The global smart railway market by Future Market Insights (FMI), it is predicted that the market is likely to rake in US$ 43.33 Bn by the end of 2031.
In order to tackle the new challenges and meet the customer expectations in the railway system, governments along with financial firms are putting their effort to upgrade this system with smart technologies. With the smart railway system, several challenges such as customer safety, security, ticket booking issues & other problems in transportation sector can be resolved to the entirety across the globe.
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List of Key Players Covered in Smart Railway Market are:
- Huawei Technologies Co. Ltd.
- ABB Group
- Alstom S.A.
- Indra Sistemas S.A.
- Hitachi Ltd.
- Bombardier Inc.
- Siemens
Global Market for Smart Railway: Trends
The report has focused on the new key trends of the global smart railway market that include integrated ticketing system, Big data & IoT and government assistance. In the present world, where the demand for paper-tickets are decreasing, the adoption of paperless integrated ticketing system is surging robustly. This is because smart ticketing system takes less time, is customer friendly and allows customers to book or buy tickets from any place and for any destination with a transparency in information. Besides, for purchasing any paperless ticket, hard cash is not required as anyone can buy it through online transactions. Henceforth, customers can experience a suitable journey according to their requirements.
Coming to the second trend, which is about the adoption of Big data and Internet of things (IoT), the report projects that this trend is the most effective feature for smart railway safety and security system. The smart railway system is shifting from analog to digital, which is witnessed by the transformation of computer-based point machines and positive train control (PTC).
On the basis of government’s assistance and funding, the railway system is updating rapidly by smart technologies. In some countries, such as China, the government is actively taking up some regulations for improving railway infrastructure to make it faster and safer. Even more, several banks in China are collaborating to fund over US$ 28 Bn in PPP projects for the smart railway system.
Additional key trends that are leading the global market for smart railway system are digital payment methods, cloud computing, GSM-R systems and fibre optic technology especially for safety purpose.
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Segmentation & Regional Forecast
The global market for smart railway has two major segments which include, offering type and region. Based on offering type segment, the market has further three more sub-segments that include, devices & components, services and solutions. Devices & components includes several tools, such as VSC, smart cards, devices for networking & connectivity, rail sensors and others. In 2015, US$ 2.1 Bn revenues were raked from networking and connectivity solutions in global smart railways market. During the forecast period, the revenues accounted by this segment are estimated to expand robustly at a CAGR of 16.3%
As per the FMI report, the global smart railway market has been segmented majorly into Asia-Pacific excluding Japan (APEJ), Western Europe and North America. It is estimated through 2025 that after Western Europe and North America, Asia-Pacific excluding Japan will be the leading region in the global market for smart railways. As China and India in APEJ are adopting the smart technologies vigorously, this region is likely to bring in an approximate US$ 43.33 Bn by 2031. Furthermore, U.S will be the leading country in North America’s smart railway market in the coming future. In Europe, EU5 countries are expected to showcase an increasing growth in the assessment period.
Detailed Table of Content:
- Executive Summary
- Global Market Outlook
- Demand Side Trends
- Supply Side Trends
- Technology Roadmap
- Analysis and Recommendations
- Market Overview
- Market Coverage / Taxonomy
- Market Definition / Scope / Limitations
- Key Market Trends
- Key Trends Impacting the Market
- Innovation / Development Trends
- Technology Trends
- Key Success Factors
- Adoption / Usage Analysis
- USPs / Features
- COVID-19 Impact Analysis
- Impact of Nationwide Lockdowns on Transportation: Comparative Analysis
- Impact on Railway ICT Spending
- Market Recovery Scenario
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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