Infographic: AI is the Center of Rail and Innovation
Infographic: AI is the Center of Rail and Innovation
Railway companies increasingly adopt artificial intelligence (AI) technologies to improve operations and attract customers looking for trains that are on time and safe to ride.
The International Union of Railways (UIC) and McKinsey report that affordability, convenience, safety, and dependability are the primary reasons passengers chose to travel by train. So it makes sense that, as the cost of data storage and processing goes down, AI has become a viable choice for rail to analyze and predict outcomes and influence travelers’ choices.
And while rail companies use AI to improve the customer experience makes understandable, safety comes first and an anticipated impact of $22 billion in savings annually because of AI implementation is equally persuasive.
Equally impressive is that all this is happening in an industry that’s slow to adopt technology and digital solutions, operates in a market that is heavily regulated, and has issues with data quality. Yet despite these challenges, UIC reports, about 25 percent of rail companies have already implemented AI at scale across multiple use cases, while the remaining firms are either in the initial stages of development or are working on trial projects.
And while rail companies use AI to improve the customer experience makes understandable, safety comes first and an anticipated impact of $22 billion in savings annually because of AI implementation is equally persuasive.
Equally impressive is that all this is happening in an industry that’s slow to adopt technology and digital solutions, operates in a market that is heavily regulated, and has issues with data quality. Yet despite these challenges, UIC reports, about 25 percent of rail companies have already implemented AI at scale across multiple use cases, while the remaining firms are either in the initial stages of development or are working on trial projects.
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