Dublin, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The "Smart Railways Market by Offering (Solutions (Rail Asset Management and Maintenance, Operation and Control, Communication and Networking, Security and Safety, Rail Analytics) and Services (Professional and Managed)) Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The smart railways market to grow from USD 28.9 billion in 2022 to USD 43.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
The requirement for urban connectivity is predicted to expand along with the integration of IoT-based solutions and the increased focus on emissions reduction, which will all contribute to the growth of the smart railway system. Providing appropriate transit capacity for rising volumes of products and people necessitates the introduction of smart solutions.
Truly integrated and intermodal transport systems are anticipated to be made possible by trends including machine-to-machine technology, using embedded sensors, increasing computing power, and incorporating Big Data and the Internet of Things.
By offering, the solutions segment to account for a higher market share during the forecast period
A pivotal role is played by solutions in handling all railway operations-related activities that include entry, marking, handling, processing, and transit of goods from the supplier end to the manufacturing site and eventually to the consumer. The growing need to improve efficiency, reduce emissions, and minimize costs and productivity is driving the growth of the solutions segment.
The solutions autonomously support the technician and other personnel in reducing traffic congestion, efficiently signaling over traffic, and managing ticket collection and monitoring security systems leading to a higher degree of competence and reduced expenses.
By services, the professional service segment to hold the largest market size in 2022
Professional services offer support services to clients involved in technical projects. These services include consulting, system integration and deployment, training, support, and maintenance.
Professional services are growing at a steady pace in the smart railway sector; with the rapid digitization and adoption rates of these cutting-edge technologies, to increase efficiency and reduce expenses, personnel operating these machineries require support from external technological experts. As the adoption of technology-based solutions is steadily growing, the demand for smart railways services will grow proportionally.
By region, Asia Pacific to grow at the highest CAGR during the forecast period
During the forecast period, Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the smart railways market, with the growing adoption of upcoming and state-of-the-art technologies, larger investments in digitization, and the growth in the Gross Domestic Product of the APAC countries.
In order to boost engagement in public-private partnership initiatives for the smart railway system, several Chinese banks have partnered together. Japan is also attempting to incorporate smart solutions in upcoming projects and revamps, such as leveraging artificial intelligence to provide a customized concierge service for travelers.
The high population growth rate in the region has also fueled the need to transform and expand the existing rail infrastructure. Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from several prominent firms engaged in the smart railways market participated in in-depth interviews.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $28.9 Billion |
| Forecasted Market Value (USD) by 2027 | $43 Billion |
| Compound Annual Growth Rate | 8.3% |
| Regions Covered | Global |
Premium Insights
- Need for Efficiency in Rail Operations to Drive Market Growth During Forecast Period
- Solutions Segment and UK to Hold Largest Market Shares in Europe During Forecast Period
- Solutions Segment and China to Hold Largest Market Shares in APAC During Forecast Period
- India and Japan to Provide Attractive Opportunities for Growth During Forecast Period
Market Dynamics
Drivers
- Rise in Need for Efficiency in Rail Operations
- Rapid Urbanization Results in Increased Need for Efficient Railway Systems
- Government Initiatives and Increased Number of Public-Private Partnership Projects in Rail Industry
- Adoption of IoT and Other Automation Technologies for Process Optimization
- Technological Advancements Targeted Toward Enhancement of Customer Experience
Restraints
- High Initial Cost of Deployment
Opportunities
- Increased Globalization and Need for Advanced Transportation Infrastructure
- Rise in Demand for Cloud-Based Services
Challenges
- Integration of Advanced and Complex Systems with Legacy Infrastructure
- Disruption in Logistics and Supply Chain of IoT Devices
- Data Security and Privacy Issues Related to IoT Devices
Technology Analysis
- Internet of Things
- Big Data Analytics and Cloud Computing
- 5G Network
- Drones
- Hyperloop
- Automatic Warning System
Regulatory Landscape
- Iso
- Iso/Iec Jtc 1
- Iso/Iec 27001
- Iso/Iec 19770-1
- Iso/Iec Jtc 1/Swg 5
- Iso/Iec Jtc 1/Sc 31
- Iso/Iec Jtc 1/Sc 27
- Iso/Iec Jtc 1/Wg 7 Sensors
- GDPr
- Fmcsa
- Fhwa
- Marad
- Faa
- Fra
- Ieee-Sa
- Cen/Iso
- Cen/Cenelec
- Etsi
- Itu-T
Case Study Analysis
- Case Study 1: Luxembourg Railways Equipped 34 New Coradia Trains with Alstom's Automatic Train Operation System
- Case Study 2: Vtg Rail Europe Collaborated with Siemens to Innovate Rail Freight Transport
- Case Study 3: Uptake Automated Maintenance Work Order of a North American Freight Railway Company
- Case Study 4: Thales Provided Train-To-Ground Broadband Data Communication Solution to Brescia Metro
- Case Study 5: Comboios De Portugal Implemented Solutions by Fujitsu to Innovate Its Ticketing Infrastructure
- Case Study 6: Siemens Provided Maintenance Services to Govia Thameslink Railway
- Case Study 7: Assetic Helped Sydney Trains Visualize Rail Assets for Optimized Asset Management
Company Profiles
Major Players
- Alstom
- Cisco
- Hitachi
- Wabtec
- Siemens
- IBM
- Huawei
- Indra Sistemas
- Honeywell
- ABB
- Thales
- Advantech
- Fujitsu
- Toshiba
- Moxa
- Televic
- Alcatel-Lucent Enterprise
Startups/SMEs
- Eke-Electronics
- Aitek S.P.A.
- Uptake
- Eurotech
- Tego
- Konux
- Assetic
- Machines with Vision
- Delphisonic
- Passio Technologies
- Cloudmoyo
- Chemito
For more information about this report visit https://www.researchandmarkets.com/r/lmolj5-railways?w=12
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