The concept of smart railways has evolved from the growing adoption of new generation services and advanced transportation management systems, enabled using Information Technology (IT) solutions. The future railways industry is anticipated to rely upon smart systems that will help leverage technologies for optimal utilization and management of the huge railway infrastructure. It combines software products to enable more intelligent use of railway assets, so that companies can meet the increasing demand for safer and reliable railway services. Smart railway technologies such as asset management software, integrated service management solutions and predictive analytic tools are expected to help railway companies to manage their network, routes, capacities, and daily operations, in the near future. Thus, with the rise in implementation of smart technologies in railway transport, the associated solutions and services market are expected grow globally at higher growth rates. Emerging technologies such as smart ticketing, cloud adoption, rail analytics, smart traffic and other operational solutions will enable more efficient and better railway infrastructure. It is also expected to improve on decision making for issues, such as asset utilization, deployment and maintenance.