DUBLIN--(BUSINESS WIRE)--The "Digital Railway Market by Offering (Solutions and Services), Application Type (Rail Operations Management, Passenger Experience, and Asset Management), Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The report projects the digital railway market to grow from USD 50.0 billion in 2019 to USD 74.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% from 2019 to 2024.
Major factors expected to drive the growth of the digital railway market include advancement in communication technology and a surge in passengers numbers over the past few years.
By solution, remote monitoring segment to account for the highest market share during the forecast period
Railways have limited operational flexibility, and face increasing passenger and freight traffic demand on existing infrastructure. The reliable provision of additional capacity requires an improved system for traffic control and management purposes, as well as for system reliability and safety.
The use of smart infrastructure for fault prediction and the guidance of preventive maintenance helps maintain operational capacity and improves the reliability of railway infrastructure and operational efficiency. The solutions enable organizations to view data from all railway assets and components. The solutions connect all assets to the central platform. Remote monitoring solutions detect abnormalities and set up notification rules to be alerted about abnormal or defective behavior in time.
By service, professional services segment to hold a larger market size during the forecast period
Professional services are provided by professionals or experts to assist customers. They include deployment and integration, training and consulting, and support and maintenance. Professional services vendors offer a broad array of services with the help of cutting-edge technologies, tools, and strategies to meet the needs of organizations. Deployment and integration services ensure the proper integration of the digital railway solutions and services with various other components of the Information Technology (IT) system. Support and maintenance services aim at providing technical support to customers and delivering enhancements and upgradations to the platform. Consulting services are used by customers to analyze their needs and understand the best fit according to their requirements.
Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the digital railway market, owing to the increasing adoption of new technologies, higher investments for digital transformation, and the increasing Gross Domestic Product (GDP) in the APAC countries. A majority of the potential economies in this region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in technological transformation.
- Increasing Investments in the Railway Sector in Various Countries
- Surge in Passenger Numbers Over the Past Few Years
- Advancement in Communication Technology
- Lack of Strong Railway Infrastructure in Underdeveloped Countries
- Autonomous Train Represents Significant Opportunity for the Digital Railway Solution Providers
- Emerging Trend of Smart Cities
- Increased Threat of Cyberattacks as Railway Systems Becomes More Digital
- Lack of IT Infrastructure and Skilled Personnel
- Use Cases
- Use Case 1: Bae Systems
- Use Case 2: Thales
- Use Case 3: Huawei
- Use Case 4: Cisco
- Railway Infrastructure Investment By Country
- Internet of Things in Railways
- Big Data Analytics and Cloud Computing in Railways
- Hyperloop - the Future of Transportation
- Drones for Identifying Railway Infrastructure Issues
- Automatic Warning System
The following key digital railway vendors are profiled in the report:
- Cisco (US)
- Hitachi (Japan)
- Altsom (France)
- IBM (US)
- ABB (Switzerland)
- Huawei (China)
- Thales (France)
- Fujitsu (Japan)
- DXC (US)
- Indra (Spain)
- Nokia (Finland)
- Atkins (UK)
- Toshiba (Japan)
For more information about this report visit https://www.researchandmarkets.com/r/3m5qwb