Moreover, high demographic growth and hyper-urbanization is contributing to the growth of the smart railways market.
Albany, NY -- (SBWIRE) -- 11/14/2017 -- Technological advancement has resulted in increased demand for fast, reliable, and passenger friendly services. Railways are one of the fastest modes of transportation. Railways have improved substantially over the last few decades. Use of railways has increased due to the rise in traffic congestion. Additionally, railways are an economical and feasible transportation option. Railway service providers are focusing on improving the quality and efficiency of railway services while reducing the costs. Information technology helps in providing better safety and security to passengers. IT provides software products to make intelligent use of existing rail assets including tracks, trains, and other management systems.
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These solutions are helping companies to meet the increasing consumer demand for efficient and safer services. Smart railways include e- catering, smart ticketing, freight information systems, and other solutions. Implementation of advanced technologies in railways helps governments and other regulatory bodies to provide efficient and cost effective transport services. Smart railways involve user friendly station designs, ticketless travels, digital payments, and incorporation of smart technologies and solutions. It also includes integration of fiber optic technology to increase rail safety. Smart railways are achieved by adopting GSM-R systems and implementing cloud computing in railways management systems. Smart railways also incorporate analytics to predict transportation capacity and resources required for smooth functioning of railways.
Governments in various countries are allocating massive investments in modernizing railways in order to simplify the management and implement user friendly services. For instance, one of the top banks in China has joined financial firms such as China Construction Bank Corp. and Bank of China Ltd and others to invest US$ 28 Bn in public private partnership (PPP) projects related to smart railways. Moreover, high demographic growth and hyper-urbanization is contributing to the growth of the smart railways market. Advent of smart cities and technological advancements targeting user's convenience are expected to drive the market in the near future. Big data is employed to gain insights about traveler behavior which helps in management activities such as customer service, staff deployment etc. Thus, government initiatives and partnership models, rise in need for passenger convenience, and emergence of big data and IoT are expected to drive the smart railway market during the forecast period.
Lack of IT infrastructure required to implement smart railways, high initial cost to deploy advance services, and certain difficulties in integrating advance solutions with analytics skills are expected to restrain the market growth during the forecast period.
The smart railways market can be segmented on the basis of solution, component, service, and geography. On the basis of solution, the market is segmented into passenger information system, freight information system, advanced security monitoring system, rail communication and networking system, smart ticketing system, and rail analytics system. The market on the basis of component is segmented into video surveillance cameras, networking and connectivity devices, and multimedia infotainment displays. On the basis of service, the market is segmented into professional services and managed services. Professional services can be further segmented into consulting services, system integration and deployment, and support and maintenance. The market is segmented on the basis of geography into North America, Asia Pacific (APAC), South America, Middle East & Africa (MEA), and Europe. The Asia Pacific smart railway market is estimated to see significant growth rate due to rising global competition and proliferation of connected machines. Moreover, governments in this region are providing substantial funds due for the introduction of smart cities.
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Key players in the smart railways market are Alstom SA, Cisco Systems, Inc., General Electric, ABB Limited, IBM Corporation, Hitachi Limited, Bombardier, Inc., Huawei Technologies Co., Ltd., Indra Sistemas S.A., Siemens AG, Alcatel-Lucent, and Ansaldo STS.