The global smart railways market is anticipated to touch USD 27.31 billion at a stellar 13.38% CAGR over the forecast period (2018-2024). Smart railway that comprises of smart ticketing, freight information systems and e-catering are indeed a reality. It is helping a great deal in the transport efficiency and eventually reducing costs by automating different processes and also leveraging technology with an aim to augment services. These railways are built through data analytics, cloud computing and GSM-R systems. Smart railway systems are bundling components and devices, services and solutions that helps in automating and optimizing the use of railway infrastructure to perform advanced functions. As railways being amid the most preferred and widely used transportation medium, the smart railways are likely to see a notable growth during the foreseeable future. Its implementation provides automated infrastructure for maintenance, management and operations of rail transportation.
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There are a couple of factors that is driving the growth of the smart railways market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include rising penetration of latest technologies, improved logistics, increasing growth of PIS solution, increasing population, increasing security and safety concerns amid passengers, growth in urbanization, efficient, hassle-free and fast services, innovations in rail technology and mandatory regulations by the government to implement smart features in the railway sector. But on the contrary, there are a couple of factors that may hamper the growth of the smart railways market such as security threats associated to smart rail devices, maintenance cost and high security needs in smart railways and lack of information as well as communication technology infrastructure.
Market Research Future report provides a comprehensive segmental analysis of the smart railways market on the basis of type, component, solution and services.
Based on type, it is segmented into onboard and station. Of these, stations dominate the market and is likely to grow at 12.95% CAGR during the assessment period.
Based on component, the smart railways market is segmented into networking and connectivity devices, video surveillance cameras and multimedia infotainment displays. Of these, surveillance cameras have a major share and likely to grow at a notable 12.76% during the assessment period.
Based on solutions, it is segmented into smart ticketing systems, rail analytics systems, freight information systems, rail communication and networking systems, passenger information systems and improved security monitoring systems. Of these, rail communication and networking systems has a major market share and is expected to grow at a favorable 13.27% CAGR.
Based on services, Smart Railways Market Size is segmented into support and maintenance, consulting services and system integration and deployment. Of these, consulting services has a major market share and predicted to touch a healthy 31% CAGR.
Based on region, the smart railways market covers growth opportunities and latest trends across North America, Asia Pacific, Europe and Rest of the World. Of these, Europe is experiencing an intensive demand owing to huge investments made by the government in smart railway projects, faster economic growth and internet of things technology. In the North American region on the other hand, the rising penetration of IoT platforms and cloud services are poised in attracting the smart railways market. Asia Pacific countries including India, Japan and China are the emerging markets and predicted to touch the highest CAGR during the forecast period.
Leading players profiled in the smart railways market include Teleste (Finland), Indra Sistemas SA (Spain), Bombardier, Inc. (Canada), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Hitachi Limited (Japan), International Business Machines Corporation (U.S.), General Electric Inc. (U.S.), Cisco Systems, Inc. (U.S.) and Alstom SA (France).
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