Global Smart Railways Market By Type (Station, Onboard), Solution (Passenger Information System, Freight Information System, Advanced Security Monitoring System, Rail Communication and Networking System, Smart Ticketing System, Rail Analytics System), Component (Video Surveillance Cameras, networking and Connectivity Devices, Multimedia Infotainment Displays), Service (Professional Services, Managed Services)
Market Analysis: Global Smart Railways Market
Global smart railways market is set to witness a healthy CAGR of 15.05% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed due to the pace of urbanization and growth in population and thrust on building smart cities by governments in various nations is proving beneficial to the market growth.
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Market Definition: Global Smart Railways Market
Smart railways market offers new generation solutions and services for rail transportation and operations. It is expanding due to emergence of smart cities and urbanization on a global scale. With the advent of technology such as IoT, the market is growing. It enables unique feature such as smart ticketing, freight information, e-catering as well as advance security monitoring. It will enhance the passenger experience as well as operational efficiency of the operator.
- High demographic growth and hyper-urbanization is driving the growth of the market
- Technological advancements targeted towards passenger convenience is contributing to the growth of the market
- Government initiatives and partnership models is propelling the growth of the market
- Emergence of Internet of Things technology is boosting the growth of the market
- Emerging trend of smart cities is driving the growth of the market
- Growing demand for cloud based services is contributing to the growth of the market
- The operational inefficiency is hindering the growth of the market
- The lack of ICT infrastructure and interoperability is hampering the growth of the market
- The high initial cost of deployment is restricting the growth of the market
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Segmentation: Global Smart Railways Market
- Passenger Information System
- Multimedia Information and Entertainment Solutions
- Network Connectivity Solutions
- Freight Information System
- Freight Operation Management Solution
- Freight Tracking Solutions
- Advance Security Monitoring System
- Video Analytics
- Integrated Security Systems
- Rail Communication and Networking System
- Ground-To-Train Communications Solutions
- Train-To-Train Communications Solutions
- Smart Ticketing System
- Rail Analytics System
- Video Surveillance Cameras
- Network and Connectivity Devices
- Multimedia Infotainment Displays
- Professional Services
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
- Managed Services
Key Developments in the Market:
In September 2018, Cisco Systems Inc., formed an alliance with ScotRail, Network Rail Telecom and Wittos to provide hi speed internet Wi-Fi connectivity to the passengers on train which will encourage passengers to often use this mode of transportation which will increase the revenue and profit margins of both the companies.
In September 2018, Thales Group launched it new train control system, SELTRACTM G7. It will reduce operational and maintenance cost and will ensure the optimal safety of the passengers and is cyber secured by design and is compatible. This launch will enable the operators to adopt new technology without any disruption in the service.
Global smart railways market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart railways market for Global, Europe, North America, Asia Pacific, South America and Middle East and Africa.
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