MarketsandMarkets projects the smart railways market to grow from USD 28.9 billion in 2022 to USD 43.0 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period. The requirement for urban connectivity is predicted to expand along with the integration of IoT-based solutions and the increased focus on emissions reduction, which will all contribute to the growth of the smart railway system.
New York, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Railways Market by Offering Region - Global Forecast to 2027" - https://www.reportlinker.com/p04412109/?utm_source=GNW
Providing appropriate transit capacity for rising volumes of products and people necessitates the introduction of smart solutions. Truly integrated and intermodal transport systems are anticipated to be made possible by trends including machine-to-machine technology, using embedded sensors, increasing computing power, and incorporating Big Data and the Internet of Things.
• By offering, the solutions segment to account for a higher market share during the forecast period
A pivotal role is played by solutions in handling all railway operations-related activities that include entry, marking, handling, processing, and transit of goods from the supplier end to the manufacturing site and eventually to the consumer.The growing need to improve efficiency, reduce emissions, and minimize costs and productivity is driving the growth of the solutions segment.
The solutions autonomously support the technician and other personnel in reducing traffic congestion, efficiently signaling over traffic, and managing ticket collection and monitoring security systems leading to a higher degree of competence and reduced expenses.
• By services, the professional service segment to hold the largest market size in 2022
Professional services offer support services to clients involved in technical projects.These services include consulting, system integration and deployment, training, support, and maintenance.
Professional services are growing at a steady pace in the smart railway sector; with the rapid digitization and adoption rates of these cutting-edge technologies, to increase efficiency and reduce expenses, personnel operating these machineries require support from external technological experts. As the adoption of technology-based solutions is steadily growing, the demand for smart railways services will grow proportionally.
• By region, Asia Pacific to grow at the highest CAGR during the forecast period
During the forecast period, Asia Pacific is estimated to be the fastest-growing region in terms of the growth of the smart railways market, with the growing adoption of upcoming and state-of-the-art technologies, larger investments in digitization, and the growth in the Gross Domestic Product of the APAC countries.In order to boost engagement in public-private partnership initiatives for the smart railway system, several Chinese banks have partnered together.
Japan is also attempting to incorporate smart solutions in upcoming projects and revamps, such as leveraging artificial intelligence to provide a customized concierge service for travelers. The high population growth rate in the region has also fueled the need to transform and expand the existing rail infrastructure.
Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from several prominent firms engaged in the smart railways market participated in in-depth interviews.
The breakup of the profiles of the primary participants is given below:
• By Company Type: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
• By Designation: C-Level Executives– 33%, Director Level – 25%, and Managers–42%
• By Region: North America – 38%, Europe – 20%, APAC – 30%, and Rest of the World – 12%
The following smart railways market vendors are profiled in the report:
Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany), Honeywell (US), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprise (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), Uptake (US), Eurotech (Italy), Tego (US), KONUX (Germany), Aitek S.p.A (Italy), Assetic (Australia), Machines With Vision (UK), Delphisonic (US), Passio Technologies (US), Cloud MOYO (US), and Chemito (India).
The smart railways market is segmented by offering (solutions and services) and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new services and product launches; partnerships, agreements, collaborations; business expansions; and competitive landscape associated with the smart railways market.
Reasons to Buy the Report
The report would help the market leaders and new entrants in the following ways:
• It comprehensively segments the smart railways market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.
Read the full report: https://www.reportlinker.com/p04412109/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001