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Digital Railway Market Growing at a CAGR 8.4% | Key Player Siemens, Cisco, Hitachi, Alstom, IBM

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Digital Railway Market Growing at a CAGR 8.4% | Key Player Siemens, Cisco, Hitachi, Alstom, IBM

September 10
14:08 2020
Digital Railway Market Growing at a CAGR 8.4% | Key Player Siemens, Cisco, Hitachi, Alstom, IBM

Siemens (Germany), Cisco (US), Hitachi (Japan), Altsom (France), IBM (US), ABB (Switzerland), Huawei (China), Thales (France), Fujitsu (Japan), DXC (US), Indra (Spain), Nokia (Finland), Atkins (UK), Toshiba (Japan), and Bombardier (Canada)
Digital Railway Market by Offering (Solutions and Services), Application Type (Rail Operations Management, Passenger Experience, and Asset Management), Region (North America, Europe, APAC, MEA, Latin America) – Global Forecast to 2024

The global Digital Railway Market size to grow from USD 50.0 billion in 2019 to USD 74.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 8.4% during 2019–2024 The demand for digital railway is driven by the ongoing smart city initiatives and increasing Public-Private Partnership (PPP) model. Contractual agreements have been signed between public agencies and private sector organizations allowing the private sector to participate in government initiatives for delivering and financing transportation projects. There has been significant investments in the technology projects worldwide for infrastructure modernization and rail automation. In addition, adoption of IoT and automation technologies, hyper-urbanization, and green initiatives are also contributing to the growth of digitization in railways.

Based on offerings, services segment to record for a higher growth rate during the forecast period

The service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities, and reduced operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity. The services have been bifurcated into 2 segments, namely, professional services and managed services.

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Among services, managed services segment to grow at a higher CAGR during the forecast period

Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer’s IT infrastructure. Organizations’ need to optimize resource utilization, which is one of the major factors, expected to fuel the growth of the digital railway market. Managed services provide constant upgradations and customized features to fulfill the customers’ ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized managed service providers to system integrators and Value-Added Resellers (VARs).

Key and emerging market players include Siemens(Germany), Cisco (US), Hitachi (Japan), Altsom (France), IBM (US), ABB (Swithzerland), Huawei (China), Thales (France), Fujitsu (Japan), DXC (US), Indra (Spain), Nokia (Finland), Atkins (UK), Toshiba (Japan), Bombardier (Canada). These players have adopted various strategies to grow in the digital railway. These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global Digital Railway Market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.

Siemens (Germany) provides various road solutions, which includes traffic management, connected mobility, parking, tunnel management, Intelligent Traffic System (ITS) digital lab, electromobility, integrated logistics, enforcement and tolling, and intelligent street lighting. The company provides its customers with consulting, planning, financing, construction, service, and operation of turnkey-mobility systems. Siemens in the digital railway space offers, Trainguard European Train Control System (ETCS) portfolio, Nexus Lodestar Driver Advisory System (DAS), NexusRemote Condition Monitoring (RCM), and NexusConnect. These solutions improve connectivity, ease congestion, and reduce pollution.

Cisco (US) offers integrated solutions that span networks, data centers, cloud, security, collaboration, analytics, and Internet of Things (IoT). Its products and technologies are grouped into infrastructure platforms, applications, security, and other products. In addition to its product offerings, it provides a broad range of service offerings. Increasingly, the company is delivering technologies through software and services. Its customers include public institutions, governments, and service providers.

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The company offers Cisco Connected Rail solution for railways and other mobile transit environments. The solution provides onboard and off-board IP-based communications, including Wi-Fi services, video surveillance, passenger information and entertainment, and automated operations. Cisco Connected Rail focuses its solutions on 3 major areas, namely, station, trackside, and train.

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