Smart Railways Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 03/21/2018 -- Smart railways, which includes smart ticketing, e- catering, freight information systems, etc., are a reality. They help up efficiency of transport and bring about reduction in costs eventually by automating various processes and leveraging technology to improve services. Smart railways are built by deploying GSM-R systems, cloud computing, and data analytics. A smart railway system bundles devices and components, solutions, and services, which automates and optimizes the usage of railway infrastructure to carry out advanced functions. With railways being one of the most preferred means of transport, smart railways are primed for good growth in the foreseeable future.
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A report by Transparency Market Research furnishes crucial information on the global market for smart railways by examining its various facets. It discusses the growth drivers, restraints, trends, and opportunities in the market. It also makes use of market-leading analytical tools such as Porter's Five Forces and SWOT analysis to comprehend the current competitive dynamics and segments the overall market into different groups to study it thoroughly. The report presents an executive-level blueprint of the global market for smart railways too.
Providing tailwinds to the global market for smart railways is the massive allocations by governments of different nations in upgrading and modernizing railways so as to simplify its management and make commuting seamless for the ever-increasing number of travelers. Collaborations among different organizations are being formed to lay the groundwork of smart railways projects in nations across the globe. In China, for example, China Construction Bank Corp., Bank of China Ltd., and others have joined hands in a public-private partnership to invest a staggering US$28 bn in different smart railways projects.
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Further, swift pace of urbanization and growth in population is also said to be stoking growth in the market for smart railways. Thrust on building smart cities by governments in various nations is proving beneficial to the market too.
However, the absence of proper IT infrastructure to facilitate smart railways, steep cost of deploying such advanced services, and complexities in integrating advanced solutions with the right analytical tools are dealing a blow to the market for smart railways.
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Solution-wise, the global market for smart railways can be divided into freight information system, passenger information system, rail communication and networking system, advanced security monitoring system, smart ticketing system, and rail analytics system. Component-wise, it can be segmented into networking and connectivity devices, video surveillance cameras, and multimedia infotainment displays.
The two main services in the global market for smart railways are professional services and managed services. Professional services again can be divided into support and maintenance, consulting services, and system integration and deployment.