Smart Railway Market to Reach $38.46 Billion, Globally, by 2027 at 12.8% CAGR, Says Allied Market Research
- Rise in urbanization and local commute requirements, growth in demand for passenger and freight capacity, increase in number of railway projects globally, and changing passenger payment habits augment the growth of the smart railway market
PORTLAND, Ore., Jan. 19, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Railway Market by System (Passenger Information System, Rail & Freight Operations Management System, Smart Safety & Security Monitoring System, Rail communication & Networking System, Smart Ticketing System, Rail Analytics System, and Others) and Offering Type (Solutions, Components & Devices, and Services): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global smart railway industry garnered $18.30 billion in 2019 and is anticipated to reach $38.46 billion by 2027, growing at a CAGR of 12.8% in between 2020 to 2027.
Download Report Sample (255 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/412
Determinants in the market-
Increase in urbanization and local commute requirements, surge in demand for passenger and freight capacity, growth in number of railway projects across the globe, and changing passenger payment habits drive the growth of the smart railway market. However, high installation cost and infrastructure changes of existing system curtail down the growth to certain extent. Moreover, changing ridership outlook and winning agreement offer a number of lucrative opportunities to the market players.
- A massive downfall has been witnessed by the rail industry during the outbreak of covid-19. The travel ban, during the first phase of the lockdown, decreased the revenue of the industry.
- However, as the government bodies are initiating to lift up the restrictions partially, the industry is expected to pick up the track soon.
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The smart ticketing system segment to dominate the market by 2027-
Based on system, the smart ticketing system segment contributed to nearly one-fifth of the global smart railway market share in 2019. On the other hand, the rail & freight operations management system segment would grow at the fastest CAGR of 15.8% by 2027. This is due to changing digital technology penetration in the rail operations and growing urban rail projects across the globe.