Smart Railway Industry Insight
Market Research Future’s study analyzes high valuation expectancy in the global smart railway industry. It presents historical demand data (from 2016) and forecasts (2017 and 2024). In the current situation of novel coronavirus pandemic, the global Smart Railway Industry might soar in the future by gaining a growth rate of 16.5% in the same period frame. The Report analyse the Smart Railway Market Size, Industrial Oven Sales, Price, Revenue, Gross Margin and Market Share, Size, Forecast, cost structure and growth rate.
Smart Railway Market Key Players
- Cisco Systems Inc. (US)
- Alstom SA (France)
- International Business Machines Corporation (US)
- General Electric Inc. (US)
- Huawei Technologies Co. Ltd (China)
- Hitachi Limited (Japan)
- Bombardier Inc. (Canada)
- Siemens AG (Germany)
- Teleste (Finland)
- Indra Sistemas SA (Spain)
- Thales Group (France)
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Smart Railway Adoption is on Fast Track
Role of data and IoT in transportation sectors including railways has not confined to accounting, logistic and shipping management, managing resources, but has incorporated in day to railway operation. Such functions include run trains safely, scheduling, measuring economic benefit to mention a few. These factors have been included as factors motivating the market to a great extent.
At the pace with technology adoption by rail operators, IT solution providers have also enhanced the offering for engaged stakeholders. Need for these smart railway solutions will receive surged traction, as railways transition to semi-autonomous transportation over the next ten year. Meanwhile, railway operators are experimenting with smart railways solutions to offer a seamless and safe transportation experience. Rail operators use analytical software to estimate the likely breakdown.
Providing tailwinds to the global smart railways market is the massive allocations by governments of diverse nations in upgrading and modernizing railways so to simplify its management and make commuting seamless for the ever-increasing number of travellers. Further, the swift pace of urbanization and expansion in population is also liable behind the augmentation in the market for smart railways. Thrust on building smart cities by governments is proving beneficial to the market as well.
Smart Railway Market Segments
Through segmentation, the global smart railways market has been studied by segments of type, component, services and solution.
Type
- Station Type
- Onboard Trains Type
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Component
- Networking & Connectivity Devices
- Control & Maintenance
- Video Surveillance Cameras
- Multimedia Infotainment Devices
- Others
Services
- Consulting Services
- System Integration & Deployment
- Support & Maintenance
Solution
- Smart Ticketing System
- Passenger Information System
- Rail Communication & Networking System
- Advanced Security Monitoring System
- Rail Analytics System
- Freight Information System
Smart Railway Market Region Analysis
The smart railway market, regionally, has been studied for the critical regions of Asia-Pacific, Europe, North America, the Middle East & Africa, and South America.
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Out of these regions, Europe grabbed the largest market share of 54.5% earlier in 2017, with a market value of USD 6,301.7 million. Now, the market might register a CAGR of 15.8% during the assessment period. Smart rail received a funding of USD 6.6 million from the European Union’s Horizon 2020 research and innovation program.
North America was the second-largest market back in 2017, valued at USD 2,776.6 million. Now, the market is projected to exhibit a CAGR of 16.7%.
In the last, the market in Asia-Pacific is likely to register the highest CAGR of 19.7%. The adoption of IoT technology, significant investments on smart railways projects by the government and fast economic growth are likely to motivate the development of the smart railway market in the region.
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