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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