Smart Railway Market
Smart Railway Market
By System, the rail & freight operations management system segment is expected to register a significant growth during the forecast period.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, April 29, 2024 /EINPresswire.com/ -- 𝐒𝐦𝐚𝐫𝐭 𝐑𝐚𝐢𝐥𝐰𝐚𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 by System (Passenger Information System, Rail & Freight Operations Management System, Smart Safety & Security Monitoring System, Rail communication & Networking System, Smart Ticketing System, Rail Analytics System, and Others) and Offering Type (Solutions, Components & Devices, and Services): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, The global smart railway market size was valued at $18,304.8 million in 2019, and is projected to reach $38,469.7 million by 2027, registering a CAGR of 12.8%.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/412
Smart railway is a technologically advanced approach to efficiently manage railway operations through sharing of rail data across rail infrastructure components, such as passengers, control centers, ticketing department, and freight. Smart railway are integration of the latest technologies, including Internet of Things (IoT), big data, cloud, analytics, artificial intelligence (AI), global positioning system (GPS), and machine learning (ML) to make rail operations more efficient and accurate. The growth of the global smart railway market growth is majorly attributed to surge in penetration of digital infrastructure and increase in requirement for automated & autonomous rail operations. Majority of railways are operated through government authorities where procurement and installation of such smart technologies are done through contracts and agreements. Entering into contracts/agreements with rail operators for long-term business opportunities is the key strategy adopted by the participants in global market.
Determinants in the market-
Increase in urbanization and local commute requirements, surge in demand for passenger and freight capacity, growth in number of railway projects across the globe, and changing passenger payment habits drive the growth of the smart railway market. However, high installation cost and infrastructure changes of existing system curtail down the growth to certain extent. Moreover, changing ridership outlook and winning agreement offer a number of lucrative opportunities to the market players.
𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
IBM
Indra Sistemas, S.A.
Hitachi, Ltd.
Aitek S.P.A.
Alstom
BOMBARDIER INC.
ABB Ltd
Siemens AG
The growth of the global smart railway industry is majorly driven by rapid urbanization coupled with local commute requirements, rise in demand for passenger & freight capacity, increase in number of railway projects across the globe, and changes in passenger payment habits. However, high installation cost and infrastructure changes of the existing system are the factors that are expected to restrain the growth of market during the forecast period. Conversely, changes in ridership outlook and entering into contracts/agreements with rail operators for business expansion are expected to offer potential growth opportunities for the global market in the near future.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/smart-railway-market/purchase-options
Based on offering type, the solutions segment held largest market share with more than two-fifths of the global smart railway market revenue in 2019 and is expected to rule the roost during the forecast period. In addition, the segment is also expected to manifest the fastest CAGR of 14.2% throughout 2027. Technology penetration in railway transit solutions and rising demand for passenger and freight capacity & changing passenger payment habits drive the growth of the segment.
Procurement of the smart railway technology is done through long-term supply agreements to meet the desired requirement of rail operators. Majority of players are entering in long-term contracts with rail operators to leverage business opportunities. Market leaders are involved in continuous development and research activities for new product development and agreements to gain competitive advantage.
𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
Based on geography, Europe, followed by North America dominated the market with major share in 2019, holding nearly one-third of the global smart railway market. Moreover, the Asia-Pacific region is anticipated to register the fastest CAGR of 14.2% during 2020 to 2027. This is owing to the availability of the cost effective technology development solutions and growing rate of urban transit projects in the region.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/412
Based on system, the smart ticketing system segment contributed to nearly one-fifth of the global smart railway market share in 2019. On the other hand, the rail & freight operations management system segment would grow at the fastest CAGR of 15.8% by 2027. This is due to changing digital technology penetration in the rail operations and growing urban rail projects across the globe.
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
On the basis of offering type, the solutions segment is projected to lead the global market, as the segment is expected to register higher CAGR as compared to other offering types.
LAMEA is anticipated to register the highest growth rate during the forecast period.
Europe dominated the market in 2019; however, Asia-Pacific is anticipated to hold the leading share by end of the forecast period.
𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
Railway Telematics Market - https://www.globenewswire.com/en/news-release/2021/07/28/2270119/0/en/Railway-Telematics-Market-to-Garner-12-43-Billion-by-2030-Allied-Market-Research.html
Europe Rail Glazing Market - https://www.globenewswire.com/news-release/2021/06/21/2250116/0/en/Europe-Rail-Glazing-Market-to-Garner-484-2-Million-by-2028-Allied-Market-Research.html
Road Marking Machine Market - https://www.globenewswire.com/news-release/2022/09/14/2516192/0/en/Road-Marking-Machine-Market-to-Generate-17-21-Billion-by-2031-Allied-Market-Research.html
Self-Driving Bus Market - https://www.alliedmarketresearch.com/self-driving-bus-market
David Correa
Allied Market Research
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