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.
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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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