The Global Smart Railway System market to grow at a CAGR of 26.76% over the period 2014-2019
Global Smart Railway System Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the APAC region, Europe, Latin America, the Middle East, and North America; it covers the Global Smart Railway System market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Traffic congestion on roadways has increased the demand for railways. Compared to other modes of transportation, people find trains are more feasible and convenient to travel. Moreover, railways are considered as a safer and cleaner option when compared to roadways. An increase in the demand for railway transport has made it mandatory for railway operators to make their systems more advanced and automated. A smart railway system comprises solutions, devices and components, and services, which automates and optimises the usage of railway infrastructure to carry out advanced functions. It has several components such as passenger reservation and information systems, freight operation information systems, railway traffic management, operations and asset management, IP-based security monitoring, communications, ticketing, and railway analytics.
The Global Smart Railway System market can be divided into three segments: Solutions, Devices and Components, and Services. The products in these segments help railway operators automate their systems and provide an efficient service to their customers.
One key trend upcoming in the market is an increased adoption of analytics and big data. Smart railways will make use of IT and analytics systems to reduce accidents and take real-time decisions while scheduling trains or forecasting travel demand.
According to the report, one of the major drivers of this market is the emergence of advanced solutions. As people have busy schedules, they want to spend less time traveling and need a transportation system that enables them to save time. These advanced solutions make the whole railway management system efficient and reliable.
Further, the report states that high operation and maintenance costs are one of the major challenges in the market. Besides the high installation cost for a new system, it also needs timely updates, which are an additional cost.