Research Nester released a report titled “Smart Railways Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global smart railways market in terms of market segmentation by solution, by device and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for smart railways is projected to grow at a CAGR of 14.7% during the forecast period, i.e., 2019-2027 and it is segmented by solution, by device and by region. On the basis of solution, the market is further segmented into passenger information system, freight information system, rail traffic management system, advance security monitoring system, rail communication and networking system, smart ticketing system, rail analytics system and others, out of which, the rail communication and networking system segment is estimated to hold a significant share in the market as a result of rising demand for safety of rail systems and Ethernet based infrastructure. Further, the passenger information system segment is predicted to observe a noteworthy growth on account of system reliability and safety information provided by this system which enhances passenger satisfaction.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, the market in Europe is estimated to possess the largest share in the smart railways market on account of growing investments in this industry by the government as well as rising adoption of Internet of Things in the region. However, the market in Asia Pacific is anticipated to grow by a significant rate during the forecast period. This can be attributed to the rising advancements in the region such the development of high-speed trains in countries.
Development of Smart Cities to Boost the Market Growth
The rising urban population and growing developments in cities that is responsible for the concept of smart cities is a major factor anticipated to result in growth of the smart railways market. Integration of smart sensors across train engines and railway tracks assist with regular maintenance and monitoring of the trains. Further, the emerging use of Internet of Things in the railway industry results in improved safety measures for passengers along with efficient railway stations. However, the lack of skilled workforce in developing nations and absence of proper railway infrastructure in underdeveloped countries are anticipated to restrain the market growth in the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global smart railways market which includes company profiling of Hitachi LTD. (TYO: 6501), Alstom SA (ALO), GE Transportation, Siemens AG (SIE), Capgemini SE (CAP), IBM Corporation (IBM), Huawei Technologies Co. Ltd., Bombardier, Inc., Cyient Ltd. (CYIENT), Thales Group (HO), Cisco Systems Inc. (CSCO) and Indra Sistemas, S.a. (IDR). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart railways market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.