"Railway Modernization Programs to Drive the Smart Railways Market Growth"
The smart railways market was valued at US$ 11.67 Bn in 2017 and expected to be growing at a compounded annual growth rate (CAGR) of 15.2% from 2018 to 2026. One of the most prominent factors complimenting the market growth can be attributed to the increasing adoption of smart technologies in the railway sector. The incorporation of smart technologies has the potential to revolutionize the entire railway sector. The benefits ranges from ergonomic station design to ticketless travel. With technological advancements, smart ticketing will become more universal in the future and paperless, integrated ticketing will become the new norm across major stations worldwide. Moreover, technological advancements will further help to reduce waiting time and improve the overall journey experience. In addition, railway modernization programs across various countries is another prominent factor aiding the smart railways market growth. Such modernization activities are taken into priority and the governments have been instrumental in funding activities. The adoption of Big Data and IoT in the railways is expected to witness a growth considering the benefit it renders. It helps to improve the safety and at the same time is also beneficial to understand and develop insights about traveler behavior. These factors in combination are expected to compliment the smart railways market growth.
Market Synopsis
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"Rising Focus towards Passenger Safety to Boost the Demand for Video Surveillance Cameras"
As of 2017, the global smart railways market was led by the video surveillance cameras segment. Video surveillance cameras are most commonly used for security purposes. In order to keep an eye and reduce crime related activities on train, governments across various countries have been investing on improving the safety of passengers on trains. This factor has positively influenced the demand for video surveillance cameras in the railway sector. For instance, in its endeavor to provide a safe and secure travel experience to passengers, recently, the India Railways announced its plan to procure about 12 lakh CCTV cameras for all trains and stations across the country. Moreover, recent terrorist attacks across various countries has further boosted the adoption of video surveillance cameras in trains and stations. Some of the recent terrorist attacks on railways include 2016 Brussels bombings, 2016 Würzburg train attack and 2017 Bhopal–Ujjain passenger train bombing among others.
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"High Initial Cost Offsetting Market Growth in Developing Countries"
One of the biggest restraints impacting the market growth negatively is the high initial cost of deployment. This factor often inhibits large-scale deployment of smart railway technologies especially in developing countries. Moreover, integration complexities over legacy systems and network is another major restraint offsetting the smart railways market growth.
"Asia Pacific to Emerge as an Important Market in Coming Years"
The global smart railways market was dominated by North America accounting for more than XX% of the overall market value in 2017. North America and Western European countries have always remained in the forefront in terms of adoption of smart technologies. The railway sector in this context is no exception and developed countries in these regions have already adopted these technologies on a large scale. However, in terms of growth, Asia-Pacific expected to witness the fastest growth mostly as a result of increasing investments on the part of governments of various countries such as India and China towards modernization of railways.
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Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The report elucidates the detailed outline of global smart railways market by categorizing the market in terms of solution, component and geography.
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Billion |
| Segmentation |
Solution (2016–2026; US$ Bn)
• Passenger Information System
• Advance Security Monitoring Solution
• Freight Information System
• Smart Ticketing System
• Rail Communication System
|
|
Component (2016–2026; US$ Bn)
• Video Surveillance Cameras
• Multimedia Infotainment Displays
• Networking and Connectivity Devices
|
|
Geography Segment (2016–2026; US$ Bn)
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)
|
Key players profiled in the report include ABB Ltd, Alcatel-Lucent International, Ansaldo STS, Cisco Systems, Inc., Alstom SA, GE Transportation, Bombardier Transportation, Huawei Technologies Co. Ltd., CGI Group, Inc., Hitachi Ltd., Computer Sciences Corp., IBM Corporation and ZTE Corporation among others.
Key questions answered in this report
- What was the global smart railways market size in 2017 and forecast for 2026?
- What are the current trends in the smart railways market?
- What are the various valuable opportunities for the players in the market?
- Which is the largest regional market for smart railways?
- Which region expected to be the fastest growing and why?
- What are the future prospects for the smart railways market?
- What are the major drivers and restraints influencing the market growth?
- What are new products launched by the leading players?
- What are the key strategies adopted by the leading players in market?
