CHICAGO, July 19, 2021 /PRNewswire/ -- According to the new market research report "Smart Railways Marketby Offering (Solutions (Rail Asset Management and Maintenance, Operation and Control, Communication and Networking, Security and Safety, Rail Analytics) and Services (Professional and Managed)), and Region - Global Forecast to 2026", published by MarketsandMarkets, projects the Smart Railways Market to grow from USD 26.0 billion in 2021 to USD 41.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period.
Major factors driving the growth of the Smart Railways Market include need for efficiency in rail operations, high demographic growth and hyper-urbanization enhancing the need for efficient railway systems, technological advancements targeted toward the enhancement of customer experience, increase in government initiatives and Public-Private Partnerships (PPP), and adoption of IoT as well as automation technologies to enhance optimization of smart railways.
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 solutions is driving the demand for both professional and managed services.
By solution, the rail communication and networking segment to account for the largest market share in 2021
Therail communication and networking segment account for the largest market share in 2021. The adoption of smart communication solutions across the varied applications of railway management will improve timely decision-making for issues such as asset deployment, utilization, and maintenance. This is a driving factor for the adoption of rail communication and networking system in the Smart Railways Market.
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.
Major vendors in the Smart Railways Market include Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany) and Honeywell (US).
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