Rise in number of railway projects across the world, increase in urbanization and local commute requirements, growth in demand for passenger and freight capacity, and changing passenger payment habits fuel the growth of the global smart railway market. Based on offering type, the solutions segment held the largest market share in 2019. At the same time, region wise, the market across LAMEA would manifest the highest CAGR throughout the forecast period. Prominent Companies: 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.
Portland, OR, March 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart railway market was estimated at $18.30 billion in 2019 and is expected to hit at $38.47 billion by 2027, registering a CAGR of 12.8% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rising urbanization and local commute requirements, increasing demand for passenger and freight capacity, surge in number of railway projects across the world, and varying passenger payment habits drive the growth of the global smart railway market. On the other hand, high Installation cost impedes the growth to some extent. However, changing ridership outlook is expected to pave the way for multiple opportunities in the industry.
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Public transport in most of the cities was partially banned during the first phase of the lockdown, which in turn impacted the global smart railway market.
However, as the lockdown has loosened off, transportation has begun partially across the globe with strict restrictions such as passenger limit and maintenance of social distancing. And, with this, the market is expected to recoup soon.
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The global smart railway market is analyzed across system, offering type, and region. Based on system, the smart ticketing system contributed to nearly one-fifth of the total market share in 2019, and is expected to retain its dominance by the end of 2027. The rail & freight operations management system segment would exhibit the fastest CAGR of 15.8% throughout the forecast period.
Based on offering type, the solutions segment accounted for more than two-fifths of the total market revenue in 2019, and is projected to dominate by 2027. The same segment would also showcase the fastest CAGR of 14.2% from 2020 to 2027.
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Based on region, Europe held the major share in 2019, accounting for nearly one-third of the total revenue share, and is anticipated to retain its dominance during the forecast period. Simultaneously, the region across LAMEA would manifest the fastest CAGR of 15.3% by 2027. The other two regions covered in the report include North America and Asia-Pacific.
The key market players analyzed in the global smart railway market report include 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. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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