Integration of artificial intelligence in the transportation sector has generated immense breakthroughs in terms of traffic management and vehicle security. Adoption of big data and IoT in the railways shall deliver smart travel and trade solutions in the upcoming decade.
DUBAI / ACCESSWIRE / July 2, 2020 / Future Market Insightsi: The global smart railways market is set to leverage the information and communication technology (ICT) platforms to introduce much needed operational efficiencies, putting it at an impressive growth pedestal during the forecast period of 2020-2030. Equipped with real-time monitoring and schedule updates, end-users will benefit from efficient cargo movement with error-tracking. Additionally, unique features such as destination alerts, wake-up calls for passengers and passenger information management have accelerated the uptake of smart railway systems which has significantly help streamline operations.
Eventually, it is predicted that many railway systems will become semi-automatic and eventually completely automated. Railway operators are already experimenting with smart railway solutions to provide a safe and seamless transportation experience. Use of analytical software to predict possible breakdown of services and fix the anomaly is becoming common across several advanced countries. Furthermore, smart railways shall prove immensely beneficial to the environment as they utilize energy efficient resources such as electricity, preventing air or noise pollution.
"Europe is a hotbed for investments in smart railways project. This is attributed to increasing exploitation of IoT solutions and growing emphasis on technological innovations in the transportation sector. Key solution providers are therefore scrambling to acquire a handsome chunk of the market share due to high revenue prospects," concludes a prominent FMI analyst.
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Global Smart Railways Market- Key Takeaways
- Global smart railways market shall expand at a stellar 20% CAGR across the forecast period 2020-2030
- Smart payment methods such as smart cards and ticket vending machines are some key technological advancements in the smart railways market
- Advanced Security Management Systems (ASMS) shall generate the most lucrative dollar opportunity in the coming years due to the need for enhanced management of railway infrastructure
- Asia-Pacific excluding Japan shall emerge as the fastest growing smart railways hub, next only to Europe and North America. Increasing digital literacy is the major reasons behind this accelerated growth
- Professional services for smart railways shall expand nine-fold its value by 2030
Global Smart Railways Market- Prominent Drivers
- Massive integration of cloud computing to develop an integrated management system which facilitates collection of copious amount of data to understand customer needs shall immensely uplift market prospects of smart railway systems
- Development of smart passenger services such as automated ticket vending machines, smart cards and smart navigation is fueling growth in the smart railways market
- Development of smart railways to make them safe for the elderly and differently abled has been a top priority of governments across the world. This has led software providers to customize their platforms accordingly, leading to an uptick in revenue prospects
Global Smart Railways Market- Key Constraints
- High investment costs associated with advanced software integration is proving a hindrance for the smart railways project to take off in the developing regions
Anticipated Impact of the Coronavirus Outbreak
The COVID-19 pandemic has induced sluggishness in the smart railways market, attributed to stalled construction projects as a result of nationwide lockdowns imposed to control the pandemic. These lockdowns have massively disrupted transportation and industrial activities. As a result, movement across regions has stopped, leading to reduced financial inflows and infrastructural investments.
The Indian and Chinese markets have taken a significant hit as a majority of upcoming smart railway projects are scheduled to take off in these emerging economies. With all efforts dedicated towards eradicating the pandemic, all projects have come to a grinding halt. However, as countries lift their respective lockdowns, their economies are gradually recovering, heightening growth prospects of smart railway projects.
Explore the global smart railways market report with 139 illustrative figures, 172 data tables and the table of contents. You can find a detailed market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-231
The global smart railways market consists of the following key players: ABB, Huawei Technologies Co., Ltd., Alstom S.A., Bombardier, Inc., IBM, Ansaldo STS, Siemens, Cisco Systems, Inc., Hitachi Ltd., Indra Sistemas, S.A and Alcatel-Lucent. These players are beefing up their production capabilities and enhancing sales channels in developing nations. By doing so, these players hope to increase their global footprints. Additionally, collaborations with regional governments to upgrade existing railway infrastructure is also providing tremendous boost to the smart railways market players.
More Valuable Insights on Smart Railways Market
FMI's research on the smart railways market is segmented into three major segments. By device and component, the global smart railways market is segmented into rail sensors, video surveillance cameras, smart cards, and networking and connectivity devices like router, Wi-Fi, switches, among others. With respect to service, the global smart railways market is segregated into professional services, cloud services and integration services. With regards to system, the global smart railways market has been segmented into Railway Traffic Management System (RTMS), Smart Ticketing System (STS), Passenger Information System (PIS), Advanced Security Management System (ASMS), rail communication & networking systems, and rail operations management system, among others like rail analytics system and freight information system. The extensive segregation of the market helps readers evaluate lucrative opportunities in the global smart railways market.
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