Smart railways systems: Key market research findings
- Europe dominates the market geographically
- Increasing adoption of big data and analytics in the market
- Key vendors – Alstom, Bombardier, Cisco Systems, General Electric, Hitachi, and IBM
Technavio’s market research analysts predict the global smart railways systems market to reach almost $27 billion by 2020. The growth of this market can be accredited to the decrease in hardware and connectivity costs brought about by smart railways systems. The declining costs of hardware components and Internet connectivity have promoted railways to make their systems more advanced and automated. As a result of the rapid technological advancement, new devices, components, services, and solutions are being launched in the market. The global market was dominated by Europe in 2015 with a market share of approximately 32%. Growing cross-border transportation in the region is expected to contribute to the growth of the smart railways systems market in Europe by 2020.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Currently, the market is witnessing an increase in the adoption of big data and analytics. Adopting a new cloud-based system will give the railways a broader view across its logistics, passenger, and freight operations so it can effectively maintain and manage the railway traffic across its network more effectively. It can also help passengers in knowing the status of the seat availability, busiest train routes, train delays, and even the mobile network coverage on the route,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
The railway industry also plays a major role in the economic growth of a country. Most of the countries are investing more in their railway systems as people prefer to travel by train rather than by roadways and airways. For instance, the Middle East countries are spending a lot of funds on making their railway systems better and more advanced. As railways are emerging as the preferred mode of transportation among customers, these factors will fuel growth in this market over the next four years.
The key vendors in the global smart railways systems market include Alstom, Bombardier, Cisco Systems, General Electric, Hitachi, and IBM. Companies are spending massive amounts on R&D to provide better devices, components, and solutions to their clients. For instance, Alstom designs and manufactures products and systems for the power generation and rail transport markets worldwide. The company serves the rail transport market through its transport sector division. It builds the fastest trains and the highest capacity automated metro railways. It also offers a wide range of solutions for power transmission, with a focus on smart grids.
A more detailed analysis is available in the Technavio report, Global Smart Railways Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
