Digital Railway Market worth $100.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 5, 2022 /PRNewswire/ -- Digital Railway Market size is expected to grow USD 63.0 billion in 2022 to USD 100.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period, according to a new report by MarketsandMarkets™.
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By Solutions, Remote monitoring segment to grow at the highest market share during the forecast period
Train monitoring systems work as real-time rail location and detection systems. They track the rail location and provide details about the location, rail speed, and next station details to the passenger, train operator, and all the people who want to know that information. The monitoring solutions are systems capable of monitoring rail system health, rail tension, temperature, and engine health. Train tracking solutions also help dispatchers to make better decisions as they have more accurate and real-time information about each vehicle. Railways have limited operational flexibility and face increasing passenger and freight traffic demand on the existing infrastructure. The reliable provision of additional capacity requires an improved system for traffic control and management purposes, as well as for system reliability and safety. The use of smart infrastructure for fault prediction and the guidance of preventive maintenance help maintain operational capacity and improve the reliability of railway infrastructure and operational efficiency.
By Services Professional services is expected to grow at a highest market share during the forecast period
Professional services are provided by professionals or experts to assist customers. They include system integration and deployment, consulting, and support and maintenance. Professional service vendors offer a broad array of services with the help of cutting-edge technologies, tools, and strategies to meet the needs of organizations. The deployment and integration services ensure the proper integration of the digital railway solutions and services with various other components of the IT system. The support and maintenance services aim to provide technical support to customers and deliver enhancements and upgrades to digital railway solutions. Customers use consulting services to analze their needs and understand the best fit according to their requirements.
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Europe region to record the highest market share in the Digital Railway Market
The European countries have been investing majorly in the modernization and upgradation of the rail infrastructure. The social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade and passenger traffic in Europe. High development is expected in the region, especially in communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a individual committee to focus on the Machine-to-Machine (M2M) communication privacy standardization and high trading standards. The dynamics of the rail industry in Europe are changing with new freight and passenger management systems. Several European countries are expected to adapt to the new digital railway solutions to boost the efficiency of the existing infrastructure. In November 2021, the UK government announced a USD 126 billion investment in rail infrastructure to deliver faster and better journeys to more people across the country. This represents a significant opportunity for companies working toward developing new advanced connected rail solutions.
Key and innovative vendors in the Digital Railway Market are Siemens (Germany), Cisco (US), Hitachi (Japan), Wabtec (US), Alstom (France), IBM (US), ABB (Switzerland), Huawei (China), Thales (France), Fujitsu (Japan), DXC (US), Indra (Spain), Nokia (Finland), Atkins (UK), Toshiba (Japan), and Bombardier (Canada), ZEDAS (Germany), r2p (Germany), Simpleway (Czech Republic), Tego (US), Assetic (Australia), OXplus (Netherlands), Passio Technologies (US), Delphisonic (US), Uptake (US), KONUX (Germany), Machines With Vision (UK).
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