Overview:

Railway transport is the most common and cheaper way of commute as compared to any other transport. Hence, rising need of integrating advance technologies such as advance computing, sensors, analytics, connected system, etc. to map, control trains, enhance customer service, and to inspect aging infrastructure has become of prime importance. Thus, smart railway solution market is gaining traction globally

Market Dynamics:

Rising urban connectivity, aging infrastructure, rising need of real time services, and increasing adoption of IoT based services are key factorsdriving growth of the global market. Additionally, rising adoption of embedded system, big data analytics, and increasing focus on enhancing customer experience are other factors fueling growth of the market and are expected to further propel growth of the market to a significant extent during the forecast period. The market may see resistance in adoption of smart railway systems owing to high initial cost and challenge with integrating with legacy system at some railway facilities, which is a factor expected to hamper market growth to a certain extent. However, with advent of technology and rising demand, the market is expected to witness significant adoption of smart systems during the forecast period. Moreover, rising deployment of new rail routes and stations is expected to create lucrative opportunities for major player in the market during the forecast period.

Key Trends:

Increasing investment by government to improve infrastructure, customer experience, and digitalization is a key trend observed in the market, which is a factor expected to fuel growth of the target market during the forecast period. For Instance, in 2019, the Indian Railway initiated services and offered Wi-Fi to over 4,500 railway stations. Additionally, the government in collaboration with Indian Space Research Organization (ISRO) deployed real time information system.

Regional Analysis:

For detailed understanding of market dynamics, the global marketis analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe accounted for significant share in terms of revenue. Large and advance railway network coupled with rising investment in modernizing existing railways facilities are key factors driving growth of the Europe smart railway market. The market in Asia Pacific is expected to witness highest growth rate in terms of revenue during forecast period. Countries such as China and India have one of the largest train networks in the world. Additionally, rising investment by private and government entities in development of new railway networks and advance facilities is a key factor driving growth of the market. The market in North America is expected to witness significant growth during the forecast period.

Scope of the Report:

Detailed Segmentation:

Global Smart Railways Market, By Solution:

• Rail Analytics System
• Railway Communication and Networking System
• Freight Information System
• Smart Ticketing System
• Advanced Security Monitoring System
• Passenger Information System
• Other

Key Players Covered:

Key players operating in the market includes, Cisco Systems Inc., IBM Corporation, ALE International, Huawei Technologies Co. Ltd, Siemens AG, Hitachi Ltd, Tata Consultancy Services Limited, Moxa Inc., Thales Group, and General Electric Company

Key features of the study:

Foresight Market Research provides detailed analysis on Smart Railways Market in our report- Global Smart Railways Market by solution,and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global Smart Railways Market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, ongoing trends, market expansion, and marketing tactics used overall the globe.