Smart Railways Market by Solution (Rail Asset Management & Maintenance, Operation & Control, PIS, Communication & Networking, Security & Safety, and Rail Analytics) and Service (Professional and Managed), and Region - Global Forecast to 2024
Technological advancement targeted toward the enhancement of customer experience to drive the smart railways market growth
MarketsandMarkets projects the smart railways market to grow from USD 20.5 billion in 2019 to USD 39.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% from 2019 to 2024. The technological advancement targeted toward the enhancement of customer experience, government initiatives for smart cities and Public-private partnership (PPP) working model, and adoption of Internet of Things (IoT) and automation technologies to enhance optimization are the factors considered to be driving the growth of the smart railways market.
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. To ensure that the raw materials or finished goods reach the market on time and to improve the operational efficiency, railways management systems and connectivity solutions are necessary. The solutions systematically support action plans for reducing traffic congestion, efficient signaling over traffic, and managing ticket collection and security system.
By solution, the rail communication and networking system segment to hold the largest market size in 2019
The rail communication and networking system segment involves voice and data between the train and track equipment for better traffic and infrastructure management. Rail communication and networking system provides the most secured communication among all railway operation management facilities and data networks, as well as effective communication in remote areas, such as rail construction sites or natural disaster sites. Railway communication systems provide reliable transmission of signaling, voice, video, and data traffic along railway lines and across backbone transmission networks. Rail communication and networking system provides secured communication among all railway operation management facilities and data networks. These are the factors contributing to the growth of the rail communication and networking system segment of the smart railways market.
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 – 55%, Tier 2 – 27%, and Tier 3 – 18%
By Designation: C-Level Executives– 33%, Director Level – 25%, and Managers–42%
By Region: North America – 38%, Europe – 19%, APAC – 14, and Rest of the World – 29%
The following key Smart railways market vendors are profiled in the report:
Alcatel-Lucent Enterprises (France)
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 service 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.
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