Increasing adoption of IoT technology and smart cities initiatives are driving the smart railways market
The smart railways market size is estimated to grow from USD 5.34 billion in 2015 to USD 13.77 billion by 2020, at a CAGR of 20.8% from 2015 to 2020. The demographic growth and hyper-urbanization, increasing airport and road congestion, and public-private partnerships are the driving factors for the growth of the smart railways market.
Passenger information system and rail analytics are expected to gain the maximum traction during the forecast period. Europe is estimated to have the largest market share during the forecast period
Critical challenges lie ahead for the rail industry in terms of meeting forecast growth in demand, ensuring cost control and value for money, maintaining safety and security in the face of increased external pressures, achieving environmental sustainability targets, and meeting evolving customer expectations. In order to tackle these challenges, railway transportation management companies are shifting their focus toward building smart railways infrastructure by developing and integrating smart railways solutions. Moreover, railway transportation has evolved as the preferred transportation mode, globally, with increased challenges in terms of intermodal operations, regulatory compliance, and safety issues of the transportation sector.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people in Tier 1 (30%), Tier 2 (40%) and Tier 3 (20%) companies. The interviews were conducted with various key people such as C-level (40%), Director level (35%) and other executives (25%) operating in the smart railways market. The primary interviews were conducted worldwide covering regions such as North America (33%), Europe (29%), APAC (25%), and RoW (13%).
With an increase in the adoption of cloud services, the smart railways market offers tremendous upcoming opportunites for growth in the next five years. The convergence of rail analytics with advanced security systems, provides a huge opportunity for the companies to capture the untapped markets in developing regions.
The various key smart railways vendors and service providers profiled in the report are as follows:
1. Alstom SA
2. Cisco Systems, Inc.
3. General Electric Company
General Electric Company
4. Hitachi Ltd.
5. International Business Machine (IBM) Corporation
6. ABB Ltd.
7. Bombardier, Inc.
8. Huawei Technologies Co. Ltd.
9. Indra Sistemas
10. Siemens AG
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the smart railways market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on the key market drivers, restraints, challenges, and opportunities.
This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, product developments, partnerships, and mergers and acquisitions.
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