The Smart Railway Market is anticipated to witness
healthy growth from 2019 to 2024, a research report suggests. Growing at a CAGR
of 16.5%, the market is projected to reach a higher value by 2024. The rising
adoption of advanced safety systems is expected to support the market growth
along with advanced and reliable services. As predicted by analysts, the lack
of ICT infrastructure will negatively affect the market’s performance from 2019
to 2024. During the forecast period, the market will be supported by the demand
for safe solutions and high returns on investments (ROI).
High installation costs on the other hand will
challenge advanced technologies sector-based organizations functioning in the
global smart railway market. Analysts have split the market into component,
services, solution, and type segments based on products and services. Advanced
technologies-based companies have been profiled. The lack of information &
communication technology is set to affect the global market during the forecast
period 2019 to 2024.
Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/2685
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.
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).
Get Complete Report Details at: https://www.marketresearchfuture.com/reports/smart-railways-market-2685
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment