IoT is Expected to Stimulate the Intelligent Railway Transport System (IRTS) Market During the Assessment Period 2017-2022
Global Intelligent Railway Transport System Market, By Devices & Components (Rail Sensors, Smart Cards, Video Surveillance Cameras), By Solutions (Passenger Information System (PIS), Advanced Security Management System) – Forecast 2022
Pune, India – February 27, 2019 /MarketersMedia/ —
Market Scenario
The global intelligent railway transport system market is expected to touch 90 billion by 2022. The market is expected to expand at 26.6 % CAGR during the assessment period (2017-2022) owing to the growing adoption of IoT in the railway system. Smart city initiatives like intelligent transport system are rapidly developing not only to promote better community service but also increase public safety. Intelligent Railway Transport System is an emerging concept in several countries and enables the organization to use several components of IT for managing the services provided by the railways.
Competitive Analysis
The key players operating the market are Ansaldo Signalling and Transportation Systems (Itlay), Alstom S.A. (Saint-Ouen), Cisco Systems Inc. (U.S.), Hitachi Ltd. (Japan), International Business Machines Corporation (U.S.), Siemens AG (Munich), Alcatel-Lucent S.A. (France), Indra Sistemas S.A. (Spain), General Electric Company (U.S.), Bombardier Inc. (Canada), Huawei Technologies Co. Ltd. (China), ABB Group (Switzerland), and others.
Request A Sample Report @ https://www.marketresearchfuture.com/sample_request/2123
Future Drivers and Constraints Impacting the Market
Benefits such as high service quality and high security for the passengers is mainly driving the intelligent railway transport system market globally. The emerging technologies along with high adoption of IoT is also stimulating the market growth over the period. Also, the increasing trend for internet services is likely to gain traction in the global market in the coming years. Moreover, high dependency on the railway system for transportation has led to the advent of IRTS which has proven to be effective both in terms of cost and quality. IRTS can also regulate the traffic near railway track signals which is another factor fostering the market growth during the assessment period.
According to the United Nations Department of Economics and Social Affairs, the urban areas are likely to account for 60 % of the total population which is predicted to create major challenges in traffic management and urban planning to keep pollution and congestion under control. Railway transport can thus be a major part of the solution. Moreover, with the growing number of passengers and rising competition among the operators are pushing operators to modernize the rolling stock which is resulting in the growth of the market globally.
On the flip side, lack of infrastructure for intelligent transportation system and high cost of installation is likely to inhibit the market growth over the assessment period. Several IT systems are old and complex, thus making it difficult to share data in a hassle-free manner. Recurrent network failure, as well as system outages, can have a domino effect which may impact customer satisfaction.
Intelligent Railway Transport System Market: Segmental Analysis
The global intelligent railway transport system market has been segmented on the basis of services, devices and components, and solutions.
By mode of devices and components, the IRTS Market has been segmented into networking & connectivity devices which comprises switches, Wi-Fi, router, etc., video surveillance cameras, rail sensors, smart cards, and multimedia displays.
By mode of services, the IRTS market has been segmented into professional services, integration services, and cloud services.
By mode of solutions, the IRTS market has been segmented into railway traffic management system (RTMS), rail operations management system, passenger information system (PIS), advanced security management system, smart ticketing system (STS), rail communication & networking systems, rail analytics system, and freight information system.
Regional Insights
Geographically, the intelligent railway transport system market spans across North America, Europe, Asia Pacific, and Rest-of-the-World.
Among all the regions, Europe is anticipated to experience tremendous growth owing to the intense research and development activities and advancements in the intelligent transport system. This region is expected to generate more opportunities for the market in the coming years.
North America is predicted to generate the maximum revenue owing to the growing demand for security and safety systems in the region. With the increasing acceptance and adoption of advanced technologies and rapid implementation, the market is expected to propel over the review period.
Moreover, developing nations such as China, India, and Japan are highly investing in research and development activities. Also, penetration of new players and development of technological infrastructure is contributing to the market growth in this region. Security concerns for metro rail and existing railways are also contributing to the growth of the market in this region.
Browse Report @ https://www.marketresearchfuture.com/reports/intelligent-railway-transport-system-market-2123
Industry News
The first 33 new intelligent coils transport wagons have entered the service, strengthening the Mercitalia Rail fleet, FS Italiane Group. The wagons, of which the American company Greenbrier will produce a total of 240, are used for the transport of rolls of sheet metal produced by the most important Italian and European steel companies. The new wagons are equipped with a real-time, electronic monitoring system that will ensure the wagons’ optimal performance.
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.
Contact Info:
Name: Abhishek Sawant
Organization: Market Research Future
Address: Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
Website: https://www.marketresearchfuture.com/reports/intelligent-railway-transport-system-market-2123
Source: MarketersMedia
Release ID: 486445
Copyright © 1999-2013 SproutNews.com
