Press release
Smart Railway Market worth USD 38.47 Billion by 2027 - Exclusive Report by Allied Market Research
Smart Railway Market
Allied Market Research has unveiled its latest report titled, "Smart Railway Market by System and Offering Type: Opportunity Analysis and Industry Forecast, 2020-2027." According to the study, the global smart railway market was valued at $18.30 billion in 2019, and is anticipated to reach $38.47 billion by 2027, growing at a robust CAGR of 12.8% over the forecast period.
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π Regional Outlook
Europe led the global market in 2019 in terms of revenue, owing to its early adoption of advanced railway technologies and robust public transportation infrastructure. North America and Asia-Pacific followed closely.
The U.S. held the largest market share in 2019 due to technological innovation and heavy investment in railway modernization.
India is projected to be the fastest-growing country during the forecast period, driven by metro expansions, digitization of railways, and smart mobility projects under Smart City initiatives.
π§ What is a Smart Railway?
Smart railway is a next-generation transportation solution that integrates advanced technologies to enhance safety, efficiency, and passenger convenience. It connects key rail infrastructure components-passengers, control centers, freight, and ticketing-through a unified digital ecosystem.
Technologies driving this transformation include:
Internet of Things (IoT)
Big Data Analytics
Cloud Computing
Artificial Intelligence (AI)
Machine Learning (ML)
Global Positioning System (GPS)
The growth of the global smart railway industry is majorly driven by rapid urbanization coupled with local commute requirements, rise in demand for passenger & freight capacity, increase in number of railway projects across the globe, and changes in passenger payment habits. However, high installation cost and infrastructure changes of the existing system are the factors that are expected to restrain the growth of market during the forecast period. Conversely, changes in ridership outlook and entering into contracts/agreements with rail operators for business expansion are expected to offer potential growth opportunities for the global market in the near future.
The smart ticketing system segment to dominate the market by 2027-
Based on system, the smart ticketing system segment contributed to nearly one-fifth of the global smart railway market share in 2019. On the other hand, the rail & freight operations management system segment would grow at the fastest CAGR of 15.8% by 2027. This is due to changing digital technology penetration in the rail operations and growing urban rail projects across the globe.
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The solutions segment to lead the trial throughout the forecast period-
Based on offering type, the solutions segment held largest market share with more than two-fifths of the global smart railway market revenue in 2019 and is expected to rule the roost during the forecast period. In addition, the segment is also expected to manifest the fastest CAGR of 14.2% throughout 2027. Technology penetration in railway transit solutions and rising demand for passenger and freight capacity & changing passenger payment habits drive the growth of the segment.
π Key Players Shaping the Future of the Smart Railway Industry
πΉ Cisco Systems, Inc. (U.S.)
πΉ Huawei Technologies Co., Ltd. (China)
πΉ IBM Corporation (U.S.)
πΉ Indra Sistemas, S.A. (Spain)
πΉ Hitachi, Ltd. (Japan)
πΉ Aitek S.P.A. (Italy)
πΉ Alstom (France)
πΉ Bombardier Inc. (Canada)
πΉ ABB Ltd (Switzerland)
πΉ Siemens AG (Germany)
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