Railway Telematics Market
The research report by GMI Organisation envisaged that the Railway Telematics Market will register a CAGR of 9.5% over the forecast period (2021-2030). The increase in budget for railway development and surge in the demand for effective transportation system will strengthen the railway telematics market share.
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Railway Telematics Market Dynamics
The future of freight rail industry is anticipated to depend on smart digital transportation systems that leverage technologies over large railcar networks. With the growing prevalence of smart technologies in rail transportation, the associated solutions are also projected to expand at notable rates. The strategic initiative by the government to execute Public-private Partnership in railways has encouraged the private industry to contribute to the smart railway initiative introduced by the government. Also, rapidly accelerating urban population has resulted in the establishment of smart cities. Moreover, government has undertaken several favourable initiatives for smart cities o offer enhanced transportation and accelerate functional activities. The increased budget for the establishment of railways conjectured with the demand for secure and effective transportation systems is likely to bolster the railway telematics market size.
The accelerating population has catalysed the development of transportation infrastructure. The increasing need for telematics in cargo and freight transportation has bolstered the market share. Moreover, as per the railway telematics market analysis, the railway sector is experiencing constant changes in technological terms for enhanced safety and effectiveness. For instance, Trinity rail, in 2020, merged with GATX Corp to expedite the adoption of GPS location and other telematics.
However, trains gauged with the sophisticated system need active internet for receiving and transferring signals with the control station to synchronize its operations. Thus, it becomes convenient for the hacker to find out the loophole to hack the system, making it assailable to attack the network. Thus, these accelerating incidences of cyberattacks will further restrict the market railway telematics market growth.
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