Smart Railways, where once again, technological advancements demonstrating immense capabilities in improving the quality of life have brought Smart Railways in to reality. Today if the railway industry is in a position where it is able to improve operational efficiency, passenger experience and the operators’ return on investments it is due to the Industrial Internet of Things (IIoT) that is enabling communication technologies. Governments across the globe are adopting advanced technologies for smart and efficient transportation. From smart design of the railway stations to ticketless travel, incorporation of smart technologies and mighty solutions is transforming the travelling experience.
To mark yet another milestone of advances in technology, networking and IIoT intervention Market Research Future, has recently published a detailed study report titled Global Smart Railways Market according to which the market has been increasing steadily and expected to gain further prominence during the forecasted period. The Smart Railways Market is estimated to demonstrate spectacular accretions, surpassing its previous growth records in terms of value will accrue to USD 17 Billion by 2022, with a whooping double digit CAGR of 12 % during the anticipated period (2016 – 2022).
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Still in its embryonic stage; the Smart Railways market is driven by the prominent industry leaders like IBM, Hitachi Limited (Japan), Cisco Systems, Inc. (U.S.) and Alstom SA (France) other key players profiled in MRFR analysis who are too at the forefront of competition in the Smart Railways market include ABB Ltd (Switzerland), Bombardier, Inc. (Canada), Huawei Technologies Co. Ltd. (China), Indra Sistemas S.A. (Spain), Siemens AG (Germany), and Alcatel-Lucent (France)
The key trend in shaping and transforming the smart railway market include integrated ticketing, big data, internet of things and government support for Smart Railways. The adoption of IoT has major impact on the transportation system with the advent of innovation in autonomous vehicles and cargo management. The smart railways has many advantages which would increase the overall efficiency, productivity and security of passengers. Additionally, growing traffic of passengers and freight, aging population, and rapid urbanization coupled with importance of sustainability is providing impetus to the market growth. Moreover factors such as the growing importance of smart cities, the incredible pace of telecommunications and technological change, and the need for mobility are also contributing to the market growth of Railway Market. Also, price sensitivity, demands for an improved passenger experience, stakeholder’s interests are also positively impacting the market growth up to some extent.
The future of the railway industry is expected to rely upon smart transportation systems that leverage technologies over a large rail network infrastructure to reduce its life-cycle cost. New services, such as integrated security, asset management, and predictive maintenance, are expected to improve timely decision-making for issues like safety, scheduling, and system capacity. Smart railways represent a combination of interconnected technological solutions and components, as well as modern transportation infrastructure like automatic ticketing systems, digital displays, and smart meters. Likewise, these systems require seamless high data rate wireless connectivity and integrated software solutions to optimize the usage of assets, from tracks to trains, to meet the ever-growing demand for energy-efficient and safer services.
Smart Railways Market – Competitive Analysis
Although still in its nascent stage, the global Smart Railways market Size is extremely competitive. Several large and small players having international presence are at the front intensifying the competition. The market is expected to witness fierce competition during the forecast period. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. The Key players operating in this market emphasis upon the innovation and new processes which in turn is anticipated to fuel the already intensified competition during the forecast period. Smart Railways market demonstrates high growth prospect which in turn is attracting several new entrants to the market which is apparently anticipated to intensify the market competition.
Smart Railways Market – Segmentation
The Smart Railways Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Solution: Comprises Passenger Information System, Railway Communication System, Freight Information System. Advance Security Monitoring Solution, Smart Ticketing System and others.
Segmentation By Component: Comprises Smart Card, Rail Sensor, Video Surveillance Cameras, Networking and Connectivity Devices, Multimedia Infotainment Displays, Vehicle Stability Control (VSC), and others.
Segmentation By Service: Comprises Professional Service, Integration & Deployment Service, Managed Service and others.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Smart Railways Market – Regional Analysis
The regional analysis of smart railways market is being studied for region such as Asia-Pacific, North America, Europe and Rest of the World. The Asia-Pacific region is leading in the smart railways market followed by North-America and Europe. In Asia-Pacific countries like India and China are making huge investment because of the explosive growth of population and increasing strain on the existing transport infrastructure, proper management and efficient transportation of goods and manpower.
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