The Digital Railway by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Railway, The digital railway market size has grown strongly in recent years. It will grow from $51.31 billion in 2023 to $56.1 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to need for increased rail network capacity, advancements in communication technologies, demand for enhanced passenger experience, integration of real-time monitoring and control systems, regulatory push for safety and efficiency in rail operations.
The digital railway market size is expected to see strong growth in the next few years. It will grow to $81.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to implementation of 5g networks in railways, adoption of internet of things (iot) in railway infrastructure, growth in autonomous and connected trains, focus on energy efficiency and sustainability, integration of artificial intelligence in rail operations. Major trends in the forecast period include digital twin technology for rail asset management, predictive maintenance and condition monitoring, smart ticketing and passenger information systems, cybersecurity measures for digital rail systems, emphasis on interoperability in digital railway solutions.
The increase in government initiatives is expected to propel the growth of the digital railway market going forward. Government initiatives refer to an important act or statement that is intended to solve a problem. Governments across various countries are investing in digitalizing and modernizing railway operations, such as automating ticket processing, customer service support, preparing maintenance schedules with self-learning algorithms, and managing railway traffic. For instance, in June 2022, according to the Government of the UK, a UK-based public sector information website announced a $1.18 billion investment to replace outdated Victorian infrastructure with cutting-edge digital signaling technology, which will result in fewer delays and more consistent service for millions of passengers. The funding will be used to remove outdated lineside signaling and replace it with the European Train Control System (ETCS), which brings signaling into train drivers’ cabs and offers them real-time, continuous information during their journey. It will reduce carbon emissions by 55,000 tons, which is the equivalent of more than 65,000 one-way flights from London to New York. Therefore, the increase in government initiatives is driving the digital railway market growth.
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The digital railway market covered in this report is segmented –
1) By Services: Managed Services, Professional Services
2) By Solutions: Remote Monitoring, Route Optimization And Scheduling, Analytics, Network management, Predictive maintenance, Security, Other Solutions (includes digital Railway, content management for infotainment, and preventive maintenance)
3) By Deployment Model: On-Premises, Cloud
4) By Application: Rail Operations Management, Passenger Information System, Asset Management, Other Applications (Other applications include connectivity and communication)
Technological advancements are a key trend gaining popularity in the digital railway market. Major companies operating in the digital railway market are focused on developing new technological solutions to strengthen their position. For instance, in March 2021, Thales Group, a France-based company operating in digital railways, launched CBTC (communications-based train control) and real-time passenger density systems. The company is also developing technology that allows trains to track potential obstacles in partnership with Invision AI and Metrolinx. SelTracTM G8 is the eighth-generation CBTC system with distributed intelligent video analytics, which would monitor passenger density in trains and on platforms, and is regarded as the “first-ever digital event that has been dedicated to rail transport with the smart mobility experience.” The benefits of this system include flexibility and evolution capabilities that rely on the latest technologies to significantly reduce installation and lifecycle costs while maintaining passenger safety.
The digital railway market report table of contents includes:
1. Executive Summary
2. Digital Railway Market Characteristics
3. Digital Railway Market Trends And Strategies
4. Digital Railway Market – Macro Economic Scenario
5. Global Digital Railway Market Size and Growth
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26. South America Digital Railway Market
27. Brazil Digital Railway Market
28. Middle East Digital Railway Market
29. Africa Digital Railway Market
30. Digital Railway Market Competitive Landscape And Company Profiles
Top Major Players:
- Siemens AG
- Cisco Systems Inc
- Hitachi Ltd
- Wabtec Corporation
- Alstom SA
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