(MENAFN- iCrowdNewsWire) Intelligent Railway Transport Systems (IRTS) Market 2020 Global Size, Emerging Opportunities, Developments, Industrial Insights, Growth, Future Trends and Regional Forecast to 2022
iCrowdNewswire Dec 29, 2020 5:50 PM ET
Market Research Future published a research report on 'Global Intelligent Railway Transport System (IRTS) Market Research Report- Forecast 2022 Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
The intelligent railway transport system facilitates the use of information technology for managing the services provided by the railways. The railway relies on the radio network and the GPS system for effective implementation of intelligent transport system. The intelligent railway transport system market is majorly driven by its ability of providing high security for the passengers and the high service quality to the customers. The market will also grow with the increase in adoptions of internet of things technology in the railway system. The increasing trend of internet services is contributing in the growth of Intelligent Railway Transport System Market . The increasing use of rail transport among all modes of transportation has created an effective and timely management of services among others such as scheduling of trains. Whereas, the increased need for adoption of intelligent transport system in railways has made this possible and hence has increased the customer experience and security. The ability of the systems to regulate the road traffic near railway track signals is also fostering the growth of this market. The ability of the system to provide real time information about the arrival and departure of train and the platform number at the display screen of the platform is also driving the growth of this market.
The global intelligent railway transport system market is expected to grow from USD~22 Billion in 2016 to USD 90 Billion by 2022, at an estimated CAGR of ~ 26.6%. The factors such as high cost involved in installation and lack of infrastructure for intelligent transport systems acts as an major restraints for this market.
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The prominent players in the market of Intelligent Railway Transport System market are ABB Group (Switzerland), Indra Sistemas, S.A. (Spain), Alstom S.A. (Saint-Ouen), Alcatel-Lucent S.A. (France), Bombardier Inc.(Canada), Huawei Technologies Co. Ltd. (China), Hitachi, Ltd. (Japan), Cisco Systems, Inc. (U.S.), Siemens AG (Munich), International Business Machines Corporation (U.S.), General Electric Company (U.S.), Ansaldo Signalling and Transportation Systems (Itlay) and among others.
The Global Intelligent railway transport system market has been segmented on the basis of Devices & Components, Services and solutions. Devices and components include Rail Sensors, Video Surveillance Cameras, Smart Cards, Networking & Connectivity Devices (Router, Wi-Fi, Switches, etc.) and Others (Multimedia Displays). Services include Professional Services, Cloud Services and Integration Services among others. Solutions comprises of Passenger Information System (PIS), Railway Traffic Management System (RTMS), Advanced Security Management System, Smart Ticketing System (STS), Rail Operations Management System, Rail Communication & Networking Systems and Others (Rail Analytics System and Freight Information System).
Regionally, the Europe region is experiencing tremendous growth in the intelligent railway transportation system market. The advancements in the intelligent transport system and intense R & D are expected to generate more opportunities for the market in future. North America is expected to generate maximum revenue due to its increasing demand of safety and security systems in the region. The increasing adoption of new technologies and rapid implementation of the same also contributing in the growth of smart railway system in the. The developing nations such as India, China and Japan are doing huge investments in research and development, increase in the development of technological infrastructure and entrance of new player in the market support the growth of smart railways in the future. Increasing security concerns for the existing railway and metro rail are also contributing to the growth of intelligent railway transportation system in the region.
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