Smart railways, which includes smart ticketing, e- catering, freight information systems, etc., are a reality. They help up efficiency of transport and bring about reduction in costs eventually by automating various processes and leveraging technology to improve services. Smart railways are built by deploying GSM-R systems, cloud computing, and data analytics. A smart railway system bundles devices and components, solutions, and services, which automates and optimizes the usage of railway infrastructure to carry out advanced functions.
Providing tailwinds to the global market for smart railways is the massive allocations by governments of different nations in upgrading and modernizing railways so as to simplify its management and make commuting seamless for the ever-increasing number of travelers. Collaborations among different organizations are being formed to lay the groundwork of smart railways projects in nations across the globe. In China, for example, China Construction Bank Corp., Bank of China Ltd., and others have joined hands in a public-private partnership to invest a staggering US$28 bn in different smart railways projects.
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Further, swift pace of urbanization and growth in population is also said to be stoking growth in the market for smart railways. Thrust on building smart cities by governments in various nations is proving beneficial to the market too.
Some of the prominent names operating in the global market for smart railways are Huawei Technologies Co., Ltd., Alstom SA, General Electric, Cisco Systems, Inc., IBM Corporation, ABB Limited, Hitachi Limited, Indra Sistemas S.A., Bombardier, Inc., Siemens AG, and Ansaldo STS. The report analyzes their product offerings, major projects, sales and revenues, and market shares. It also tries to gauge their growth prospects in the near future.