Artificial intelligence (AI) market on the trail
“The Business Research Company recently released a comprehensive report on Global Railway Artificial Intelligence (AI) Market Size and Trend Analysis with Forecast to 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional shares and market share of the competition. In addition, it covers current trends, future opportunities and essential data for success in the industry.
According to The Business Research Company, the size of the artificial intelligence (AI) market has grown rapidly in recent years. The economy will grow from $2.16 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 18%. The growth over the historical period can be attributed to increasing demands for efficiency, safety concerns, aging infrastructure, improving passenger experience and regulatory requirements.
The railway artificial intelligence (AI) market size is expected to grow rapidly in the coming years. This will grow to $4.98 billion by 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth over the forecast period can be attributed to the ongoing digital transformation, the adoption of autonomous trains, the growth of smart infrastructure, the focus on sustainability and the expansion of high-speed rail networks. Key trends over the forecast period include the integration of edge computing, advances in predictive maintenance, the adoption of AI-powered cybersecurity, the expansion of AI in rail logistics, and the embrace of AI-driven sustainability initiatives.
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Market factors and trends:
The expansion of railway networks and infrastructure projects is expected to drive the growth of the railway artificial intelligence (AI) market in the future. Rail networks and infrastructure projects involve the planning, construction and maintenance of physical structures, such as tracks, stations and signaling systems, to facilitate the operation of trains and support transportation needs. The expansion of rail networks is due to the increasing demand for efficient and sustainable transport solutions to meet growing urbanization, population mobility and economic development needs. AI can analyze data on passenger demand, traffic patterns and geographic features to optimize the planning and design of new rail lines and infrastructure. For example, the U.S. Department of Transportation’s Federal Railroad Administration (FRA) awarded $8.2 billion for 10 passenger rail projects in the United States in December 2023, according to the U.S. Department of Transportation, a U.S.-based government agency. This significant investment in America’s intercity passenger rail network follows the announcement of $16.4 billion for 25 major projects along the nation’s busiest rail line. Therefore, the expansion of railway networks and infrastructure projects drives the growth of the railway AI market.
Major companies operating in the railway artificial intelligence (AI) market are developing innovative technologies such as AI train inspection technology to obtain a competitive offer and solution. AI train inspection technology is a system that uses artificial intelligence (AI) algorithms to analyze images and data captured by cameras and sensors installed along railway lines. For example, in October 2023, Norfolk Southern Corporation, a US-based transportation company, launched digital train inspection portals, featuring state-of-the-art machine vision inspection technology developed in collaboration with Georgia Tech Research Institution (GTRI). The gantries are equipped with 24 megapixel trackside cameras and stadium lighting, which capture 360-degree ultra-high-resolution images of passing train cars at speeds of up to 70 miles per hour. The AI-powered system analyzes these images for possible defects, including brakes, leaks and bearings, which are difficult to detect with the human eye while the train is stationary. The system has shown high levels of accuracy and few false positives, and critical defects are flagged for immediate handling. The project aims to boost Norfolk Southern’s safety infrastructure and inspection processes with more than a dozen gantries by 2024.
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Key players in the market:
Huawei Technologies Co. Ltd., Hitachi Ltd., Siemens AG, General Electric Company, International Business Machines Corporation (IBM), Cisco Systems Inc., ABB Group, Fujitsu Limited, Nokia Corporation, Toshiba Corporation, Thales Group, Voestalpine AG, Alstom SA, Wabtec Corporation , Bombardier Inc., Samsung Heavy Industries, Indra Sistemas SA, CAF (Construcciones y Auxiliar de Ferrocarriles) SA, Hyundai Rotem Company, Eurotech SpA, CloudMoyo Inc., Cervello Technologies LLC, Cogniac Corporation, D-Rail Technologies Ltd., Pavemetrics Systems Inc.
Railway Artificial Intelligence (AI) Market 2024 Key Insights:
• The size of the railway artificial intelligence (AI) market is expected to grow rapidly in the coming years. This will grow to $4.98 billion by 2028 at a compound annual growth rate (CAGR) of 18.2%.
• Expansion of rail infrastructure drives growth in the rail AI market
• AI train inspection technology is transforming the AI railway market
• North America was set to be the largest region in the Artificial Intelligence (AI) market by 2023
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