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It’s in 2019. European railway market’s dramatic transformation amid AI revolution lies on the brink. The continent is finding radical technologies to promote smart utility and management of critical infrastructure. Railway, as it stands is another addendum to that roster. The smart railways market size is expected to grow from USD 10.50 Billion in 2016 to USD 20.58 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 14.4% during the period 2016–2021. The major drivers for which could be the upsurge and demand for innovation in transportation, much-needed improvement in railways, alignment with smart cities, and the emergence of IoT.
Europe is expected to hold the largest market share in the smart railways market, bringing multi-modal transportation integrated with cutting-edge technologies. Through the exploitation of Data analytics, asset monitoring, predictive maintenance and advanced analytics, the railways of the future would deliver an enhanced total passenger experience. With the current market dynamics, here’s what could push the massive growth of the railway industry in Europe –
- The rapid growth in smart cities
- Emerging technologies such as AI and IOT
- Public-Private integrated initiatives and collaborations in the global smart railways market
What will smart railways bring to us?
- Wireless, automated mobility
- Safety, maintenance and consumer empowerment
Changing the core operation to everything SMART
- Passenger Information System Real-time tracking, route information & scheduling, travel planning, and passenger infotainment solution.
- Advanced Security Monitoring System Real-time data analysis from different analogue sources, along with data transmission viability through wireless sources.
- Rail Communication and Networking System Better infrastructure and traffic management while ensuring safety, security and uninterrupted service.
- Smart Ticketing System An intelligent ticketing system encompassing integrated ticketing, onboard ticketing, online ticketing, mobile application ticketing, and smart card system.
The planned investment on smart railways will give a major headway to transport and traffic infrastructures, which will offer new generation solutions, and modern transportation to its customers.
At Boundary Holding, we consider the railway to have a great potential for rehash and a complete overhaul. With improved services, implemented through applied AI and Industrial IoT, the continent could leverage its vast rail network to create a syndicate of associated technologies.