Smart Railways Market Overview, Share, Size, Growth, Competitor Strategy, Top Key Players, Market Growth Analysis by Forecast to 2023
Smart Railways Market, By Solutions (Passenger Information System, Railway Communication System, Freight Information System) By Components (Smart Card, Rail Sensor) By Service (Professional Services) – Forecast 2022
Pune, India – July 30, 2018 /MarketersMedia/ —
Market Highlights:
The smart railways market is growing rapidly because of large investment by government organizations in restructuring the whole transportation and travel operations with implementation of advanced technologies. The internet of things is set to revolutionize not only the computing world but also the transport and travel system. It will maximize the capacity, improving infrastructure and increasing the overall transport efficiency of the railways system. The explosive growth population, rising safety and security of passengers there is need for fast, reliable and efficient transportation system.
The smart railway services are integrated with the cloud computing technology to improve their application in railway and offer safer transportation to the consumers. The cloud-based applications are offering intelligent and smart solutions to provide reliable and sustainable mass transit. The major industry players are entering into partnerships to ensure better and economical solutions. On Sep 13, 2016, Herzog Technologies, a leader in the railroad signal and communications industry, entered into a partnership with Red Hat to provide cost-effective, open source, and cloud-based positive train control (PTC) technology services. The cloud-based positive train control solutions deliver efficient performance
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Key Findings:
The global smart railways market is expected to reach USD 27.31 billion market value by 2024 at a CAGR of 13.38% during the forecast period 2018-2024.
By type, stations are dominating the market and have generated USD 8,298.6 million markets in 2017 and are expected to grow at a CAGR of 12.95%.
By the component, video surveillance cameras are dominating the market, generating a USD 4,472.9 million in 2017 and are expected to grow at a CAGR of 12.76%.
By the services, consulting services segment is dominating the market and generated USD 5,170.2 million in 2017 growing with a CAGR of31%.
By the solution, Rail communication and networking systems segment is dominating the market and generated USD 3,163.6 million in 2017 and is expected to grow with a CAGR of 13.27%.
Geographically, Europe has been projected to hold the largest market share in the global smart railways market followed by North America.
Major Key Players
Market Research Future (MRFR) recognizes the following companies as the key players in the smart railways market – 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.
According to Market Research Future, 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
By region, the global smart railways market demand is gaining momentum across various geographical regions including North America, Europe, Asia Pacific, among others. The European region is leading due to increasing adoption of the internet of things which enables improved communications and control pertaining to railway systems. Furthermore, the integration of advanced analytics and machine learning in smart railway systems are propelling the market growth.
Segmentation:
For analysis, the global smart railways market is segmented on the basis of the type, component, solution, services, and region. The market by type is further sub-segmented into station and onboard. The component is sub-segmented into multimedia infotainment displays, video surveillance cameras, and networking & connectivity devices. The solutions are segmented into advanced security monitoring systems, passenger information systems, rail communication & networking systems, freight information systems, rail analytics systems, smart ticketing systems. The services are segmented into system integration & deployment, consulting services, and support & maintenance. The market is covered across regions including North America, Europe, Asia Pacific, and Rest of the World.
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.
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Intended Audience:
• Research/Consultancy Firms
• Original Equipment Manufacturers
• Smart Railways Manufacturers
• Government Organizations
• Technology Providers
• Financial Investors
• Telecom Operators
• Automobile Manufacturers
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