Smart Railways Market Size, Share and Global Market Forecast to 2027

Smart Railways Market Size, Share and Global Market Forecast to 2027

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Smart Railways Market

The Smart Railways Market is anticipated to expand at a significant CAGR during the forecast period (2020-2027).

The factors during the growth of Smart Railways Market includes increasing expansion of the railway network around the world, growing emphasis on improving the passenger safety and rising use of railways for logistics and transportation by the domestic and international companies. According to the report published by Bloomberg, the Smart Transportation Market is estimated to reach USD 250.32 billion by the end of 2028, growing at a CAGR of 13.1% over the forecast period, which is expected to boost the Global Smart Railways Market in the approaching years. Moreover, the increasing Government expenditure for procuring assets, rising concerns related to carbon emissions, growing adoption of automated technologies such as Interne of Things (IoT) and Artificial Intelligence (AI), are some of the additional factors supplementing the market growth. As per Business Standard, the Ministry of Railways in India has allocated INR 1 trillion for developing and procuring assets, which will further contribute market growth in India in the coming years. In addition, the rise in the growth of hyper-urbanization, growing demand for Connected transportation systems, increasing disposable incomes, improvements in the living standards and the penetration of digital infrastructure, are propelling the market growth.

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However, the growth of Smart Railways Market is hindered attributed to high initial cost of installing smart railway solutions.

The prominent players operating in the market are Siemens AG, Indra Company, Honeywell International Inc., Cisco Systems, Inc., Wabtec Corporation, ABB, Bombardier Inc., Thales Group, Alstom SA, IBM Corporation, Hitachi, Ltd. and Huawei Technologies Co., Ltd., among others.

Offering: Segment Analysis

Based on Offering, the service segment is predicted to expand at a remarkable CAGR over the forecast period. The increasing demand for smart railway services and emerging need to outsource the maintenance of smart railways solutions, are some of the important factors augmenting the growth of the segment.

Regional: Segment Analysis

Based on region, the European region is estimated to capture the largest market share during the forecast period. The increasing investments by Government on upgrading the railway infrastructure, trade agreements between the European Countries, proliferation of smart railways and high per capita incomes, are accelerating the market growth in Europe.

 

Market Segmentation

Segmentation by Offering 

SolutionPassenger Information SystemMultimedia Information and Entertainment
Network Connectivity
Freight Management SystemFreight Operation Management
Freight Tracking
Security and Safety SolutionsVideo Surveillance and Analytics
Intrusion Detection
Access Control
Fire Alarm and Voice Evacuation
Others
Rail Communication and Networking SystemAsset Planning and Scheduling
Workforce Management and Optimization
Condition-Based Monitoring
Predictive Maintenance
Others
Smart Ticketing System
Rail Analytics System
Rail Asset Management and Maintenance Solutions
Rail Operation and Control Solutions
ServicesProfessional ServiceConsulting
System Integration and Deployment
Support and Maintenance
Managed Services
Segmentation by Type

Station Type
On-Board Trains
Segmentation by Region

Asia PacificChina
Japan
India
Rest of APAC
North AmericaUnited States of America
Canada
EuropeUnited Kingdom
Germany
France
Spain
Rest of Europe
RoWBrazil
South Africa
Saudi Arabia
UAE
About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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