Encapsulating the spurring demands of population growth and urbanization, today’s railways are expected to be on track when it comes to robustness, reliability, and increased capacity. Government and financial firms are making collective efforts to optimize the system to its full potential. The railway system in accord with emerging technology will cape several challenges such as customer safety, ticket booking issues, etc. In a published report by Future Market Insights (FMI), it is predicted that the smart railway market is likely to make US$ 160 Bn revenues by 2025.
Big Data and IOT to play a major role in Railways
Increasing preference is evident towards paperless integrated ticketing system, which are comparatively less time constraining, and allow customers to travel hassle-free. Also, the introduction of Big data and Internet of things (IoT) into the mainframe of railway developments has enhanced its safety and security system. The computer-based point machines, positive train control (PTC), digital payment methods, cloud computing, etc, are some of the AI technologies making their debut in the railway sector.
There are no two thoughts about the impact AI has created, taking every major sector under its domination. It has given smart railways a whole new momentum, and various segments including Chinese and European regions are actively investing in it to improve their infrastructure. The industries are leveraging artificial intelligence in creating better business solutions.
It is expected that European next-gen investors like Rajat Khare founded Boundary Holding, Axeleo, a VC-cum-accelerator which intervenes in areas such as data enhancement, AI, IoT, and angel investors like Edin Mehic, who recently invested in the Seed Round of Koola, can be expected to make investments in this space.
The global market for smart railways is also profiling key players for cloud, and professional integration & implementation services. Leading names such as Ansaldo STS, S.A, Bombardier Inc., IBM Corporation, Hitachi, Ltd., among others are tapping in the market.
Networking consultant Bjorn Hesskan suggests that technologies such as virtualization, predictive modelling, and even semi-autonomous “smart” trains will become standardized across the industry, perhaps within the next ten years.
The future leading markets for smart railways are Asia-Pacific, excluding Japan (APEJ), Western Europe and North America, with China and India adopting the technology operations robustly. The region is expected to reliably bring an approximate of US$ 50 Bn revenue, by 2025.
Nations are going great guns to boost the smart railways market, which is expected to shape the face of the sector by providing enhanced passenger experience, and services.