Smart Railways Market to Observe a CAGR of 14.7% on Account of Growing Demand for Innovation in the Market during 2019-2027
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Smart railways incorporate various IoT technologies and new generation services in order to give rise to efficient forms of transportation. The market for smart railways is anticipated to grow by a CAGR of 14.7% during the forecast period, i.e., 2019-2027. It is projected to reach a market value of USD 48,778.1 Million by 2027. The market is segmented by solution, by device and by region, out of which, the solution segment is further segmented into passenger information system, freight information system, rail traffic management system, advance security monitoring system, rail communication and networking system, smart ticketing system, rail analytics system and others. Based on these, the rail communication and networking system segment is estimated to witness notable growth in the upcoming years as a result of rising demand for modern solutions for the railway industry along with Ethernet based infrastructure.
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The market in Europe is predicted to hold the largest share in the market on account of growing investments on smart railway projects by the government. Additionally, the rising adoption of Internet of Things in the region further result in the growth of the smart railways market. On the other hand, the market in Asia Pacific region is anticipated to grow at the highest rate during the forecast period as a result of rising advancements, mainly in countries such as China.
Expanding Usage of Internet of Things to Support the Market Growth
The global smart railways market is estimated to be driven by the growing use of Internet of Things in the industry. The rising demand for improved measures to ensure passenger safety and dynamic route scheduling are some factors responsible for the projected market growth. Further, the various solutions and services such as systematic monitoring of the railways, regular train maintenance and detection of speed, temperature and location and other such parameters that are made possible with the introduction of smart railways add to the factors estimated to propel the market growth. However, the lack of information and communications technology infrastructure along with dearth of skilled labor in developing countries and absence of proper railway infrastructure in underdeveloped countries is estimated to hamper the growth of smart railways market.
This report also provides the existing competitive scenario of some of the key players of the global smart railways market which includes company profiling of Hitachi LTD. (TYO: 6501), Alstom SA (ALO), GE Transportation, Siemens AG (SIE), Capgemini SE (CAP), IBM Corporation (IBM), Huawei Technologies Co. Ltd., Bombardier, Inc., Cyient Ltd. (CYIENT), Thales Group (HO), Cisco Systems Inc. (CSCO) and Indra Sistemas, S.a. (IDR). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global smart railways market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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