Chicago, July 20, 2022 (GLOBE NEWSWIRE) — The global Railway Telematics Market is expected to expand at a compound annual growth rate (CAGR) of 7.5% during the forecast period, reaching a value of USD 7.3 billion by 2026, according to a new report by MarketsandMarkets™. Various countries have realized that the development of railway infrastructure is one of the important factors driving economic development. Therefore, several countries and OEMs are investing significantly in railway infrastructure. Railway telematics is defined as the use of telecommunications and informatics across freight railways. The Railway Telematics Market comprises solutions and services which enable communication and data transfer over long distances through wireless mediums. The Railway Telematics Market is a new emerging market, as systems entrenched in smart rail are not commonly incorporated in all rails. Rail technology equipped with telematics solutions comprises two major connectivity solutions, namely, fleet management and connected safety & security. The major purpose of the technology is to increase safety and security.
An increase in demand for freight rail transportation due to the adoption of rail telematics solutions to monitor railcars are expected to augment the growth of the market. Timely maintenance of railcars and optimal utilization of railcars by railcar lease operators are expected to lead to the increasing adoption of telematics technologies, further, driving…
