Valley Cottage, NY -- (SBWIRE) -- 06/26/2020 -- Introduction of Big Data and Internet of Things (IoT) in railways is expected to accelerate the adoption smart railway solutions during the forecast period. Some of the key features of the smart railway systems include real time IoT, monitoring and scheduling of trains, mobile related wake up call for railway passengers, destination alerts and passenger information management. There lies a huge potential for the ICT industry to influence its existing strengths of cloud computing services and IoT by implementing them in the railway sector on a global scale.

Key Takeaways of Smart Railways Market Study
- Funds provided for the growth of smart railways hold public-private partnership as basis of transforming the entire railway sector
- The key smart railways market players are entering into strategic mergers and partnerships, and are adopting acquisition strategies in order to widen their product portfolio and strengthen their presence globally
- Methods of payment have evolved in the railway sector as traditional payment methods are replaced by smart cards and Point-of-Sale (POS) technologies.

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"Liberalisation of rail transport is likely to create new growth opportunities for smart railways market players. Creation of open market conditions will have a positive impact on rolling stock, solution and professional service providers of both freight and passenger transportation services.," says the FMI analyst.

Competition Landscape of Smart Railways Market

Smart railways market leaders are ramping up their production capabilities and enhancing their sales channels in developing nations, such as India and Thailand. This strategy helps bolster their global footprints. Companies like Hitachi, Ltd. are focusing on developing control systems locally using local technologies. Use of local resources helps such companies cut down on procurement and production costs, consequently increasing profits.

The primary strategy incorporated by key players is to enhance their attractiveness on a global level by collaborating with local and foreign governments to upgrade existing railway infrastructures. These partnerships involve governments awarding short-term and long-term contracts to manufacturers and service providers operating in the global smart railways market.

Market participants such as Ansaldo STS acknowledge the rising demand for innovative technologies in the smart railways market, and by making those technologies available in the market, these companies are attracting new customers. Some of these technological innovations include railway management systems with satellite connection and catenary free power supply.

More Valuable Insights on Smart Railways Market

FMI's research on the smart railways market is segmented into three major segments. By device and component, the global smart railways market is segmented into rail sensors, video surveillance cameras, smart cards, and networking and connectivity devices like router, Wi-Fi, switches, among others. With respect to service, the global smart railways market is segregated into professional services, cloud services and integration services. With regards to system, the global smart railways market has been segmented into Railway Traffic Management System (RTMS), Smart Ticketing System (STS), Passenger Information System (PIS), Advanced Security Management System (ASMS), rail communication & networking systems, and rail operations management system, among others like rail analytics system and freight information system. The extensive segregation of the market helps readers evaluate lucrative opportunities in the global smart railways market.

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About Electronics, Semiconductor and ICT Division at Future Market Insights

The electronics, semiconductor and ICT team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.