The Global Smart Railways Market was worth $12.05 billion in 2017, and is projected to reach $27.62 billion by 2023, at a CAGR of 14.83%, during the forecast period of 2018-2023.
A new report has outlined how the smart rail market is set to grow by over 14% and reach a total value of over $27 billion by 2023.
The scope of the report by Research Cosmos is limited to products and services including railway communication and networking systems, advance security systems, freight information systems, and passenger information systems.
The regions considered in the scope of the report include the Middle East, North America, Europe, Asia-Pacific, Latin America and Africa.
The study also emphasizes the benefits of smart railways, with growth in smart cities, and the rapid adoption of the Internet of Things (IoT), likely to fuel the global smart railways market growth during the forecast period.
The introduction of smart systems, such as big data analytics will also help in taking stringent actions against security of the railway, according to the report.
At present, train operators are rigorously trying to mitigate delays and increase mileage in order to have efficient flow of rail operations, which has opened up a new avenue for the integration of analytics in rail operations.
You can read the report in full here.