Connected Rail Solutions Market to grow by USD 38.12 billion from 2023 to 2028 | Growth Driven by Increasing adoption of technologically advanced connected devices- Technavio
NEW YORK, Nov. 30, 2023 /PRNewswire/ — The “connected rail solutions market by safety and signaling system (CBTC, PTC, and ATC), deployment (on-premises and cloud-based), and geography (Europe, APAC, North America, Middle East and Africa, and South America) – Forecast and Analysis 2024-2028″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the connected rail solutions market between 2024 and 2028 is USD 38.12 billion.
The increasing adoption of technologically advanced connected devices is a key factor driving market growth. Railway operators are encouraged by the high rate of personal adoption of connected devices, which means they can incorporate more sophisticated equipment to allow connection between rail operations and end customers. In addition, the deployment of very limited levels of advanced driver assistance systems is made compulsory by Government Regulations. To be compatible with communication systems, this development is increasing the number of trains that are equipped with software and hardware.
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The reluctance to adopt new systems is a significant challenge restricting market growth. Due to the possibility of downtime, and a need for further training, employees who are using traditional document handling methods are not willing to transition to computerized record management solutions. Secondly, a shortage of talent at training and dealer sites could become an international concern for the first users of these new technologies which may restrict growth in the market.
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The connected rail solutions market is segmented by safety and signaling system (CBTC, PTC, and ATC), deployment (on-premises and cloud-based), and geography (Europe, APAC, North America, Middle East and Africa, and South America).
- The market share growth by the CBTC segment will be significant during the forecast period. The growth of this segment is driven by the growing use of CBTC solutions in managing rail routes and infrastructure control for railways. CBTC is a type of train safety and signal control system, which tracks the location of trains with satellite or positioning technology. Furthermore, a major factor accelerating the growth of the segment is the development of freight car logistics.
- APAC is estimated to contribute 32% to the growth of the global market during the forecast period.
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Key Companies in the Connected Rail Solutions Market:
ABB Ltd., ALSTOM SA, Atos SE, CalAmp Corp., Cisco Systems Inc., Digi International Inc., General Electric Co., Hitachi Ltd., Huawei Technologies Co. Ltd., Indra Sistemas SA, Mitsubishi Electric Corp., Nokia Corp., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Sierra Wireless Inc., Thales Group, Toshiba Corp., Trimble Inc., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Safety andSignaling System
Market Segmentation by Deployment
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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