PUNE, Maharashtra, November 1, 2016 /PRNewswire/ --
According to a new market research report "Smart Railways Market by Solution (Passenger Information, Freight Information, Rail Communication, Advanced Security Monitoring, Rail Analytics), Component, Service (Professional, Managed), and Region - Global Forecast to 2021", published by MarketsandMarkets, the market size is expected to grow from USD 10.50 Billion in 2016 to USD 20.58 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.4% during the period 2016-2021.
Browse 83 market data Tables and 56 Figures spread through 197 Pages and in-depth TOC on "Smart Railways Market"
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The major drivers for upsurge in demand for smart railways solutions, components, and services include increasing demand for improved services in railways, emerging trend of smart cities, increasing government initiatives, and emergence of IoT.
Passenger Information System (PIS) is likely to hold the largest market share in the Smart Railways Market.
The intelligent solutions such as advanced PIS, advanced vehicle control system, and various other systems provide information regarding the real-time position of a vehicle. The well-grained information serves as input data for refined production schedules, and improved logistics. The growth of PIS solution is also attributed to the increasing globalization and need for advanced transportation infrastructure.
Rail analytics system expected to grow at the highest CAGR during the forecast period
The market for rail analytics would witness a major growth owing to the rise of demographic growth and hyper-urbanization. In addition to that, the cloud-based services, analytics, and mobile internet technologies demand are increasing due to their efficient IT management and reliable security environment.
Europe expected to hold the largest market share in the Smart Railways Market
As per the geographic analysis, Europe is likely to benefit from its technological advancements and followed by high usage of big data analytics, predictive and sensor analytics across all the railways industry. The planned investment to improve urban transport and traffic infrastructures in France and the U.K. expected to drive the European railway transportation market.
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The major vendors covered in the Smart Railways Market for this study include Alstom SA (Saint-Quen, France), Cisco Systems, inc. (San Jose, U.S.), General Electric (Connecticut, U.S.), ABB Ltd (Zurich, Switzerland), IBM Corporation (New York, U.S.), Hitachi Limited (Tokyo, Japan), Bombardier, Inc. (Quebec, Canada), Huawei Technologies Co. Ltd. (Shenzhen, China), Indra Sistemas SA (Alcobendas, Spain), Siemens AG (Munich, Germany), Alcatel-Lucent (Paris, France) and Ansaldo STS (Genoa, Italy).
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