opportunity Assessment By Type
  • Global Train Control Management System Market - Opportunity Assessment By Application
  • Global Train Control Management System Market - Top Companies Market Share
  • Global Train Control Management System Market - Top Companies Profiles
  • Global Train Control Management System Market - Comparison of Players in Technical and Operating Parameters
  • Global Train Control Management System Market - Strategic Recommendations

Frequently Asked Questions About the Market Study (FAQs):

The Global Train Control Management System Market size was valued USD 3.1 Billion in 2024 and is projected to reach USD 4.9 Billion by 2031.
The expected growth rate of the Global Train Control Management System Market is 8.15% during the forecast period.
6Wresearch actively monitors the Global Train Control Management System Market and publishes its comprehensive annual report, highlighting emerging trends, growth drivers, revenue analysis, and forecast outlook. Our insights help businesses to make data-backed strategic decisions with ongoing market dynamics. Our analysts track relevent industries related to the Global Train Control Management System Market, allowing our clients with actionable intelligence and reliable forecasts tailored to emerging regional needs.
Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Global Train Control Management System Market

1 Executive Summary

2 Introduction

2.1 Key Highlights of the Report

2.2 Report Description

2.3 Market Scope & Segmentation

2.4 Research Methodology

2.5 Assumptions

3 Global Train Control Management System Market Overview

3.1 Global Regional Macro Economic Indicators

3.2 Global Train Control Management System Market Revenues & Volume, 2021 & 2031F

3.3 Global Train Control Management System Market - Industry Life Cycle

3.4 Global Train Control Management System Market - Porter's Five Forces

3.5 Global Train Control Management System Market Revenues & Volume Share, By Regions, 2021 & 2031F

3.6 Global Train Control Management System Market Revenues & Volume Share, By Type, 2021 & 2031F

3.7 Global Train Control Management System Market Revenues & Volume Share, By Application, 2021 & 2031F

4 Global Train Control Management System Market Dynamics

4.1 Impact Analysis

4.2 Market Drivers

4.3 Market Restraints

5 Global Train Control Management System Market Trends

6 Global Train Control Management System Market, 2021 - 2031

6.1 Global Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

6.1.1 Overview & Analysis

6.1.2 Global Train Control Management System Market, Revenues & Volume, By CBTC, 2021 - 2031

6.1.3 Global Train Control Management System Market, Revenues & Volume, By PTC, 2021 - 2031

6.1.4 Global Train Control Management System Market, Revenues & Volume, By Integrated Train Control, 2021 - 2031

6.2 Global Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

6.2.1 Overview & Analysis

6.2.2 Global Train Control Management System Market, Revenues & Volume, By High Speed Rail, 2021 - 2031

6.2.3 Global Train Control Management System Market, Revenues & Volume, By Metro, 2021 - 2031

6.2.4 Global Train Control Management System Market, Revenues & Volume, By Streetcar, 2021 - 2031

6.3.1 Overview & Analysis

7 North America Train Control Management System Market, Overview & Analysis

7.1 North America Train Control Management System Market Revenues & Volume, 2021 - 2031

7.2 North America Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

7.2.1 United States (US) Train Control Management System Market, Revenues & Volume, 2021 - 2031

7.2.2 Canada Train Control Management System Market, Revenues & Volume, 2021 - 2031

7.2.3 Rest of North America Train Control Management System Market, Revenues & Volume, 2021 - 2031

7.3 North America Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

7.4 North America Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

8 Latin America (LATAM) Train Control Management System Market, Overview & Analysis

8.1 Latin America (LATAM) Train Control Management System Market Revenues & Volume, 2021 - 2031

8.2 Latin America (LATAM) Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

8.2.1 Brazil Train Control Management System Market, Revenues & Volume, 2021 - 2031

8.2.2 Mexico Train Control Management System Market, Revenues & Volume, 2021 - 2031

8.2.3 Argentina Train Control Management System Market, Revenues & Volume, 2021 - 2031

8.2.4 Rest of LATAM Train Control Management System Market, Revenues & Volume, 2021 - 2031

8.3 Latin America (LATAM) Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

8.4 Latin America (LATAM) Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

9 Asia Train Control Management System Market, Overview & Analysis

9.1 Asia Train Control Management System Market Revenues & Volume, 2021 - 2031

9.2 Asia Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

9.2.1 India Train Control Management System Market, Revenues & Volume, 2021 - 2031

9.2.2 China Train Control Management System Market, Revenues & Volume, 2021 - 2031

9.2.3 Japan Train Control Management System Market, Revenues & Volume, 2021 - 2031

9.2.4 Rest of Asia Train Control Management System Market, Revenues & Volume, 2021 - 2031

9.3 Asia Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

9.4 Asia Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

10 Africa Train Control Management System Market, Overview & Analysis

10.1 Africa Train Control Management System Market Revenues & Volume, 2021 - 2031

10.2 Africa Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

10.2.1 South Africa Train Control Management System Market, Revenues & Volume, 2021 - 2031

10.2.2 Egypt Train Control Management System Market, Revenues & Volume, 2021 - 2031

10.2.3 Nigeria Train Control Management System Market, Revenues & Volume, 2021 - 2031

10.2.4 Rest of Africa Train Control Management System Market, Revenues & Volume, 2021 - 2031

10.3 Africa Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

10.4 Africa Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

11 Europe Train Control Management System Market, Overview & Analysis

11.1 Europe Train Control Management System Market Revenues & Volume, 2021 - 2031

11.2 Europe Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

11.2.1 United Kingdom Train Control Management System Market, Revenues & Volume, 2021 - 2031

11.2.2 Germany Train Control Management System Market, Revenues & Volume, 2021 - 2031

11.2.3 France Train Control Management System Market, Revenues & Volume, 2021 - 2031

11.2.4 Rest of Europe Train Control Management System Market, Revenues & Volume, 2021 - 2031

11.3 Europe Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

11.4 Europe Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

12 Middle East Train Control Management System Market, Overview & Analysis

12.1 Middle East Train Control Management System Market Revenues & Volume, 2021 - 2031

12.2 Middle East Train Control Management System Market, Revenues & Volume, By Countries, 2021 - 2031

12.2.1 Saudi Arabia Train Control Management System Market, Revenues & Volume, 2021 - 2031

12.2.2 UAE Train Control Management System Market, Revenues & Volume, 2021 - 2031

12.2.3 Turkey Train Control Management System Market, Revenues & Volume, 2021 - 2031

12.3 Middle East Train Control Management System Market, Revenues & Volume, By Type, 2021 - 2031

12.4 Middle East Train Control Management System Market, Revenues & Volume, By Application, 2021 - 2031

13 Global Train Control Management System Market Key Performance Indicators

14 Global Train Control Management System Market - Export/Import By Countries Assessment

15 Global Train Control Management System Market - Opportunity Assessment

15.1 Global Train Control Management System Market Opportunity Assessment, By Countries, 2021 & 2031F

15.2 Global Train Control Management System Market Opportunity Assessment, By Type, 2021 & 2031F

15.3 Global Train Control Management System Market Opportunity Assessment, By Application, 2021 & 2031F

16 Global Train Control Management System Market - Competitive Landscape

16.1 Global Train Control Management System Market Revenue Share, By Companies, 2024

16.2 Global Train Control Management System Market Competitive Benchmarking, By Operating and Technical Parameters

17 Top 10 Company Profiles

18 Recommendations

19 Disclaimer

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