In the recent trend, the market of smart railways has grown more significantly across the globe with the effective developments in the respective economy. Growing requirement for the cloud-based services, growing adoption of the Internet of Things and growing rate of hyper-urbanization are some of the main key factors which are fueling the market of smart railways across the globe. Smart railways technology serves new generation solutions, modern transportation and services with the help of information and communication technology. Developments in networking, big data analytics and artificial intelligence have set the leap for smart railways market growth. The key players of this market is playing important role in the growth of the market by adopting the opportunities such as emerging trend of smart cities. In addition, the market key players is adopting the effective strategies and policies for making the market more competitive which further beneficial for the investors who are investing the market financially.
With the growth drivers and opportunities the market is having some challenges which hinder the market growth likewise the shortage of ICT infrastructure and restraints impact analysis. According to the report analysis, ‘Global Smart Railways Market Research Report – Forecast to 2024’ states that some of the major companies which are currently functioning in this market for attaining the huge market share by facing the challenges accordingly and very smartly includes Alstom SA (France), Cisco Systems, Inc (US), General Electric (US), IBM Corporation (US), Hitachi Limited (Japan), Huawei Technologies Co. Ltd (China), Siemens AG (Germany), Bombardier, Inc (Canada), IndraSistemas SA (Spain), Teleste (Finland) and several others. Moreover, the global market of the smart railways has been segmented differently into type, component, services and solution. Whereas, by the type the market has been split into onboard trains and stations while the stations sector is dominating the smart railways market by type and anticipated to introduce the greatest revenue as the smart railways serves better passenger amenities and IT infrastructure to enhance the travelling experience of the customers. For instance, the onboard trains type is anticipated to be the highest rising market sector in the forecasted period since the smart railways are integrated with the advanced technologies and sensors which is mandatory to serve security as well as features to passengers while the traveling via trains.
On the basis of geography, the market of the smart railways is spread across the globe which majorly includes highly reputed regions such as North America, Europe, Asia-Pacific, and the rest of the world. Whereas, the global smart railways market is anticipated to reach USD 27.3 billion by 2024. In addition, the stations are registering the smart railways by type. In 2017, it has introduced market revenue of USD 8.3 billion, increasing with 12.9% CAGR. Meanwhile, the onboard trains are forecasted to be the highest increasing sector with 14.4% CAGR in the near future 2018-2024. It is expected that in the coming years the market of the smart railways is spread across the globe over the decades with the more development in the technologies.
For more information on the research report, refer to below link: –
Ankur Gupta, Head Marketing & Communications