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MarketsandMarkets projects the digital railway market to grow from USD 50.0 billion in 2019 to USD 74.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% from 2019 to 2024

Increaseing investment in railway infrastructure to drive the digital railway market growth

New York, Oct. 08, 2019 (GLOBE NEWSWIRE) -- announces the release of the report "Digital Railway Market by Offering, Application Type, Region - Global Forecast to 2024" -
MarketsandMarkets projects the digital railway market to grow from USD 50.0 billion in 2019 to USD 74.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% from 2019 to 2024. Major factors expected to drive the growth of the digital railway market include, advancement in communication technology and surge in passengers numbers over the past few years.

By solution, remote monitoring segment to account for the highest market share during the forecast period
Railways have limited operational flexibility, and face increasing passenger and freight traffic demand on 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 helps maintain operational capacity and improves reliability of railway infrastructure and operational efficiency.The solutions enable organizations to view data from all railway assets and components.

The solutions connect all assets to the central platform. Remote monitoring solutions detect abnormalities and set up notification rules to be alerted about abnormal or defective behavior in time.
• By service, professional services segment to hold a larger market size during the forecast period

Professional services are provided by professionals or experts to assist customers.They include deployment and integration, training and consulting, and support and maintenance.

Professional services vendors offer a broad array of services with the help of cutting-edge technologies, tools, and strategies to meet the needs of organizations.Deployment and integration services ensure the proper integration of the digital railway solutions and services with various other components of the Information Technology (IT) system.

Support and maintenance services aim at providing technical support to customers and delivering enhancements and upgradations to the platform. Consulting services are used by customers to analyze their needs and understand the best fit according to their requirements.

Among regions, Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is estimated to be the fastest-growing region in terms of the growth of the digital railway market, owing to the increasing adoption of new technologies, higher investments for digital transformation, and the increasing Gross Domestic Product (GDP) in the APAC countries.A majority of the potential economies in this region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in technological transformation.

According to data published on the website of United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in 2019, the length of Trans-Asian Railway network comprises 117,500 km of railway lines serving 28 member countries.The high population growth rate in the region has intensified the need for transformation and expansion of the existing rail infrastructure.

With untapped potential markets, the high penetration of advanced technologies, the growing freight usage in various industries, and the economic developments and government regulations are expected to drive the digital railway market growth at the highest rate in APAC during the forecast period.

The breakup of the profiles of the primary participants is given below:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level Executives – 35%, Director Level – 25%, and Managers–40%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%

The following key digital railway vendors are profiled in the report:
Cisco (US)
Hitachi (Japan)
Altsom (France)
ABB (Switzerland)
Huawei (China)
Thales (France)
Fujitsu (Japan)
Indra (Spain)
Nokia (Finland)
Atkins (UK)
Toshiba (Japan)
Bombardier (Canada)

Research Coverage
The digital railway market is segmented by solution (remote monitoring, route optimization and scheduling, analytics, network management, predictive maintenance, security, and others), service(professional services [consulting system integration and deployment] support and maintenance and managed services), application type (rail operation management [rail automation management, rail control, {signaling solution, rail traffic management, freight management} smart ticketing, workforce management], smart ticketing, passenger information system, asset management, and others), and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service and product launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the digital railway market.

Reasons to Buy the Report

The report would help the market leaders and new entrants in the following ways:
• It comprehensively segments the digital railway market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes competitor ecosystem, new service developments, partnerships, and acquisitions.
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