The factors driving smart railways market include increasing demand for cloud-based services, growing rate of hyper-urbanization, adoption of the Internet of Things are encouraging the demand of smart railways and influencing the market growth. Smart railways offer new generation solutions, services and modern transportation with the help of information and communication technology. Advancements in networking, artificial intelligence, and big data analytics have set the pace for the market growth of smart railways. Cisco Systems, Inc., General Electric, ABB Ltd., IBM Corporation, Hitachi Limited, Huawei Technologies Co. Ltd., Siemens AG, are some of the leading providers of smart railways solution. To meet the increasing consumer demand for efficient and safer commute, the smart railways offers advanced and reliable service to the passengers. The global infrastructure development, expanding economy, and increasing global demographics are also propelling the demand for the smart railway. The smart railways provide improved operational efficiency, passenger experience and a high return on investments.
In smart railways market, the type is segmented into stations type and by onboard (in rail) type. At station, the smart railway offers better passenger amenities and IT infrastructure to enhance the traveling experience of the customers. The smart railway is likely to gain huge demand in the forthcoming years due to increasing adoption of the latest technology and cloud service.
The increasing demand for cloud-based services is propelling the growth of smart railways market. The smart railways are integrated with sensors and computing resources. With the adoption of technologies including virtualization, cognitive computing, analytical and predictive modeling, and others, the market has grown to a great extent. Cognitive computing along with machine learning algorithms are used for intelligent asset management in railway industry. 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 in order to deliver a more efficient performance.
The global smart railways market was valued at USD 11.56 billion in the year 2017, which is expected to reach USD 27.31 billion by the end of the forecast period growing at ~13.38% CAGR.
The key players of smart railways market include Alstom SA, Cisco Systems, Inc., General Electric, IBM Corporation, Hitachi Limited, Huawei Technologies Co. Ltd., Siemens AG, Bombardier, Inc., Indra Sistemas SA and Teleste.
Global Smart Railways Market Analysis & Forecast, from 2017 to 2024
• To provide detailed analysis of the market structure along with forecast for the next ten years of the various segments and sub-segments included in global smart railways market with analysis of its development and demand in the market
• Upcoming technologies, high growth geographies, and countries were identified
• Regional and country-specific demand and forecast for smart railways were studied
• Key segments covered in the report are component, services, solution, and application.
• Unit breakdown for all different classification was finalized and the same was referred for forecasting, keeping few assumptions into factor
• For all the regions, forecast demand for all applications was identified and then with historical figure, data collected through primary and annual reports were triangulated to derive the regional market size
• Historical trend is identified to forecast and estimate the future value data
• Smart railways companies
• Smart railways providers
• Computer graphics developers
• System integrators and third-party vendors
• Government bodies
• Technology investors
• Research institutes and organizations
• Market research and consulting firms
• The global smart railways market is expected to reach USD 27.31 billion by 2024.
• By component, video surveillance cameras in smart railways account for the largest market share and are growing with approximately ~12.76% CAGR during the forecast period.
• By type, stations sub-segment holds the largest market growing with approximately 12.95% CAGR by the end of the forecast period.
• Geographically, Europe region has been projected to have the largest market share in global smart railways market followed by North America, while Asia-Pacific region has been projected to show positive growth in smart railways market.
Regional and Country Analysis of Smart Railways Market Estimation and Forecast
The global smart railways market is expected to grow at a promising rate during the forecast period, 2016-2022. Europe is experiencing a huge demand due to the Internet of Things technology, faster economic growth, and huge investments in smart railways projects by the government. While in the North American region, the increasing penetration of cloud services and IoT platforms are poised to attract the market for smart railways. Whereas, Asia-Pacific countries, including China, Japan, and India, are the emerging market for smart railways and it is expected to grow with the highest CAGR in the coming years.
Table of Content: Key Points
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Smart Railway Market, By Type
7 Global Smart Railway Market, by Component
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