Press release
Smart Railways Market is expected to grow USD 17 Billion | Major Key Players:Cisco Systems, ABB Ltd, International Business Machines Corporation, Hitachi Limited, Bombardier, Huawei Technologies Co. Ltd.
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 have 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, 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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Key Players
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.
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.
Regional Analysis:
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.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
By component segment, smart railways market consists of video surveillance cameras, networking and connectivity devices, multimedia infotainment displays, rail sensors, vehicle stability control and smart card. The network and connectivity devices are gaining traction because of their increasing demand in smart railways infrastructure. There benefits include connectivity and communication, data sharing, hardware sharing, internet access, internet access sharing, data security and management, performance enhancement and balancing and entertainment.
By region, MRFR analysis shows that Asia-Pacific region will account for largest market for in smart railways market the coming years. This region has very high adoption and investment in the internet of things and rising population has enforce government to take suitable actions in safety and security of passengers and efficient transportation. The countries contributing high market share of smart railways market are China and India because of the explosive population growth and high adoption of smart technologies in these region.
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The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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