Internet of Things related technologies can be applied to add automation and analytic intelligence to legacy industries that may have lacked significant new innovation in decades -- take passenger and freight train logistics, as an example.
TechNavio Research has studied the Global Smart Railway System market. Their report analyzes the diverse market trends and growth opportunities pertaining to the rail transportation industry in the coming years.
According to the TechNavio market assessment, smart railway system comprises solutions, devices, components and services that automate or otherwise optimize the usage of railway infrastructure to carry out advanced functions.
It has several key components such as passenger reservation and information systems, freight operations information systems, railway traffic management, operations and asset management, IP-based security monitoring, communications, ticketing, and railway analytics.
"Within the Railway industry, the need to increase customer satisfaction has become very important, which is helping the railways innovate their systems for speed and better reliability among their customers," said Faisal Ghaus, vice president of TechNavio Research.
This trend is expected to have a medium term impact on the growth of the market during the forecast period. The overall Global Smart Railway System Market is expected to grow at a CAGR of 26.11 percent during the forecast period of 2013-2018.
Market Demand for Cloud Services
Managed cloud services, big data analytics and mobile internet technologies are all a step up from the basic shared hosting infrastructure which currently helps railways and their customers in many ways -- such as rail reservations and train tracking on the go.
The cloud computing solutions also increase IT management efficiency and improve security and work environments. These services help the railways to maintain train times and managing other activities without any hurdles.
TechNavio believes that countries such as the United States, Europe, Germany, and India are already using cloud computing to make their railway systems more efficient.
Cloud computing is also being used for supply chain management, to reduce traffic congestion, for planning purposes, and for forecasting seat demand.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
This type of ongoing research will be helpful to those who seek to learn more about the growing industrial application scenarios for the Internet of Things around the globe -- both in developed and emerging markets.