There is increase in demand for fast, reliable, and passenger friendly services due to technological advancement. Railways are one of the fastest mode of transportation. Railways have improved substantially over the few decades. Use of railways has increased due to the rise in traffic congestion. Along with that, railways are economical and feasible transportation owing to the growth of railway market. Railway service providers are focusing to improve the quality and efficiency of railway services while reducing the costs. Furthermore, information technology helps in providing better safety and security to passengers. IT provides software products to make intelligent use of existing rail assets including tracks, trains and other management systems. These solutions are helping companies to meet the increasing consumer demand of efficient and safer services. Smart railways solutions and services include e- catering, smart ticketing, freight information systems and other solutions. Implementation of advance technologies in railways helps government and other regulatory bodies to provide efficient and cost effective transport services. Smart railway solutions and services involves user friendly station designs, ticketless travels, digital payments and incorporation of smart technologies and solutions providing massive transformations. It also includes integration of fiber optic technology to enhance rail safety. Provisioning of smart railways services is achieved by adopting GSM-R systems and implementing cloud computing in railways management systems. Technologically advanced railways involves analytics to predict transportation capacity and resources required for smooth functioning of railways.
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Smart Railways Solutions and Services Market: Drivers and Restraints
Governments in various countries are providing huge investments in modernizing railway services in order to simplify the management and implement user friendly services. For instance, one of the top banks in China has joined financial firms such as China Construction Bank Corp. and Bank of China Ltd and others to invest US$ 28 Bn in public private partnership (PPP) projects related to smart railways. Moreover, there is presence high demographic growth and hyper-urbanization contributing to the growth of smart railways solutions and services market. With the advent of smart cities and technological advancements targeted towards user’s convenience are expected to drive the smart railways solutions and services market near future. There is emergence of big data and IoT. Big data is employed to gain insights about traveler behavior which helps in management activities such as customer service, staff deployment etc. Thus, government initiatives and partnership models, rise in need of passenger convenience and emergence of big data and IoT are expected to drive the smart railways solutions and services market during the forecast period.
There is lack of IT infrastructure required to implement smart railways solutions and services. Moreover, implementation of smart railways and services requires high initial cost to deploy advance services. Furthermore, there are certain difficulties in integrating advance solutions with analytics skills. Thus, above factors are expected to restrain the smart railways solutions and services market growth during the forecast period.
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