FMI has announced Current and Projected Smart Railways Market size in terms of volume and value 2014-2020
Future Market Insights has announced the addition of the “Smart Railways Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" report to their offering.
The concept of smart railways has evolved from the growing adoption of new generation services and advanced transportation management systems, enabled using Information Technology (IT) solutions. The future railways industry is anticipated to rely upon smart systems that will help leverage technologies for optimal utilization and management of the huge railway infrastructure. It combines software products to enable more intelligent use of railway assets, so that companies can meet the increasing demand for safer and reliable railway services. Smart railway technologies such as asset management software, integrated service management solutions and predictive analytic tools are expected to help railway companies to manage their network, routes, capacities, and daily operations, in the near future. Thus, with the rise in implementation of smart technologies in railway transport, the associated solutions and services market are expected grow globally at higher growth rates. Emerging technologies such as smart ticketing, cloud adoption, rail analytics, smart traffic and other operational solutions will enable more efficient and better railway infrastructure. It is also expected to improve on decision making for issues, such as asset utilization, deployment and maintenance.
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The smart railways market can be segmented on the basis of solutions, devices and components, services, and regions. The solutions in smart railway market include Passenger Information System (PIS), railway traffic management system, freight information, railway operations management, advanced security monitoring system, railway communication, networking system, and smart ticketing system, among others. Devices and components in smart railways include video surveillance equipment, sensing devices, networking and connectivity devices, smart card equipment and multimedia public displays. Smart railways services segment include professional services, cloud services and integration services. Geographically, the smart railway market can be segmented based on regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW).
The long term drivers of the railway market are associated with economic and demographic growth in the developing markets. In near future, the rising demand for comfort and facilities in ticketing is expected to support the market growth for smart railways solutions. Moreover, the increasing dependence for railway freight services due to low cost is another factor driving the growth of smart railways systems market across the world.
In North America, the smart railway market is expected to focus on upgrading of smart technology and renewal of its sophisticated existing railway infrastructure, with increased awareness about environmental sustainability. In Europe, the high growth in expenditure for overall railway development has created new opportunities for the smart railways market in recent years. In Asia-Pacific region, the demand for reliable and comfortable smart railways is expected to increase due to rising population and on-going development of railway infrastructure. In Middle East and Africa region too, the market is expected to witness healthy growth in near future due to growth in development of railway infrastructure.
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The leading smart railway solution providers across the world include Siemens AG, Hitachi Ltd., IBM Corporation, Alstom SA, Ansaldo STS, Alcatel-Lucent, Huawei Technologies Co. Ltd., Bombardier Inc., ABB Ltd., GE Transportation, Cisco Systems Inc., CGI Group Inc., ZTE Corporation and others.