Global Smart Railways Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, “Global Smart Railways Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global smart railways market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Railways are one of the most convenient mode of transportation. In developing nations railways are considered as the most feasible and cost-effective source for transportation. IT has played an integral role in improving the competence of railways. The unification of analytics and information technology helps in tracking the flow of passengers, including passengers in each train and people waiting at station, which helps the operators to schedule and set the train frequency apparently, helps in managing the crowd at railway stations and mitigate the delays in service. Smart railways have made regular maintenance and tracking more effective and efficient.
Increase in traffic congestion and technological elevation are the major drivers for the smart railways market. Technological advancements have made railway networks more efficient. Currently the poor infrastructure and lack of technology is a major restraint which is hampering this market. Good infrastructure and well equipped technological devices can enhance the market growth. Increase in digitization in developing nations such as India, Russia, China can drive the market towards growth.
According to the Rail Analysis India, Indian Railways may soon run with smart locomotives. At least, twelve such engines are in production for this pilot project in Varanasi.
On the basis of the solutions provided by global smart railways market could be segmented as passenger information system, Traffic management system, freight information system, rail operations management system, smart ticketing system, rail analytic system.
Furthermore, market can be bifurcated on the basis of devices or equipments such as rail sensors surveillance cameras, networking & connectivity devices, smart cards and multimedia displays. Segmentation could also be on the basis of services provided such as Professional services, Integration services, and cloud services.
The market is rising in America, Europe, Asia Pacific and The Middle East & Africa have. North America commands the dominant share in the market due to the presence of high-end technologies and regular technological advancements.
European market shares the same potential due to the adoption of sophisticated technology. Europe is more inclined to get benefit from its technological innovations, followed by the usage of big data and sensor analytics across the railway industry. The massive planned investment in order to upgrade and revamp the urban transport and road infrastructures in countries like U.K. and France can drive the European transportation market.
On the other hand, LAMEA and APAC region holds the least share in the market however, the market is likely to grow due to adoption of new technologies and increase in urbanization.
Some key players who are proving technology services in global smart railway market are: Cisco Systems Inc., IBM, Hitachi Ltd., Thales Group, General Electric, Siemens Ag, Tata Consultancy Services Limited., Indra Sistemas SA, Ansaldo STS, Bombardier Inc.
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