A few factors are encouraging the demand for smart railways, such as the increasing demand for cloud-based services, increasing rate of hyper-urbanization, and adoption of the internet of things. Smart railways offer new generation solutions, services, and modern transportation to the passengers with the help of information and communication technology. Advancements in networking, artificial intelligence, and big data analytics have set the pace for the growth of smart railways market. The wireless communication technology plays a crucial role in maintaining transportation operation, in improvising high-speed rail, in safety monitoring, and other applications.
The Cisco Systems, Inc., General Electric, ABB Ltd., IBM Corporation, Hitachi Limited, Huawei Technologies Co. Ltd., Siemens AG, and others, are the leading providers of smart railway solutions. The smart railways offers advanced and reliable service to the passengers to meet the increasing consumer demand for efficient and safer services. The global infrastructure saturation, expanding economy, and increasing global demographics are also propelling the demand for the smart railway. The smart railways provide an improvement in operational efficiency, passenger experience, and return on investments
The smart railway services are integrated with the cloud computing technology to improve their application in railway and offer safer transportation to the consumers. The cloud-based applications are offering intelligent and smart solutions to provide reliable and sustainable mass transit. The major industry players are entering into partnerships to ensure better and economical solutions. 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. The cloud-based positive train control solutions deliver efficient performance
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Major Key Players
- Alstom SA (France),
- Cisco Systems, Inc. (U.S.),
- ABB Ltd (Switzerland),
- International Business Machines Corporation (U.S.),
- Hitachi Limited (Japan),
- Bombardier, Inc. (Canada),
- Huawei Technologies Co. Ltd. (China),
- Indra Sistemas S.A. (Spain),
- Siemens AG (Germany),
- Alcatel-Lucent (France)
According to Market Research Future, global Smart Railways Market is expected to grow at approximately USD 17 Billion by 2022, at a CAGR of approx. 12% between 2016 and 2022
The global smart railways market is expected to reach USD 27.31 billion market value by 2024 at a CAGR of 13.38% during the forecast period 2018-2024.
By type, stations are dominating the market and have generated USD 8,298.6 million markets in 2017 and are expected to grow at a CAGR of 12.95%.
By the component, video surveillance cameras are dominating the market, generating a USD 4,472.9 million in 2017 and are expected to grow at a CAGR of 12.76%.
By the services, consulting services segment is dominating the market and generated USD 5,170.2 million in 2017 growing with a CAGR of31%.
By the solution, Rail communication and networking systems segment is dominating the market and generated USD 3,163.6 million in 2017 and is expected to grow with a CAGR of 13.27%.
Geographically, Europe has been projected to hold the largest market share in the global smart railways market followed by North America.
By region, the global smart railways market demand is gaining momentum across various geographical regions including North America, Europe, Asia Pacific, among others. The European region is leading due to increasing adoption of the internet of things which enables improved communications and control pertaining to railway systems. Furthermore, the integration of advanced analytics and machine learning in smart railway systems are propelling the market growth.
For analysis, the global smart railways market is segmented on the basis of the type, component, solution, services, and region. The market by type is further sub-segmented into station and onboard. The component is sub-segmented into multimedia infotainment displays, video surveillance cameras, and networking & connectivity devices. The solutions are segmented into advanced security monitoring systems, passenger information systems, rail communication & networking systems, freight information systems, rail analytics systems, smart ticketing systems. The services are segmented into system integration & deployment, consulting services, and support & maintenance. The market is covered across regions including North America, Europe, Asia Pacific, and Rest of the World.
The study was conducted using an objective combination of primary and secondary information, including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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List of Figures
FIGURE 1 GLOBAL SMART RAILWAY MARKET: MARKET STRUCTURE
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DROC ANALYSIS OF GLOBAL SMART RAILWAY MARKET
FIGURE 4 DRIVERS IMPACT ANALYSIS: SMART RAILWAY MARKET
FIGURE 5 RESTRAINTS IMPACT ANALYSIS: ABC MARKET
FIGURE 6 SMART RAILWAYS INFRASTRUTURE FRAMEWORK