The global smart railways market size is expected to reach USD 59.04 billion by 2030 according to a new study by Polaris Market Research. The report “Smart Railways Market Share, Size, Trends, Industry Analysis Report, By Offering Solutions (Passenger Information System, Freight Management System, Security and Safety Solutions, Rail Communication and Networking System, Smart Ticketing System, Rail Analytics System, Rail Asset Management and Maintenance Solutions, Rail Operation and Control Solutions), Services, By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing needs of the local commute and rapid urbanization act as a major catalyzing factor for the industry demand. In addition, rising global trends, like connectivity, digitization, energy conservation, sustainability, as well as the incorporation of IoT have propelled the emergence of the smart railway system.
Furthermore, the escalating investment for advancing analytics systems by rail network operators in developed nations along with the technological advancement are major focuses on the betterment of customer experience, which, in turn, fuels the industry demand globally.
Based on the offering, the solution segment holds the largest revenue share in the global industry in 2021. Penetration of intelligent communication solutions in many applications of railways management assists in effective decision making, assets deployment, use, and maintenance. Hence, these factors may lead the segment dominance around the world.
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An increase in globalization and the need for advanced transportation infrastructure is propelling the demand for security and reliability; thereby, the railway's transportation system and facilities will advance over the forecast period. Market participants include ABB Ltd, Aitek S.P.A., Bombardier, Inc., Cisco Systems, Inc., Capgemini, General Electric Inc., Huawei Technologies Co., Ltd., Hitachi Limited, IBM, Indra Sistemas, S.A., Telangana State Technology Services, Tata Consultancy Services Limited, Teleste, Thales Group, and ZTE Corporation are some of the key players operating in the global industry.
Various market competitors frame multiple strategies such as mergers and acquisitions to escalate their business approach. For instance, in June 2021, CSX and Wabtec partnered with each other to accelerate sustainable rail by updating trains in CSX’s fleet and deploying developed digital technologies to deliver significant fuel efficiency and decrease emissions for CSX’s rail operations. This partnership may assist CSX in its commitment to trim down greenhouse gas emissions intensity by 37% by 2030.
Polaris Market Research has segmented the smart railways market report on the basis of offering and region:
Smart Railways, Offering Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Railways, Regional Outlook (Revenue - USD Billion, 2018 - 2030)