Impact of COVID-19 on Smart Railways Market

[165 Pages Report] Smart railways market size, analysis, trends, & forecasts. The global market for smart railways categorized by solutions, services & by region.

Smart Railways Market

Northbrook, IL 60062, USA, 2020-Apr-09 —

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  • Covid Impact on Smart Railways Market, growth/decline in product type/use cases of Smart Railways Market due to cascaded impact of Covid on Extended Ecosystem..
  • How top 50 companies in Smart Railways Market are making rapid shifts in their strategies as we speak here…
  • Outside-in view of top 50 companies client and client’s clients shifting short-term priorities

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According to a new research report “Smart Railways Market by Solution (Rail Asset Management & Maintenance, Operation & Control, PIS, Communication & Networking, Security & Safety, and Rail Analytics) and Service (Professional and Managed), and Region – Global Forecast to 2024”, published by MarketsandMarkets, the smart railways market to grow from USD 20.5 billion in 2019 to USD 39.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.

Major factors expected to drive the growth of the smart railways market include technological advancements targeted toward the enhancement of customer experience, government initiatives for smart cities and Public-private partnership (PPP) working model, and adoption of Internet of Things (IoT) and automation technologies to enhance optimization.

Browse and in-depth TOC on “Smart Railways Market

102 – Tables

42 – Figures

165 – Pages

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By offering, the services segment to account for a higher CAGR during the forecast period

The demand for smart railways services is driven by the growing number of passengers each year. Rail companies fully rely on efficient and reliable asset operations and rail infrastructure to successfully meet these growing demands. The increase in deployment of smart railways solution is driving the demand for both professional and managed services.

By solution, the rail analytics segment to account for the highest CAGR during the forecast period

The rail analytics system segment is projected to grow at a highest CAGR during the forecast period. This growth can be attributed to increase in the use of analytics for improvement in asset utilization and reduce inventory. The system further enables railways to estimate resource requirements and probable congestion patterns during route planning.

Europe to hold the largest market size during the forecast period

European countries have made major investments to modernize and upgrade the existing  rail infrastructure. The UK, Germany and France are major contributors to the growth of the smart railways market in Europe. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic across Europe. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, several European countries are expected to adopt new smart railways solutions.

 Market Players

Major vendors in the Smart Railways Market include Alstom (France), Cisco Systems (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra (Spain), Siemens (Germany), Honeywell (US), Bombardier (Canada), Thales (France), Advantech (Taiwan), Fujitsu (Japan), Toshiba (Japan), Alcatel-Lucent Enterprises (France), Moxa (Taiwan), EKE-Electronics (Finland), Televic (Belgium), and Aitek (Italy).

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