The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Intelligent Railway Transport System Market. The growth sectors of the Intelligent Railway Transport System Market are identified with precision for a better growth perspective.
The global intelligent railway transport system market is expected to touch 90 billion by 2022. The market is expected to expand at 26.6 % CAGR during the assessment period (2017-2022) owing to the growing adoption of IoT in the railway system. Smart city initiatives like intelligent transport system are rapidly developing not only to promote better community service but also increase public safety. Intelligent Railway Transport System is an emerging concept in several countries and enables the organization to use several components of IT for managing the services provided by the railways.
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Future Drivers and Constraints Impacting the Market
Benefits such as high service quality and high security for the passengers is mainly driving the intelligent railway transport system market globally. The emerging technologies along with high adoption of IoT is also stimulating the market growth over the period. Also, the increasing trend for internet services is likely to gain traction in the global market in the coming years. Moreover, high dependency on the railway system for transportation has led to the advent of IRTS which has proven to be effective both in terms of cost and quality. IRTS can also regulate the traffic near railway track signals which is another factor fostering the market growth during the assessment period.
According to the United Nations Department of Economics and Social Affairs, the urban areas are likely to account for 60 % of the total population which is predicted to create major challenges in traffic management and urban planning to keep pollution and congestion under control. Railway transport can thus be a major part of the solution. Moreover, with the growing number of passengers and rising competition among the operators are pushing operators to modernize the rolling stock which is resulting in the growth of the market globally.
On the flip side, lack of infrastructure for intelligent transportation system and high cost of installation is likely to inhibit the market growth over the assessment period. Several IT systems are old and complex, thus making it difficult to share data in a hassle-free manner. Recurrent network failure, as well as system outages, can have a domino effect which may impact customer satisfaction.
Global Intelligent Railway Transport System Market: Segmental Analysis
The global intelligent railway transport system market has been segmented on the basis of services, devices and components, and solutions.
By mode of devices and components, the IRTS market has been segmented into networking & connectivity devices which comprises switches, Wi-Fi, router, etc., video surveillance cameras, rail sensors, smart cards, and multimedia displays.
By mode of services, the IRTS market has been segmented into professional services, integration services, and cloud services.
By mode of solutions, the IRTS market has been segmented into railway traffic management system (RTMS), rail operations management system, passenger information system (PIS), advanced security management system, smart ticketing system (STS), rail communication & networking systems, rail analytics system, and freight information system.
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