DUBLIN--(BUSINESS WIRE)--The "Smart Railways Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The smart railways market was valued at USD 12.05 billion in 2018 and is expected to reach a value of USD 27.62 billion by 2024, at a CAGR of 14.83%, during the forecast period 2019-2024.
The implementation of smart solutions is growing at a higher rate across the railway freight to provide adequate transport capacity for growing volumes of goods and people.
- The growth of smart railway system is expected to be primarily driven by the growing need for urban connectivity, increased integration of IoT-based solutions and higher emphasis on reducing emissions.
- The rising trends of application in the field of machine-to-machine (M2M) technology, leveraging the embedded sensors, increase in computer power, and incorporation of big data owing to the growth of the internet of things is expected to pave the way for truly integrated and inter-modal transport solutions.
- Integration of the smart systems to communicate across traditional railway infrastructure, high investment in the development of software portfolio, minimizing error rates due to increasing system complexity and implementation of weatherproof sensors are identified as the major challenges faced by the market.
Scope of the Report
Smart railways are built by deploying GSM-R systems, cloud computing, and data analytics. The IoT solution applied for the smart railway application makes it easy to grasp the condition information distributed over a wide railway area. Smart railways include smart ticketing, e-catering, freight information systems, among others, are becoming a reality. They help up the efficiency of transport and bring about a reduction in costs eventually by automating various processes and leveraging technology to improve services.
Key Market Trends
Rail Analytics System to Hold Significant Market Share
- The rail network operators in developed parts of the world are actively investing in the development of analytics systems. Currently, there is a prominence of cloud-based systems. The market is witnessing a need for tools that help in maximization of intervals between certain maintenance events, like turning wheels (on a lathe) or replacing the wheel-and-axle sets on the trains, which reduce maintenance costs.
- The analytics-based solutions are expected to work in close coordination with security and surveillance systems to leverage video analytics which will help in obstacle determination, thereby improving the overall efficiency of the railway system.
Asia-Pacific is Expected to Hold the Highest Market Share
- The emergence of megacities is expected to be the highest in emerging markets of Asia-Pacific, which include four of the world's existing 24 megacities are in China.
- It is expected that Chinese planners will merge nine cities in the Pearl River Delta from Guangzhou to Shenzhen to create a 26,000 sq km urban area, which will be 26 times larger than Greater London. Around USD 260 billion is expected to be spent on this project over the next four years, to integrate transport, energy, water, and telecommunication networks.
- On the other hand, Japan is on its way to deploying smart solutions, like providing personal concierge for travelers, which leverages AI.
The Smart Railways market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. However, with the advancement in the network connectivity along with the advanced technological growth, most of the companies are expanding their market presence across the emerging markets.
- April 2019 - At the IBM's IoT Exchange, IBM announced a collaboration with Sund & Bælt to assist in IBM's development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways. The new industry solution, IBM Maximo for Civil Infrastructure, further extends the IBM Maximo portfolio while providing deep industry and task-specific functionality to help organizations manage, monitor and administer their infrastructure assets.
- September 2018 - Cisco announced their collaboration with ScotRail, Network Rail Telecom, CGI, and Wittos, to offer superior Wi-Fi networks on trains allowing passengers to have access to internet on-the-go. This is expected to encourage people to prefer this mode of transportation, thereby, increasing revenue for the companies.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Demand of IoT Application
4.3.2 Improvement in the Internet and Network Connectivity across Emerging Economies
4.3.3 Increasing Population Growth of Hyper-Urbanization
4.4 Market Restraints
4.4.1 Issues with Integration and Connectivity into Legacy Systems
4.4.2 High Initial Infrastructure and Related Investments
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Solution
5.1.1 Rail Analytics System
5.1.2 Railway Communication and Networking System
5.1.3 Freight Information System
5.1.4 Smart Ticketing System
5.1.5 Advanced Security Monitoring System
5.1.6 Passenger Information System
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Cisco Systems Inc.
6.1.2 IBM Corporation
6.1.3 ALE International
6.1.4 Huawei Technologies Co. Ltd.
6.1.5 Siemens AG
6.1.6 Hitachi Ltd.
6.1.7 Tata Consultancy Services Limited
6.1.8 Moxa Inc.
6.1.9 Thales Group
6.1.10 General Electric Company
6.1.11 Cyient Limited
6.1.12 Toshiba Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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