Increasing demand for cloud-based services, increasing rate of hyper-urbanization, and adoption of the Internet of Things are some of the major factors driving the market of smart railways globally. Smart railways technology offers new generation solutions, services and modern transportation with the help of information and communication technology. Advancements in networking, artificial intelligence, and big data analytics have set the pace for smart railways market growth.
The global smart railways market is expected to reach USD 27.31 billion by 2024 at a CAGR of 13.38% from 2018 to 2024.
The market has been segmented based on type, component, services, solution, and region.
By type, the market has been divided into stations and onboard trains. Stations segment is dominating the smart railways market by type and expected to generate the highest revenue as the smart railway offers better passenger amenities and IT infrastructure to enhance the traveling experience of the customers. The onboard trains type is expected to be the fastest growing market segment during the forecast period since the smart railways are integrated with sensors and advanced technologies which is required to provide security as well as amenities to passengers while traveling via trains.
By component, the market is sub-segmented into multimedia infotainment devices, video surveillance cameras, and networking & connectivity devices. Among these, the video surveillance cameras are expected to be the highest revenue generating segment during the forecast period as it provides real-time alerts about suspicious activities at the station and offers high-resolution image quality, improved video image, protects valuable assets, and minimizes the risks and other criminal activities at the station. The multimedia infotainment displays are expected to be the fastest growing segment during the forecast period. The growing number of people traveling via trains has resulted in a huge demand for multimedia infotainment displays for entertainment purpose due to the long waiting time at railway stations. These displays offer information related to the latest update of the train schedule and other information related to the railway.
By services, the market is sub-segmented into system integration & deployment, consulting services, and support & maintenance. Among these, the consulting services are expected to generate the highest market share since they are required to maintain communications network to meet various requirements such as safe operation, security, and reliable scheduling of trains.
By solution, the market is sub-segmented into advanced security monitoring system, passenger information system, rail communication & networking system, freight information system, rail analytics system, and smart ticketing systems. Among these, the rail communication & networking system is expected to generate the highest market value in the forecast period since this system helps to plays a major role in providing networking solutions at the stations. It also helps in booking online tickets and providing real-time information about the location of the train. The rail analytics system is expected to be the fastest growing solution segment during the forecast period. The increasing adoption of cloud and big data analytics are widely used in rail analytics system which helps in managing route optimization, control center operations, and crew analytics on the train.
The key players in the global smart railways market are 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), Indra Sistemas SA (Spain), Teleste (Finland).
Global Smart Railways Market Analysis and Forecast, 2018–2024
- To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the smart railways market
- To provide insights into factors affecting market growth
- To analyze the smart railways market based on Porter’s Five Forces analysis
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main regions and their countries?North America, Europe, Asia-Pacific, and the rest of the world
- To provide country-level analysis of the market with respect to the current market size and future perspective
- To provide country-level analysis of the market for a segment on the basis of type, component, solution, and services.
- To provide strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research & development in the smart railways market.
- Smart railways companies
- Smart railways providers
- Computer graphics developers
- System integrators and third-party vendors
- Government bodies
- Technology investors
- Research institutes and organizations
- Market research and consulting firms
- The global smart railways market is expected to reach USD 27.31 billion by 2024.
- Stations are dominating the smart railways market by type. It has generated market revenue of USD 8.29 billion in 2017, growing with 12.95% CAGR. Whereas, onboard trains are projected to be the fastest growing segment with 14.43% CAGR during the forecast period 2018–2024.
- By component, the smart railways market was dominated by video surveillance cameras in 2017, generating the highest market revenue of USD 4.47 billion and projected to grow with 12.76% CAGR. Whereas multimedia infotainment displays are the fastest growing market growing with 15.15% CAGR during the forecast period 2018?–2024.
- Smart railways market, by services is dominated by consulting services in 2017. It has generated the highest market value of USD 5.17 billion in 2017, growing with 14.31% CAGR. System integration & deployment and support & maintenance market are projected to grow with 13.07% and 11.88% CAGR respectively.
- Smart railways market, by solution is dominated by rail communication & networking system in 2017, generating the highest market value of USD 3.16 billion and growing with 13.27% CAGR. Whereas, rail analytics system is projected to grow with the fastest growing CAGR of 17.03%.
- The market in Europe is projected to be the highest revenue generating region, and Asia-Pacific is expected to be the fastest growing market during the forecast period.
Regional and Country-Level Analysis of the Smart Railways Market, Estimation and Forecast
Europe is expected to be the highest revenue generating region of USD 14.35 billion during the forecast period. The adoption of the Internet of Things technology, faster economic growth, and huge investments on smart railways projects by the government is poised to drive the growth of smart railways in the region. Asia-Pacific is expected to be the fastest growing region with 15.31% CAGR during the forecast period owing to increasing regional demographics and changing traveling demand are boosting the market growth in this region.
The report on the global smart railways market also covers the following country-level analysis:
- North America
- ·Rest of Europe
- ·Rest of Asia-Pacific
- Rest of the World