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According to a recent report released by Markets and Markets, an international market research institution, the global digital railway market will reach $50 billion in 2019, and with the increase in investment in the railway sector and the surge in passenger numbers, this figure is expected to increase to $74.
8 billion by 2024, with a compound annual growth rate of 8.
4%
during the period.
Based on product type, the service segment will grow
at the highest growth rate during the forecast period.
Cash-based rail management system services can effectively improve railway operational efficiency, reduce complexity and operating expenses, play a key role in standardizing and improving railway infrastructure, ensure maximum value of rail strategy, simplify project lifecycle, make real-time decisions, improve safety and resource efficiency
.
In terms of regional market, Europe will be the largest regional market
for digital rail during the forecast period.
Social and trade agreements between EU countries facilitate large-scale cross-border trade and passenger transport
in the European region.
With the formation of a separate committee of the European Telecommunications Association ETSI focusing on machine-to-machine communication privacy standardization and high transaction standards, the region is forecast to witness high growth
.
At the same time, the dynamics of the European rail industry are changing
rapidly with the development of new freight and passenger management systems.
In order to improve the efficiency of existing infrastructure, it is expected that more and more European countries will adopt new digital railway solutions
.
From the perspective of suppliers, Germany's Siemens, the United States' Cisco, Japan's Hitachi, China's Huawei, France's Alsom, the United States' IBM, Finland's Nokia, Japan's Toshiba, Canada's Bombardier, etc.
will become the world's leading digital railway solution providers
.
According to a recent report released by Markets and Markets, an international market research institution, the global digital railway market will reach $50 billion in 2019, and with the increase in investment in the railway sector and the surge in passenger numbers, this figure is expected to increase to $74.
8 billion by 2024, with a compound annual growth rate of 8.
4%
during the period.
Based on product type, the service segment will grow
at the highest growth rate during the forecast period.
Cash-based rail management system services can effectively improve railway operational efficiency, reduce complexity and operating expenses, play a key role in standardizing and improving railway infrastructure, ensure maximum value of rail strategy, simplify project lifecycle, make real-time decisions, improve safety and resource efficiency
.
In terms of regional market, Europe will be the largest regional market
for digital rail during the forecast period.
Social and trade agreements between EU countries facilitate large-scale cross-border trade and passenger transport
in the European region.
With the formation of a separate committee of the European Telecommunications Association ETSI focusing on machine-to-machine communication privacy standardization and high transaction standards, the region is forecast to witness high growth
.
At the same time, the dynamics of the European rail industry are changing
rapidly with the development of new freight and passenger management systems.
In order to improve the efficiency of existing infrastructure, it is expected that more and more European countries will adopt new digital railway solutions
.
From the perspective of suppliers, Germany's Siemens, the United States' Cisco, Japan's Hitachi, China's Huawei, France's Alsom, the United States' IBM, Finland's Nokia, Japan's Toshiba, Canada's Bombardier, etc.
will become the world's leading digital railway solution providers
.
