Under the umbrella concept of smart cities, there are numerous sub-parts where smart technologies have a huge impact and applications such as smart stadium, smart building, smart energy, and others. Under all these applications, railway and other transportation sectors also find huge growth opportunities from the adoption of smart technologies. The smart railway is an amalgamation of advanced technologies such as computing, sensors, surveillance cameras, communication infrastructure, and others.
The global Smart Railway market size is expected to reach close to $43.34 Billion by 2029 with an annualized growth rate of 9.45% through the projected period.
.jpg
"The Global Smart Railway Market 2019-2029 (USD Billion)")
The global smart railway market size is anticipated to reach over USD 39 Billion by 2025. This can be attributed to the globally increasing government initiatives for PPP working models and smart cities. Also, the growing need for better network connectivity while traveling to enhance customer experience is the key factor boosting the global smart railway market growth.
However, the high deployment cost of infrastructures is expected to impede market growth. Furthermore, the advent of autonomous trains is expected to be opportunistic for the market in the forthcoming years.
Smart Railway Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | $43.34 Billion |
| Growth Rate | CAGR of 9.45 % during 2019-2029 |
| Segment Covered | By Type, Component, By Services, By Solution, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Cisco Systems Inc. (US) Alstom SA (France) General Electric Inc. (US) Hitachi Limited (Japan) International Business Machines Corporation (US) Huawei Technologies Co. Ltd (China) Bombardier Inc. (Canada) Siemens AG (Germany) Indra Sistemas SA (Spain) Thales Group (France) Teleste (Finland) |
Key Segment Of The Smart Railway Market
By Type, (USD Million)
• Station Type
• Onboard Trains
By Component, (USD Million)
• Networking
• Connectivity Devices
By Services, (USD Million)
• Consulting Services
• System Integration
By Solution, (USD Million)
• Smart Ticketing System
• Passenger Information System
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
the smart railway market is growing at a CAGR of 9.45% during the forecast period.
The market value of smart railway market in 2029 was $ 43.34 Billion
The major contenders in the global smart railway market Cisco Systems Inc. (US) Alstom SA (France) General Electric Inc. (US) Hitachi Limited (Japan) International Business Machines Corporation (US) Huawei Technologies Co. Ltd (China) Bombardier Inc. (Canada) Siemens AG (Germany) Indra Sistemas SA (Spain) Thales Group (France) Teleste (Finland)
The adoption of inventive and advanced technologies is having a positive impact across all the various industries and sectors. The adoption of smart technologies is gradually rising, as the governments are constantly trying to enhance transport services and make them hassle-free for the people. Smart railway solutions offer a wide range of advantages from ticketless traveling, online food ordering/e-catering, route tracking to freight information systems to surveillance. Integrated ticketing, government support for smart railway, and big data & IoT are the major trends that are shaping the market for smart railway globally.
Device Type Segment
Based on the device type segment, the market is divided into network & connectivity devices, sensors, surveillance cameras, and others. In 2019, the network & connectivity devices segment gathered the highest market revenue and it is anticipated to govern the smart railway market throughout the forecast period. However, the sensors segment is expected to gather the highest growth rate throughout the forecast period.
Solutions Segment
Based on the solutions, the market is segmented into security and safety solutions, passenger information systems, rail networking and communication system, rail analytics, and others. The rail networking and communication system segment leads the market growth in 2019 and it is expected to do so throughout the forecast period. The growth of this segment is mainly attributed to the growing demand for mobile internet-based solutions and applications such as passenger infotainment, navigation, smart ticketing, and passenger connectivity. However, the rail analytics segment is anticipated to experience the highest market growth in the forthcoming years.
Services Segment
In terms of services, the market is bifurcated into managed services and professional services. In 2019, the professional services segment gathered the highest market revenue and it is anticipated to dominate the smart railway market throughout the forecast period. On the contrary, the managed services segment is projected to gather the highest growth rate throughout the forecast period.
The European region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2018-2025. The dominance of this region mainly attributed to the well-established infrastructure in countries such as France, German, UK, and others. However, the Asia-Pacific region is projected to experience the highest growth throughout the forecast period. Moreover, the North America region was the second-largest market during the forecast period.
.png "North America Smart Railway Market, 2018-2025 (USD Billion)")
The major players of the global smart railway market are Cisco, ABB, Siemens, Honeywell, Bombardier, Thales, Toshiba, Fujitsu, IBM, and Hitachi. Moreover, the other potential players in the smart railway market are Advantech, Wabtec, Huawei, Indra, and Alcatel-Lucent. The recognized companies are coming up with innovative and new smart railway solutions. For instance, in April 2019, IBM announced a collaboration with Sund & Bælt, an infrastructure company. With this collaboration, Sund & Bælt is assisting IBM in its AI-powered IoT solution that is specifically designed to increase the lifespan of aging tunnels, highways, bridges, and railway.