Smart railways include features such as smart ticketing and freight information systems. Smart railways increase the efficiency of transport and decrease the operation costs by automating various functions .Smart railways are built by installing GSM-R (Global System for Mobile Communications-Railways) systems, cloud computing, and data analytics. A smart railway system consists of devices, components, solutions, and services which optimizes the usage of railway infrastructure to carry out advanced functions. Major factors that are expected to drive the market growth includes increasing urbanized population , emergence of IoT technology and rising demand for the enhanced service quality.
Market Size and Forecast
The global smart railways market was valued at USD 12.17 Billion in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 20.8% during the forecast period from 2018 to 2027 and it is expected to reach USD 27.62Billion.
The global smart railways market can be segmented on the basis of solution into passenger information system, rail traffic management system, freight information system, rail operations management system, advance security monitoring system, rail communication and networking system, smart ticketing system and rail analytics system. The smart railways offers various automatic solutions such as traffic management, security monitoring, communication and networking based on these automatic solutions these solutions segment is anticipated to be one of the fastest growing segment. On the basis of devices the market is segmented into rail sensors, video surveillance cameras, smart cards, multimedia displays and networking & connectivity devices. Video surveillance cameras are generally used for security and safety purposes. They generate huge amount of revenue in the devices segment. On the basis of services global smart railways market is segmented into professional, integration and cloud services. Cloud services are generally used to maintain real time information on passengers and in automatic rail ticket systems. This fact is the major factor that drives the demand for cloud services market over the forecast period.
By region, global smart railways market segmented into North America, Asia-Pacific, Latin America, Middle East and Africa. North America is expected to dominate the global smart railways market on the account of factors such as high utilization of advanced vehicle control system and different other systems that provide data related to the real time location of a vehicle especially in the U.S. and Canada. Asia pacific is anticipated to exhibit robust growth on the back of factors such as remarkable shift towards digitization and increasing demand for improved logistics in countries such as India, China, and Japan.
Our in-depth analysis segmented the global smart railways market in the following segments:
Global smart railways market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Innovation and technological development are the major factor driving the growth of the smart railways market. Various technological innovations such as big data and IoT (Internet of things) further propel the market growth of global smart railways market.
Moreover, high initial cost of deployment is the major restraining factor for the global smart railways market. Other factors that hinder the market growth of smart railways are shortage of ICT infrastructure and operational efficiency.
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