Smart Railway Market worth USD 16,525.5 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Smart Railway Market by System (Passenger Information System, Rail & Freight Operations Management System, Smart Safety & Security Monitoring System, Rail communication & Networking System, Smart Ticketing System, Rail Analytics System, Others), by Offering Type (Solutions, Components & Devices, Services), and by Region - Global Trends, Market Share, and Forecast to 2027". The global market of the smart railway was valued at USD 16,525.5 million in 2020 and to reach USD 38,469.7 million by 2027, at a CAGR of 12.8% from 2021 to 2027. Real-time information, higher safety, reliability, and efficiency, and increased convenience and ease of travel experience are among the major requirements of modern rail passengers. In addition, the preference for rail for local commute is increasing gradually. The rise in the use of high-speed metro trains & monorails is expected to foster the market's growth, which contributes toward high revenue generation. Manufacturers need to align their product offerings to attain the required requirements by the rail operators and rail passengers. Changes in transportation preferences of passengers and an increase in the trend of digitalization are expected to offer remunerative opportunities for the expansion of the global smart railways in the upcoming years.

Global smart railway Market Segmentation

The overall smart railway market has been segmented into the system, offering type, and region.

• By System (Passenger Information System, Rail & Freight Operations Management System, Smart Safety & Security Monitoring System, Rail communication & Networking System, Smart Ticketing System, Rail Analytics System, Others)
• By Offering Type (Solutions, Components & Devices, Services)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

The solution, by offering type, hold the largest market share of the smart railway in 2020

Based on offerings type, the global smart railways market is segregated into solutions, components & devices, and services. In 2020, Solution accounted for the largest market revenue share of 46.33% in the global smart railway market and had a CAGR of 14.2% during the forecast period 2021-2027.

Smart railway solution collects big data technologies, georeferencing software, cloud computing, and technology support of railway infrastructure, which transform railway operations, enhance commute experience, and improve passenger safety. These technologies are gaining momentum in the era of digitalization in the technological front. The changing digital outlook in the railway transportation front is expected to bolster the demand for smart railway solutions in the upcoming years.

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Europe accounts for the largest market share during the forecast period.

Based on the regions, the global smart railway market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe is accounted for the highest market share of 35.33% in the global smart railway market and was anticipated to maintain its dominance throughout the forecast period, followed by North America and the Asia Pacific. Europe comprises the UK, Germany, France, Spain, Russia, and the rest of Europe. The rest of Europe includes Sweden, Norway, Italy, the Netherlands, and others. Europe has one of the advanced railway sectors across the globe. Advancement in the railway infrastructure and penetration of digital solutions in railways are the leading factors that boost the demand for smart railways across Europe. In addition, an increase in government activities toward the adoption of green mobility and the introduction of railways that operate on alternative fuel are expected to create lucrative growth opportunities for the smart railways market in the region.

Some of the major companies that operate in the global smart railway market are Alstom, BOMBARDIER INC., ABB Ltd, Siemens AG, Cisco Systems, Inc., Huawei Technologies Co., Ltd., IBM, Indra Sistemas, S.A., Hitachi, Ltd., and Aitek S.P.A. have generated the maximum market share in 2020.

Browse complete report: https://www.marketstatsville.com/smart-railway-market

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