Smart Railway
Industry Insight
Market Research Future’s study analyzes high
valuation expectancy in the global smart railway industry. It presents
historical demand data (from 2016) and forecasts (2017 and 2024). In the
current situation of novel coronavirus pandemic, the global Smart Railway Market might soar in the future
by gaining a growth rate of 16.5% in the same period frame.
Top Market Players
The top market players of global smart railways
market are listed as Cisco Systems, Inc. (US), Alstom SA (France),
International Business Machines Corporation (US), General Electric Inc. (US),
Huawei Technologies Co. Ltd (China), Hitachi Limited (Japan), Bombardier, Inc.
(Canada), Siemens AG (Germany), Teleste (Finland), Indra Sistemas SA (Spain),
and Thales Group (France).
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Smart Railway Adoption is on Fast Track
Role of data and IoT in transportation sectors
including railways has not confined to accounting, logistic and shipping
management, managing resources, but has incorporated in day to railway
operation. Such functions include run trains safely, scheduling, measuring
economic benefit to mention a few. These factors have been included as factors
motivating the market to a great extent.
At the pace with technology adoption by rail
operators, IT solution providers have also enhanced the offering for engaged
stakeholders. Need for these smart railway solutions will receive surged
traction, as railways transition to semi-autonomous transportation over the
next ten year. Meanwhile, railway operators are experimenting with smart
railways solutions to offer a seamless and safe transportation experience. Rail
operators use analytical software to estimate the likely breakdown.
Providing tailwinds to the global smart railways
market is the massive allocations by governments of diverse nations in
upgrading and modernizing railways so to simplify its management and make
commuting seamless for the ever-increasing number of travellers. Further, the
swift pace of urbanization and expansion in population is also liable behind
the augmentation in the market for smart railways. Thrust on building smart cities
by governments is proving beneficial to the market as well.
Leading Segments
Through segmentation, the global smart railways
market has been studied by segments of type, component, services and solution.
In terms of type segment, the market has included
station and onboard type.
In terms of component segment, the market has
included Control and Maintenance, Networking & Connectivity Devices,
Multimedia Infotainment Devices, Video Surveillance Cameras, and others.
In terms of services, the market has included system
integration & deployment, consulting services, and support &
maintenance.
In terms of solution type, the market has included
rail communication & networking system, rail analytics system, smart
ticketing system, passenger information system, advanced security monitoring
system, and freight information system.
Leading Regions
The smart railway market, regionally, has been
studied for the critical regions of Asia-Pacific, Europe, North America, the
Middle East & Africa, and South America.
Out of these regions, Europe grabbed the largest
market share of 54.5% earlier in 2017, with a market value of USD 6,301.7
million. Now, the market might register a CAGR of 15.8% during the assessment
period. Smart rail received a funding of USD 6.6 million from the European
Union’s Horizon 2020 research and innovation program.
North America was the second-largest market back in
2017, valued at USD 2,776.6 million. Now, the market is projected to exhibit a
CAGR of 16.7%.
In the last, the market in Asia-Pacific is likely to
register the highest CAGR of 19.7%. The adoption of IoT technology, significant
investments on smart railways projects by the government and fast economic
growth are likely to motivate the development of the smart railway market in
the region.
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