MarketsandMarkets projects the smart railways market to grow from USD 26.0 billion in 2021 to USD 41.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. Major factors driving the growth of the smart railways market include need for efficiency in rail operations, high demographic growth and hyper-urbanization enhancing the need for efficient railway systems, technological advancements targeted toward the enhancement of customer experience, increase in government initiatives and Public-Private Partnerships (PPP), and adoption of IoT as well as automation technologies to enhance optimization of smart railways.

By offering, the solutions segment to account for a higher market share during the forecast period
Solutions play a crucial role in handling all railways operations-related activities that include moving goods from the suppliers to the place of production and eventually to the end user. The growing need to improve the efficiency of rail operations, maximize operation agility, and workforce productivity is leading to the growth of the solutions segment. The solutions systematically support action plans for reducing traffic congestion, efficient signaling over traffic, and managing ticket collection and security system.

By services, the professional service segment to hold the largest market size in 2021
Professional services assist end users in working on defined projects. These services include consulting, system integration and deployment, and training, support, and maintenance. The professional services are growing in the smart railways sector, wherein railway management authorities rely on technology vendors for support and maintenance purposes. As the adoption of technology-based solutions increases, the demand for these services also increases.

By region, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the smart railways market, due to a rise in the adoption of new technologies, higher investments for digital transformation, and the growth in Gross Domestic Product (GDP) of the APAC countries. A majority of potential economies in the region, including Australia, Singapore, China, Korea, Hong Kong, and India, are expected to rapidly invest in the technological transformation of rail infrastructure. The high population growth rate in the region has intensified the need to transform and expand the existing rail infrastructure.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart railways market.

The breakup of the profiles of the primary participants is given below:

  • By Company Type: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
  • By Designation: C-Level Executives– 33%, Director Level – 25%, and Managers–42%
  • By Region: North America – 38%, Europe – 20%, APAC – 30%, and Rest of the World – 12%

The following smart railways market vendors are profiled in the report:
Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany), Honeywell (US), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprise (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), Uptake (US), Eurotech (Italy), Tego (US), KONUX (Germany), Aitek S.p.A (Italy), Assetic (Australia), Machines With Vision (UK), and Delphisonic (US)

Research Coverage
The smart railways market is segmented by offering (solutions and services) and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new services and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the smart railways market.

Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:

  • It comprehensively segments the smart railways market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
  • It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
  • It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.