Market AnalysisThe global smart railways market is anticipated to touch USD 27.31 billion at a stellar 13.38% CAGR over the forecast period (2018-2024). Smart railway that comprises of smart ticketing, freight information systems and e-catering are indeed a reality. It is helping a great deal in the transport efficiency and eventually reducing costs by automating different processes and also leveraging technology with an aim to augment services.
Market Segmentation
Based on type, it is segmented into onboard and station. Of these, stations dominate the market and is likely to grow at 12.95% CAGR during the assessment period.
Based on component, the smart railways market is segmented into networking and connectivity devices, video surveillance cameras and multimedia infotainment displays. Of these, surveillance cameras have a major share and likely to grow at a notable 12.76% during the assessment period.
Based on solutions, it is segmented into smart ticketing systems, rail analytics systems, freight information systems, rail communication and networking systems, passenger information systems and improved security monitoring systems. Of these, rail communication and networking systems has a major market share and is expected to grow at a favorable 13.27% CAGR.
Based on services, [FURL=https://www.marketresearchfuture.com/reports/smart-railways-market-2685]Smart Railways Market Size[/FURL] is segmented into support and maintenance, consulting services and system integration and deployment. Of these, consulting services has a major market share and predicted to touch a healthy 31% CAGR.
Key Players
Leading players profiled in the smart railways market include Teleste (Finland), Indra Sistemas SA (Spain), Bombardier, Inc. (Canada), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), Hitachi Limited (Japan), International Business Machines Corporation (U.S.), General Electric Inc. (U.S.), Cisco Systems, Inc. (U.S.) and Alstom SA (France).
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