ID: MRFR/SEM/1587-HCR | 110 Pages | Published By Ankit Gupta on March 2023
The CAGR for the Intelligent Railway Transport System Market is expected to be 26.6% until December 2022
The CAGR for the Intelligent Railway Transport System Market is expected to be 26.6% until December 2022. The market is expected to be worth 90 billion in US Dollars by then. The intelligent railway transport system market uses the latest in Information Technology and technological advancements to manage the railway industry and its many services.
The Intelligent Railway Transport System Market has been experiencing phenomenal growth in recent years largely because its popularity has been increasing in recent years. This is buoyed by two main purposes of the railway transport system:
COVID-19 has affected the Intelligent Railway Transport System Market, but this may be short-lived. National governments have imposed temporary quarantines and/or indefinite lockdowns.
This has restricted the movement of passengers somewhat. The new ‘stay at homestay safe orders’ only compounds this problem. The main issue the intelligent railway transport system market faces in the short-term is finding enough customers to allow it to stay financially viable. The railway industry in general is taking greater sanitary measures like checking the temperature of each passenger before boarding and thoroughly sanitizing trains after each ride. This has helped it attract more customers in the short-term.
The increased popularity and use of the Internet of Things in terms of technology is what is driving growth in the intelligent railway transport system market. Also, more and more trains are offering customers free Internet-based services like free WIFI. This has motivated many people to try using trains as a primary means of transportation. Many of these people are first-time customers.
More and more transporters like bus and aviation systems are using the intelligent railway transport system. Some of these transporters are using this system as a primary means of transportation. The entire railway industry has responded by managing railway systems and services better. These two factors are creating many more opportunities for the intelligent railway transport system market.
There are some factors that are holding growth in the intelligent railway transport system market back. These are the facts that installing (and training people to use) these intelligent technologies is very expensive. This forces many railway companies to pass the extra cost on to the end customer in the form of higher prices.
There is also a real lack of the infrastructure needed for intelligent trains to operate to full capacity. Installing this infrastructure will be a difficult, expensive, and time-consuming process.
The main challenge facing the entire intelligent transport railway system industry is adaptation. Many people don’t ride even if they could afford to because they don’t know how to use these technologies. This makes them feel intimidated.
The CAGR of the global intelligent transport railway system industry is expected to be above 25% until at least the end of 2022. The market is expected to be worth almost 100 billion US Dollars by then.
New technological advances have helped growth for the intelligent transport railway system industry increase exponentially in recent years. Some of these advances have been the introduction of new devices and systems that make collecting fares and tracking passengers quick and easy. Seat information, fares, and other relevant and vital information are also made electronically available for passengers. This streamlines the entire railway experience for customers, makes it more pleasant for them, and encourages more people to ride intelligent trains.
Growth in the intelligent railway transport system market has been driven by devices and components and services and solutions. Some of the technological gadgets that comprise the devices and components side are rail sensors, video surveillance cameras, smart cards, etc…
Some services in the intelligent railway transport system (IRTS) market are professional services, cloud services, and integration services. These are encouraging more wealthy people to ride because it makes the entire train riding experience an easy and pleasant one. It also allows these professionals to do their work better.
Some solutions that are making the railway industry more innovative are Passenger Information systems (PIS), railway traffic management system (RTMS), advanced security management system, etc… These solutions are making the railway industry more efficient. They are also streamlining basic operations.
The European Union has the greatest intelligent railway transport system (IRTS) market share. Technological advancements in the intelligent transport system are expected to drive growth even further in the future. The European Union is investing billions in research and development. This is expected to produce the technological advancements that will drive innovation and future growth.
The North American market is expected to see the greatest revenue until the end of 2022. The main reasons for this are the fact that the North American governments and populations are increasingly demanding that safety and security systems be made safer and more efficient/effective. This region is also developing and implementing new technologies. These are expected to help the smart railway system grow at a rapid pace.
The Asia-Pacific region is also experiencing handsome growth. There are two nations in particular that deserve special mention. They are India, China, and Japan. These nations are investing billions in terms of research and development. This is expected to develop the technological infrastructure that will drive rapid growth in the future.
There are many players in the market though there are significant barriers to entry in terms of higher costs. The players who are in the industry are investing heavily in research and development to develop the technological advancements and innovations that will make train riding easier and more efficient in the future. This is expected to drive future growth and attract even more customers.
A major company in this industry is the American giant Cisco Systems. Cisco Systems is investing heavily in research and development. The objective is to create new technologies that will make riding trains easier, safer, and much more pleasant (in terms of experience.) Some of its efforts are directed towards offering passengers and customers newer and more innovative services and greater security options through wireless tracking systems.
List of companies
The Thales Group is developing green technologies that will make trains more environmentally friendly in the future
Companies are investing in and developing new technologies that will streamline the entire train riding experience
Video analytics technologies will help operators manage passengers better and make the train riding experience as comfortable and pleasant as possible
Technologies are being devised to make metro-signaling faster and more efficient
The Thales Group has recently introduced the TransVerse Digital Service Platform. This promises to put customers in control by making train services and options much more visible and by allowing customers to access and use the Internet of Things (IoT) much faster and easier.
The intelligent railway transport system (IRTS) industry has been experiencing tremendous growth. This is expected to continue until at least 2022. Advances in technology are what is driving this growth. Many nations around the world are starting to invest in the technologies and infrastructure needed to support this industry. However, the high cost of building the infrastructure to support this industry could prove to be a short-term restraint. Many companies are in the industry. They are driven by the enormous revenue potential and high CAGR.
|Market Size||USD 90 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Devices & Components, Solutions|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Group (Switzerland), Indra Sistemas, S.A. (Spain), Alstom S.A. (Saint-Ouen), Alcatel-Lucent S.A. (France), Bombardier Inc.(Canada), Huawei Technologies Co. Ltd. (China), Hitachi, Ltd. (Japan), Cisco Systems, Inc. (U.S.), Siemens AG (Munich), International Business Machines Corporation (U.S.), General Electric Company (U.S.), Ansaldo Signalling and Transportation Systems (Itlay)|
|Key Market Opportunities||The players in the industry are investing heavily in research and development to develop the technological advancements and innovations that will make train riding easier and more efficient.|
|Key Market Drivers||
● Hitachi, Ltd. (Japan), ● International Business Machines Corporation (U.S.), ● Cisco Systems, Inc. (U.S.), ● Huawei Technologies Co. Ltd. (China) ● Siemens AG (Munich).
The European Union
Services, devices and components, and solutions
The application of IRTS is
The industry is expected to be worth 90 billion US Dollars by the end of 2022. The CAGR is 26.6%. There are many technological factors including the Internet of Things (IoT) that are driving this growth.