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Digital Railway Global Market Report 2024 To 2033 | Siemens AG, Cisco Systems Inc., Hitachi Ltd, Wabtec Corporation, Alstom SA, International Business Machines Corporation (IBM)
Digital Railway Market Forecast
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According to The Business Research Company's, The digital railway market size has grown strongly in recent years. It will grow from $51.31 billion in 2023 to $56.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to need for increased rail network capacity, advancements in communication technologies, demand for enhanced passenger experience, integration of real-time monitoring and control systems, regulatory push for safety and efficiency in rail operations.
The digital railway market size is expected to see strong growth in the next few years. It will grow to $81.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to implementation of 5g networks in railways, adoption of internet of things (iot) in railway infrastructure, growth in autonomous and connected trains, focus on energy efficiency and sustainability, integration of artificial intelligence in rail operations. Major trends in the forecast period include digital twin technology for rail asset management, predictive maintenance and condition monitoring, smart ticketing and passenger information systems, cybersecurity measures for digital rail systems, emphasis on interoperability in digital railway solutions.
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Market Drivers and Trends:
The increase in government initiatives is expected to propel the growth of the digital railway market going forward. Government initiatives refer to an important act or statement that is intended to solve a problem. Governments across various countries are investing in digitalizing and modernizing railway operations, such as automating ticket processing, customer service support, preparing maintenance schedules with self-learning algorithms, and managing railway traffic. For instance, in June 2022, according to the Government of the UK, a UK-based public sector information website announced a $1.18 billion investment to replace outdated Victorian infrastructure with cutting-edge digital signaling technology, which will result in fewer delays and more consistent service for millions of passengers. The funding will be used to remove outdated lineside signaling and replace it with the European Train Control System (ETCS), which brings signaling into train drivers' cabs and offers them real-time, continuous information during their journey. It will reduce carbon emissions by 55,000 tons, which is the equivalent of more than 65,000 one-way flights from London to New York. Therefore, the increase in government initiatives is driving the digital railway market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Siemens AG, Cisco Systems Inc., Hitachi Ltd, Wabtec Corporation, Alstom SA, International Business Machines Corporation (IBM), Asea Brown Boveri (ABB), Huawei Technologies Co Ltd, Thales Group, Fujitsu Limited, DXC Technology, Indra, Nokia Corporation, Atkins, Toshiba Corporation, Bombardier Inc, General Electric (GE), Ansaldo STS, Toshiba Infrastructure Systems & Solutions Corporation, Mitsubishi Electric Corporation, CAF Signalling, Advantech Co. Ltd., EKE-Electronics Ltd., Mermec Group, Prover Technology AB, Frauscher Sensor Technology Group, Kontron AG, L&T Technology Services Limited, Trimble Inc., Thales Canada Inc.
Digital Railway Market 2024 Key Insights:
• The digital railway market size is expected to see strong growth in the next few years. It will grow to $81.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Government Initiatives Drive Digital Railway Advancements
• Technological Advancements In The Digital Railway Market
• Asia-Pacific was the largest region in the digital railway market in 2023
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