Smart Railways Market Expected to Grow at 12% CAGR and Reach USD 17 Bn By 2022
Market Synopsis of Smart Railways Market:
•Original Equipment Manufacturers
•Smart Railways Manufacturers
The adoption of innovative technologies is gaining traction in smart railway market. The government is adopting advanced technologies for smart and efficient transportation. From smart design of the railway stations to ticketless travel, incorporation of smart technologies and massive solutions is transforming the travelling experience.
The key trend in shaping and transforming the smart railway market include integrated ticketing, big data, internet of things and government support for smart railways. The adoption of IoT has major impact on the transportation system with the advent of innovation in autonomous vehicles and cargo management. The smart railways has many advantages which would increase the overall efficiency, productivity and security of passengers.
The smart railways market is segmented on the basis of type of solution, components and service. The segmentation based on solution consists of passenger information system, freight information system, and advance security monitoring solution, rail communication system, and smart ticketing system. The passenger information system saves money, enhance transit time efficacy, resolve passenger complaints, and respond quickly to accidents and incidents and also managed non-fix route operations. The smart ticketing drivers include lower maintenance cost, increased security against fraud and reduce revenue loss.
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In this advanced technology driven market, the smart railways market is coming up with high-tech technology, smart ticketing, advanced infotainment services and safety and security of passengers. The advanced infotainment services has numerous advantages and consumer demand for better travelling experience. The key benefits of passenger infotainment system includes passenger awareness in their journey, personal security of the passengers, driver, and property. The disadvantage of infotainment services is that when news is mixed with entertainment, media time and spaces are limited, increasing difficulty separating fact from fiction.
The global smart railways market is expected to grow at approximately USD 17 Billion by 2022, at a CAGR of approx. 12% between 2016 and 2022.
Smart Railways market segmentation on the basis of type of solution, components and service.
The smart railways market has been segmented on the basis of type of solution, component and service. On basis of service the market is segmented into, professional service, integration & deployment service, managed service. The integration and deployment service include major benefits which are driving the smart railways market processed efficiency across organizations, dramatically improved visibility, significant it time and cost savings, accelerated growth and user-driven innovation.
Smart Railways Market by Solution:
•Passenger Information System
•Freight Information System
•Advance Security Monitoring Solution
•Rail Communication System
•Smart Ticketing System
Smart Railway Market by Components:
•Video Surveillance Cameras
•Networking And Connectivity Devices
•Multimedia Infotainment Displays
•Vehicle Stability Control (VSC)
Smart Railways Market by Service:
•Integration & Deployment Service
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The regional analysis of smart railways market is being studied for region such as Asia-Pacific, North America, Europe and Rest of the World. The Asia-Pacific region is leading in the smart railways market followed by North-America and Europe. In Asia-Pacific countries like India and China are making huge investment because of the explosive growth of population and increasing strain on the existing transport infrastructure, proper management and efficient transportation of goods and manpower.
The prominent players in the smart railways market are - Alstom SA (France), Cisco Systems, Inc. (U.S.), ABB Ltd (Switzerland), International Business Machines Corporation (U.S.), Hitachi Limited (Japan), Bombardier, Inc. (Canada), Huawei Technologies Co. Ltd. (China), Indra Sistemas S.A. (Spain), Siemens AG (Germany), Alcatel-Lucent (France) among others.
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