In its latest report on Smart Railways Market provides a concise analysis on the recent market trends. The report further includes statistics, market forecasts and revenue estimations, that in addition highlights its status in the competitive domain as well as expansion trends adopted by major industry players.
Global Smart Railways Market is valued at USD 17.87 Billion in 2019 and expected to reach USD 39.56 Billion by 2025 with the CAGR of 14.67% over the forecast period.
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This Smart Railways Market report also covers the impact of COVID-19 on the global market. The pandemic caused by Coronavirus (COVID-19) has affected every aspect of life globally, including the business sector. This has brought along several changes in Smart Railways market conditions.
Increasing endeavours by government to develop smart cities, rising adoption of IoT, growing advent of automation, rapid urbanization and development of PIS and vehicle control system, are the major factors for driving the growth of Global Smart Railways Market.
Scope of Global Smart Railways Market Report-
Smart railways integrate railway management system with smart devices possessing advanced technology, including smart ticketing, electronic catering, freight information systems, and others. It contains equipment and components, solutions and services to help railway companies collect new information to more closely and accurately monitor all railway operations. It involves integrating information, analyzing data and modeling data to help make strategic and operational decisions. Smart railways promote information sharing within the company and with different partners, including passengers, rail operators, component suppliers, system integrators, solution and service providers. They automate various processes and use technology to improve services, thereby improving the efficiency of transportation and ultimately reducing costs by deploying the GSM-R system, cloud computing and data analysis to build a smart railway. The intelligent rail system combines equipment and components, solutions and services, and can automate and optimize the use of rail infrastructure to perform advanced functions. Smart railways provide passengers with advanced and reliable services to meet growing consumer demand for efficient and safe services. This improves operational efficiency, the passenger experience and provides a high return on investment. Railways is one of the most preferred modes of transportation, and smart railways are poised for good growth in the coming years.
Global Smart Railways Market is segmented on the basis of component, type, solution and service. On the basis of component, the market is segmented into surveillance cameras and connectivity devices. On the basis of type, market is segmented into on-station, onboard. On the basis of solution, the market is segmented into passenger information system (PIS), advance security monitoring system, smart ticketing system, freight information system, rail analytics system and others. On the basis of service, the market is segmented into consulting, support services, integration services, deployment services, and management services.
The regions covered in this smart Railways market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of smart Railways is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Key Players Smart Railways Market Report-
Smart Railways Market report covers major key players in the market like,
Global Smart Railways Market Dynamics-
Increasing endeavours by government to develop smart cities, rising adoption of IoT, growing advent of automation and wireless connectivity, rapid urbanization and development of PIS and vehicle control system, are the major factors for driving the growth of Global Smart Railways Market. Based on the statistics, IoT is growing at a pace of 127 new devices every second being connected to internet, in 2018. As of January 2018, there were around 1000 automated metro lines in operation.
Moreover, rapid advancements in technology, increasing proposals of Public-Private Partnership (PPP) model, rising adoption of cloud-based services, growing application of analytics in building railway infrastructure to suffice volume optimization, time-table management, and predictive maintenance are some of the other major factors driving the growth of smart railways market.
However, there is a huge expense being incurred while deploying smart technologies on board for smart railways. Additionally, there is a lack of technical expertise and absence of a proper interconnected IT infrastructure, which are some of the factors that may hamper the market growth in future.
There is an increasing concern over saving environment and papers, by adopting digitalization. Smart railways would aid in getting rid of reckless use of papers by a system of integrated ticketing services. Moreover, researches are being conducted to more efficiently incorporate technologies like BigData and AI into the concept of smart cities and railways and leverage upon their benefits. This is expected to provide lucrative opportunities for the growth of smart railways market.
North America is expected to remain a dominant region in the Global Smart Railways Market.
North America is the dominant region in the market with the largest share of the global smart Railways market, due to the countries being early adopters of technologies like AI, BigData, IoT, wireless and 5G. Moreover, there is a prevalent urbanization and a large number of smart cities in the region. Developed countries like USA and Canada utilize advance transport control system effectively, also there is an advanced PIS which is expected for the dominance of North America region. As per statistics, more than 60% of US cities have invested hugely in deploying IoT to transform themselves into smart cities.
Whereas Asia Pacific region is expected to grow at a fastest rate and exhibit a spurring growth in the Smart Railways market. The countries in APAC region are extensively investing in making digitized systems, technological adoptions, large scope for development of smart cities in developing economies like India and China. China is also seeing an upsurge in establishing PPP business model to aid developments and joint efforts of government and private firms. China Railway Corporation, in 2017, set up a smart railway and station forum at China Railway International Equipment Exhibition to discuss over the development of smart stations in the country. Even banks in China have come together in a PPP partnership to fund USD 28 billion in developing smart railways. As per government statistics, under ‘Smart Cities Mission’ in India, cities received a funding of around INR 500 crore to facilitate the smart operations in the country.
Key Benefits of Global Smart Railways Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global Smart Railways Market Segmentation: –
By Component: Surveillance cameras, Connectivity and network devices
By Type: On-station, On-board
By Solution: Passenger Information System (PIS),, Advanced security monitoring system, Smart ticketing system, Freight information system, Rail analytics system
By Service: Consulting, Support services, Integration services, Deployment services, Management services
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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