Connected Rail Market Size, Share, Growth Analysis, By Service(Pickup Trucks, Passenger Mobility, Passenger Information System (PIS), Train Tracking and Monitoring), By Rolling Stock(Freight Wagons, Passenger Wagons, Diesel Locomotive, Electric Locomotive), By Safety & Signaling System(Positive Train Control, Communication-based Train Control, and Automated Train Control), By Region - Industry Forecast 2024-2031

Connected Rail Market size was valued at USD 94.6 Billion in 2022 and is poised to grow from USD 99.9 Billion in 2023 to USD 154.48 Billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

Some of the major key players operating in connected rail market are Trimble, Inc., Hitachi Limited, Siemens AG, IBM Corporation, Cisco Systems, Inc., Wabtec Corporation, Tech Mahindra Limited, Calamp Corp., Nokia Corporation, Huawei Investment & Holding Co., Ltd, Atos Corporation etc. 'Huawei Investment & Holding Co., Ltd', 'Robert Bosch GmbH ', 'Cisco Systems, Inc.', 'IBM Corporation ', 'Atos Corporation', 'Sierra Wireless', 'Tech Mahindra Limited ', 'Calamp Corp. ', 'Bombardier Inc. ', 'Alstom SA ', 'Sierra Wireless Inc. ', 'Abb Limited ', 'Ericsson ', 'Digi International Inc. ', 'Schneider Electric ', 'Indra Sistemas S.A. ', 'Ansaldo Sts ', 'General Electric ', 'Tech Mahindra Limited ', 'Thales Group'

The deployment of the Internet of Things (IoT) in railways is predicted to be a key driver of the connected rail market. IoT in railways enhances the reliability and safety of railways. Data collected by IoT sensors can learn and interpret previously impossible situations. IoT now allows for more expertise in train system optimization and equipment management, which are two key challenges for high-performance railways IoT, when combined with analytics, can improve train performance. This technology improves connectivity and system management by connecting intelligent onboard devices to cloud-based applications. Information submitted by drivers and checkpoints is stored in a rich database and can be used for future troubleshooting and remediation.

Autonomous Rail Represents a Significant Opportunity for the Connected Rail Market: Semi-autonomous and autonomous railway technology is witnessing rapid growth with significant technological advances. Trains move independently with little or no human intervention. The trend towards driverless car development can be seen across the transportation industry. Although widespread deployment of autonomous locomotives will take considerable time, it is expected that many railroad operators will adopt semi-autonomous locomotives soon. Some autonomous vehicle companies are now operating part-work technology that is playing a role in automobiles. The use of autonomous vehicles is crucial for the development of the intelligent transportation industry, as these vehicles do not require drivers and will reduce costs for transportation service providers.

The North America region dominated the connected rail market with a share of around 37% by 2021, due to investments in digital transformation of rail systems, high emphasis has been placed on R&D activities related to railways integrated solutions etc. Furthermore, government regulations or initiatives related to ensuring passenger safety, increased use of trains, and increased focus of railway authorities on providing improved passenger services and modernized will drive the market forward. Furthermore, to carry out predictive maintenance, increase train fatalities, switch to smart railways, and provide overtime investment in railway modernization increased could contribute to the growth of the market in the region.