Smart Railway Market 2020: Segments, Landscape and Demand by Forecast to 2024
Overview:
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
Segmentation:
The global smart railways market is segmented on the basis of the type, component, solution, services, and region. The type segment is further sub-segmented into station and onboard type. The component is sub-segmented into the multimedia infotainment displays, video surveillance cameras, and networking & connectivity devices. The solutions are segmented into advanced security monitoring systems, passenger information systems, rail communication & networking systems, freight information systems, rail analytics systems, and smart ticketing systems. The services are segmented into system integration & deployment, consulting services, and support & maintenance. The market is covered across regions including North America, Europe, Asia Pacific, and Rest of the World.
Regional Analysis:
The global smart railways market is growing exponentially across North America, Europe, Asia Pacific, and rest of the World. In Europe, the smart railways market is experiencing a huge demand due to increasing penetration of advanced technologies. Smart railways are integrated with the sensors via smart devices. These smart devices use artificial neural networks that can collect the data to evaluate ride quality of trains and provide feedback to improve the services. Furthermore, the increasing mobility and innovations in the Information Technology with respect to railway infrastructure is hampering the growth of smart railways market.
The inclination of governments towards the adoption of smart city projects is widely observed, which also includes smart railways and smart hospitals. The implementation of smart railways offers automated infrastructure for operations, management, and maintenance of rail transportation. However, lack of information & communication technology infrastructure may adversely impact the growth of smart railway. The information and communication technology combines hardware and software products that ensure intelligent use of all rail assets.
Key Players:
The prominent players in the global smart railways market are Alstom SA (France), Cisco Systems, Inc. (U.S.), General Electric Inc. (U.S.), International Business Machines Corporation (U.S.), Hitachi Limited (Japan), Huawei Technologies Co. Ltd. (China), Siemens AG (Germany), Bombardier, Inc. (Canada), Indra Sistemas SA (Spain), Teleste (Finland) among others.
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