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Smart Railways Market Size, Share and Growth | $41.2 billion by 2026

(USGovernment-News.Com, July 15, 2022 ) According to a new market research report "Smart Railways Market by Offering (Solutions (Rail Asset Management and Maintenance, Operation and Control, Communication and Networking, Security and Safety, Rail Analytics) and Services (Professional and Managed)), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the smart railways market to grow from USD 26.0 billion in 2021 to USD 41.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period.



Major factors driving the growth of the smart railways market include need for efficiency in rail operations, high demographic growth and hyper-urbanization enhancing the need for efficient railway systems, technological advancements targeted toward the enhancement of customer experience, increase in government initiatives and Public-Private Partnerships (PPP), and adoption of IoT as well as automation technologies to enhance optimization of smart railways.



Browse in-depth TOC on "Smart Railways Market”

271- Tables

53- Figures

275- Pages



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By offering, the services segment to account for a higher CAGR during the forecast period



The demand for smart railways services is driven by the growing number of passengers each year. Rail companies fully rely on efficient and reliable asset operations and rail infrastructure to successfully meet these growing demands. The increase in deployment of smart railways solutions is driving the demand for both professional and managed services.



By solution, the rail communication and networking segment to account for the largest market share in 2021



The rail communication and networking segment account for the largest market share in 2021. The adoption of smart communication solutions across the varied applications of railway management will improve timely decision-making for issues such as asset deployment, utilization, and maintenance. This is a driving factor for the adoption of rail communication and networking system in the smart railways market.



Europe to hold the largest market size during the forecast period



European countries have made major investments to modernize and upgrade the existing rail infrastructure. The UK, Germany, and France are major contributors to the growth of the smart railways market in Europe. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic across Europe. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, several European countries are expected to adopt new smart railways solutions.



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Major vendors in the smart railways market include Alstom (France), Cisco (US), Wabtec (US), ABB (Switzerland), IBM (US), Hitachi (Japan), Huawei (China), Indra Sistemas (Spain), Siemens (Germany) and Honeywell (US).



About MarketsandMarkets™



MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.



MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.



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raviraj.tak@marketsandmarkets.com

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