Smart Railway Market Analysis
Market Research Future (MRFR) projects the global smart railway market to grow at a 16.5% CAGR from 2019 to 2024 (forecast period).
The world is becoming more digitized, and the railway industry is not immune to this trend. Even the railway industry, which is regarded as a conservative industry in terms of technology adoption, has recognized the benefits of going digital. As the railway industry starts to embrace digital technologies, three key areas have been recognized as powerful building blocks of the industry's transformation: connectivity, cloud, and artificial intelligence (AI).
Digitalization in the railway industry makes sure operational efficiency, sustainability, improved customer experience, and customer satisfaction, which were previously major concerns for railway operators worldwide. Urbanization, increased mobility, and higher safety and sustainability standards have resulted in a more demanding playing field.
Smart railways offer advanced and dependable services that improve operational efficiency, passenger experience, and high returns on investments (ROI). The growing demand for more efficient and safer commuting services drives smart railway market demand. Furthermore, the growing adoption of IoT technology and the demand for cloud-based services drive the smart railway market's growth.
Technological advancements in the network, radio access, sensors, and other systems, as well as the proliferation of the Internet of Things and IoT devices, increase the size of the smart railway market. Furthermore, advancements in radio-based communication networks like Bluetooth, Wi-Fi, and 3G & 4G services improve the efficiency of smart railway projects.
However, the lack of information and communication technology infrastructure is expected to be a major hindrance to the smart railway market's growth. ICT technology combines hardware and software products to ensure the intelligent use of all rail assets. Furthermore, high installation costs and concerns about infrastructure changes to the existing system present major threats to the growth of the smart railway market.
Get Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/2685
Train-to-ground wireless communications networks are also improving, with increased reliability, security, and transmission bandwidth. Advances in IP-based and broadband networks, as well as the rapid growth of IP services such as CCTV and multimedia advertising, have enhanced bandwidth utilization, constructing highly reliable network construction.
COVID-19 Impact on the Global Smart Railway Market
COVID 19 impacted the entire railway industry, forcing it to reduce its production plants' output. The disruption caused by the pandemic prompted several key component suppliers and technology providers to cut back on costs and production in some areas. As a result, industry players began working feverishly on countermeasures and alternatives to mitigate the impact. Emerging economic and technological trends posed new challenges to ICT construction in the urban rail sector.
Nevertheless, the smart railway market is returning to normal, and revenues are gradually increasing as a result. To maximize the core benefits of urban rail transportation, an increasing number of countries are implementing smart railways and establishing ICT-enabled applications to provide more convenient passenger transportation services. There are now more stringent and diverse requirements on urban rail operational management.
Smart Railway Market Key Players
Top companies active in the global smart railway market include -
- Cisco Systems Inc. (US)
- International Business Machines Corporation (US)
- Alstom SA (France)
- General Electric Inc. (US)
- Hitachi Limited (Japan)
- Huawei Technologies Co. Ltd (China)
- Indra Sistemas SA (Spain)
- Bombardier Inc. (Canada)
- Siemens AG (Germany)
- Thales Group (France)
- Teleste (Finland)
Check Discount @ https://www.marketresearchfuture.com/check-discount/2685
Smart Railway Market Segmentation
The global smart railway market has been segmented into type, component, solution, and services.
- Station Type
- Onboard Trains Type
- Networking & Connectivity Devices
- Control & Maintenance
- Video Surveillance Cameras
- Multimedia Infotainment Devices
- Consulting Services
- System Integration & Deployment
- Support & Maintenance
- Smart Ticketing System
- Passenger Information System
- Rail Communication & Networking System
- Advanced Security Monitoring System
- Rail Analytics System
- Freight Information System
Get Complete Report Details @ https://www.marketresearchfuture.com/reports/smart-railways-market-2685
Smart Railway Market Regional Analysis
Region-wise, the global smart railway market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
Europe has the largest share of the global smart railway market. The region is a global hub for high-end train manufacturers and a promising market for luxury autonomous trains. The smart railway industry in Europe accounted for 54.5% of the market in 2017, with a valuation of USD 6,301.7 million, and it is expected to grow at a 15.8% CAGR during the forecast period.
The regional market is growing due to factors like the adoption of IoT technology, rapid economic growth, and significant government investments in smart railway projects. The European Union recently allocated USD 6.6 million for the Horizon 2020 research and innovation program for smart railways. Such government initiatives increase the size of the smart railway market.
Reasons for Buying This Report:
- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
- It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
- It Helps in Understanding the Key Product Segments and Their Future.
- It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
- It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
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.
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)