The global rail transportation market, a part of the transportation
services industry, grew at a compound annual growth rate (CAGR) of around 4%
during the historic period. The transportation services industry showed a
steady growth. The growth is mainly due to increase in passenger and cargo
movement in many developed and developing economies, growing instances of
interoperability in European railways and Americas railways services also
contributed to growth of the market during the historic period.
In the forecast period, the global rail transportation market
size is expected to be over $650 billion by 2021, growing at a CAGR of nearly 6%.
This is expected due to increasing connectivity in emerging economies such as
India, China, and Brazil, increasing government investments, economical ticket
pricing, and augmented use of big data analytics in railways during the
forecast period. Furthermore, rising population, increase in dispensable income,
and increasing per capita incomes are expected to drive the global rail
transportation market in the future.
Find TBRC’s report on the rail transportation market: https://www.thebusinessresearchcompany.com/report/rail-transportation-global-market-report-2018
Most customers now expect service providers to accept
payment through cards and digital wallets as well as or instead of cash. With
the development of applications like Apple pay, rail transportation service
providers are also willing to offer platforms for varied payments. As customers
become more aware of contactless bank cards and mobile payments, adoption of
virtual payment technologies is expected to rise significantly.
Major companies in the rail transportation market, offering digital
technology include China Railway Corporation, Indian Railways, Deutsche Bahn
AG, Union Pacific Railroad, Russian Railways, East Japan Railway Company,
Central Japan Railway Company, Canadian National Railway, CSX Transportation,
and Norfolk Southern.
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