The connected rail helps monetize high bandwidth Internet on a moving train where data and transactions are facilitated via a Wi Fi platform. Connected rails has many advantages such as enabling passengers to work while travelling, which can be used as a powerful tool to increase consumer satisfaction . The global connected rail market is estimated to grow at a CAGR 6.42% during forecast period 2016-2023. The net worth of the market is projected to be $77.27 billion by 2017. Due to increase in global population and advancements in the technology such as IoT and cloud services have created vast opportunities for global connected rail market and this market has very large scope of growth in the during the forecasted period.
According to international union of railways, Europe has the safest connected rail network in the world. The Europe region is expected to occupy the largest connected rail market share in 2017. This has resulted into the increase in the market revenue in current years, and is projected to reach $105.44 billion by 2023 with rail manufacturers and technology innovators serving not only to the domestic requirement but catering to overseas demand also. Technology inventive key market players like, Siemens., Bombardier, Atos, Robert Bosch and among others are evolving and inventing new technologies, in order to meet the consumer demands The connected rail market is expected to be dominated by Asia-Pacific (APAC) region in the year 2023, due to the increase in the population, increasing number of rail projects and growing economy.
The growth in global connected rail market is also influenced by presence of major players such as Siemens AG, IBM Corporation, Cisco Systems, Nokia, Robert- Bosch Gmbh, ATOS Corporation, Hitachi, Tech Mahindra etc. Product launches, joint ventures, mergers and acquisitions etc. are some of the crucial strategies adopted by key market players to gain competitive advantage.
The global connected rail market is segmented on the basis of rail services type. The connected rail market, on the basis of rail services type is further divided into passenger mobility & services, passenger information system, and automated fare collection system. Further connected rail segmented into by rolling stock, the segment includes diesel locomotive, subways, electric locomotive, and metro rails and trams.