The global smart railways market is set to grow from $56.3bn in 2023 to $129.48bn by 2030, at a CAGR of 12.63%, according to 360iResearch.

The market aims to transform conventional rail services into more efficient, sustainable and passenger-friendly systems. Integrating digital technology with existing railway infrastructure, smart railways leverage IoT, big data analytics, AI and automation to optimise operations, ensure safety and improve the passenger experience.

The need for smart railway is increasing owing to features such as real-time tracking, wifi connectivity, automatic ticketing and up-to-the-minute schedule changes that improve the travel experience and result in efficient railway transportation. Rising urbanisation and population growth, creating the need for efficient transportation services, are boosting the demand for smart railways.

Smart railways are emerging as a preferred eco-friendly transportation mode owing to increasing environmental concerns. Integrating smart technologies in railways expands their environmental sustainability by optimising energy consumption and reducing emissions.

However, the increased reliance on digital technologies increases the chances of smart cyber-security threats. Governmental support through investments and favourable policies supports the expansion of smart railway systems. Advancements in machine learning (ML), artificial intelligence (AI) and predictive analytics are expected to offer lucrative opportunities for operational efficiency and improved passenger services.

The Americas exhibits significant interest in advancing the smart railways market owing to the increasing focus on enhancing operational efficiency and passenger experience through analytics, IoT and automation. Recent patents in the USA reveal a trend towards predictive maintenance and intelligent transportation management systems. Noteworthy initiatives include integrating real-time passenger information systems and adopting energy-efficient practices.

European countries have been pioneers in adopting smart railway technologies, propelled by supportive policies and high investment in R&D. The focus areas include sustainable transport, automatic train operations and enhancing cross-border railway efficiency. The EU has been involved in numerous projects to digitalise the railway sector, including the Shift2Rail (projects.shift2rail.org) initiative, which seeks to innovate and drive smarter rail systems across Europe.

The Middle East and Africa are rapidly emerging markets in the sector, driven by urbanisation and economic growth. Smart railway initiatives in these regions focus on increasing capacity and improving the convenience of rail services. In Africa, projects are aimed at improving connectivity and fostering economic development, albeit at a slower pace due to funding constraints. Customer purchasing behaviour in these regions is influenced by the demand for more efficient and reliable modes of transportation.

Asia-Pacific is experiencing growth in the market owing to the investment in high-speed rail. Countries in the region continue to innovate in areas such as automated trains and signalling systems, and consumer needs focus on speed, efficiency and integration with other forms of public transport. Investments and research in the Asia-Pacific are focused on developing autonomous trains, improving network capacity, and enhancing passenger services with AI and big data analytics.

The report (www.360iresearch.com/library/intelligence/smart-railways) delves into recent significant developments in the smart railways market, with profiles of key players including ABB, Advantech, Ale International, Alstom, Cisco, EKE-Electronics, Fujitsu, General Electric, Hitachi, Honeywell, Huawei, IBM, Indra Sistemas, Intel, ITK Engineering, Kontron, LS Electric, Mitac, Mitsubishi, Nokia, Railistics, Robert Bosch, Schaltbau, Schnieder Electric, Siemens, Sierra Wireless, Smart Railway Technology, Tech Mahindra, Teldat, Telefonaktiebolaget LM Ericsson, Thales, Toshiba, Voestalpine, Vossloh, Wabtec, Zedas and ZF Friedrichshafen.