According to a new market research report published by Credence Research “Smart Railways Market (Solution – Passenger Information System, Advance Security Monitoring Solution, Freight Information System, Smart Ticketing System and Rail Communication System; Component – Video Surveillance Cameras, Multimedia Infotainment Displays and Networking and Connectivity Devices) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global smart railways market was valued at US$ 11.67 Bn in 2017 and will be growing at a CAGR of 15.2% during the forecast period from 2018 to 2026.
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Market Insights
The smart railways market was valued at US$ 11.67 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 15.2% during the forecast period from 2018 to 2026. Railway modernization programs in various countries is one of the most prominent factors aiding the smart railways market growth. Governments across several countries, in order to provide a premium travel experience and increase the safety and security of the passengers are investing on smart railway solutions. Recent terrorist attacks on railways is another important factor leading the governments to invest on smart railway components such as video surveillance cameras. Technological advancements have further enabled railways to take advantage of Big Data and IoT in order to understand and develop insights pertaining to traveler behavior. These factors expected to create positive demand for smart railway components and solutions in the years to come. However, high initial cost of deployment remains a major restraint for the market to flourish. This factor prevents large scale adoption of these technologies particularly in developing countries. Problems related to theft of multimedia devices on trains in these countries remains another major challenge for the smart railways market.
Asia Pacific expected to remain one of the most important markets for investment in coming years. Governments in countries such as China and India have taken railway modernization on priority and has been largely instrumental in funding activities. For instance, focusing on the lack of security in trains, Indian Railways has now started accelerating the process of installing CCTV surveillance cameras in trains. The plan includes installation of 12 lakh surveillance cameras in all trains and stations across the country. This factor is creating positive growth opportunities for the smart railways market to flourish in the region. North America being an early adopter of smart technologies, was the largest market for smart railways in 2017.
Some of the major players operating in the smart railways market include ABB Ltd, Alcatel-Lucent International, Ansaldo STS, Cisco Systems, Inc., Alstom SA, GE Transportation, Bombardier Transportation, Huawei Technologies Co. Ltd., CGI Group, Inc., Hitachi Ltd., Computer Sciences Corp., IBM Corporation and ZTE Corporation among others.
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