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[Latest] Global Digital Railway Market Size/Share Worth USD

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Austin, TX, USA, July 14, 2025 (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled Digital Railway Market Size, Trends and Insights By Solution (Remote Monitoring, Route Optimization & Scheduling, Analytics, Network Management, Predictive Maintenance, Security), By Service (Professional Services, Managed Services), By Application (Rail Automation Management, Rail Control, Smart Ticketing, Workforce Management, Passenger Information Systems, Asset Management), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034 in its research database.

“According to the latest research study, the demand of global Digital Railway Market size & share was valued at approximately USD 83.74 Billion in 2024 and is expected to reach USD 92.68 Billion in 2025 and is expected to reach a value of around USD 230.60 Billion by 2034, at a compound annual growth rate (CAGR) of about 10.67% during the forecast period 2025 to 2034.”

Click Here to Access a Free Sample Report of the Global Digital Railway Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=70924

Overview

As per the industry experts at TMR, the global digital railway market will witness a stupendous CAGR between 2025 and 2034. This could be attributed to growing demand for advanced transportation systems and consumers’ mobility. Rapid urbanization, climate change are exerting visible pressure on modern economies and cities.

The digital railways, with issues like balancing urbanization and sustainability to address, are developing as one of the critical pillars of mobility ecosystems that are future-ready, that too, with stronger policy support. The digital railways are capable of supporting energy-efficient travel as they do incorporate technologies and systems such as eco-driving systems, automated train operation systems, and other energy-saving measures for decreasing fuel emissions.

Key Trends & Drivers

  • Growing Demand for Safety and Efficiency: The digital railway market is accelerated by the rising need for increased safety and efficiency in railway operations. This is, in turn, being driven by factors such as rising freight volumes and passenger numbers, which could be managed effectively through digital solutions for route optimization, traffic management, and predictive maintenance. Also, there is an increasing focus on improvement of passenger experience. Implementing passenger-centric solutions such as real-time information displays, smart ticketing systems, and enhanced connectivity options is another key to the call for raising the safety quotient.

Request a Customized Copy of the Digital Railway Market Report @ https://www.custommarketinsights.com/request-for-customization/?reportid=70924

  • Government Regulations with Infrastructure Development: With governments’ initiatives and regulations emphasizing modernization of railway infrastructure, they can incentivize adopting digital technologies or mandate safety upgrades, thereby resulting in increased market activity. There are continuous advancements in the communication technologies in the form of data analytics and IoT. Such advancements help with digital solutions’ seamless integration into the railway systems that exist, thereby creating novel opportunities for growth of the market.

Report Scope

Feature of the Report Details
Market Size in 2025 USD 92.68 Billion
Projected Market Size in 2034 USD 230.60 Billion
Market Size in 2024 USD 83.74 Billion
CAGR Growth Rate 10.67% CAGR
Base Year 2024
Forecast Period 2025-2034
Key Segment By Solution, Service, Application and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Digital Railway report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
  • About 220+ Pages Research Report (Including Recent Research)
  • Provide detailed chapter-by-chapter guidance on the Request.
  • Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2025
  • Includes Tables and figures have been updated.
  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis 
  • Custom Market Insights (CMI) research methodology

(Please note that the sample of the Digital Railway report has been modified to include the COVID-19 impact study prior to delivery.)

Request a Customized Copy of the Digital Railway Market Report @ https://www.custommarketinsights.com/report/digital-railway-market/

SWOT Analysis

  • Strengths: Digitalization allows better real-time control and monitoring, thereby leading to enhanced operational efficiency and improved safety measures. Passenger information systems, smart ticketing, and real-time updates do contribute to a more enjoyable and convenient travel experience. Predictive maintenance and automation help in reducing operational costs and optimizing allocation of resources.
  • Weaknesses: Increasing reliance on digital systems does make railway infrastructure prone to data breaches and cyberattacks. Moreover, implementation of digital railway systems needs upfront investment in technology and infrastructure. Complexity involved with regard to the integration of new digital systems with the existing infrastructure is another factor hampering the digital railway market.
  • Opportunities: Government regulations and initiatives that mandate adoption of digital technologies in the railway sector are likely to drive growth. Continual advancements of technologies such as IoT, AI, and cloud computing do offer opportunities for further optimization and innovation in digital railway. Emergence of smart cities and the rise in freight traffic are other factors driving opportunities for the digital railway market.
  • Threats: Competition from the other transportation modes, such as air and road, is likely to adversely affect the digital railway market. Also, certain stakeholders are likely to resist adopting novel digital technologies owing to concerns regarding job displacement. These are the probable threats to digital railway market.

Request a Customized Copy of the Digital Railway Market Report @ https://www.custommarketinsights.com/report/digital-railway-market/

Key questions answered in this report:

  • What is the size of the Digital Railway market and what is its expected growth rate?
  • What are the primary driving factors that push the Digital Railway market forward?
  • What are the Digital Railway Industry’s top companies?
  • What are the different categories that the Digital Railway Market caters to?
  • What will be the fastest-growing segment or region?
  • In the value chain, what role do essential players play?
  • What is the procedure for getting a free copy of the Digital Railway market sample report and company profiles?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2025−2034
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
  • Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Buy this Premium Digital Railway Research Report | Fast Delivery Available – [220+ Pages] @ https://www.custommarketinsights.com/report/digital-railway-market/

Regional Perspective

The digital railway market is classified into North America, Europe, Asia Pacific, and LAMEA.

North America houses a robust rail infrastructure backed by speedy adoption of advanced technologies through government investments. The region is focusing on the development of smart infrastructure, the integration of technologies such as AI and IoT, and the upgrading of the rail systems that exist.

Integrating 5G technology is facilitating quicker data transmission, thereby extending support to real-time monitoring, enhanced passenger connectivity, and automated train controls. Adoption of automation technologies inclusive of automated train operation systems and the eco-driving systems is driving operational improvements and energy efficiency.

Governments in North America are into investment in advanced electrification projects and various other upgrading initiatives, thereby propelling the digital railway market.

The emerging economies in the Asia Pacific are witnessing rapid urbanization due to governments increasingly investing in smart infrastructure along with growing adoption of novel technologies. Such factors are resulting in notable growth in areas such as passenger information systems, smart ticketing, and rail operations management.

The governments in the Asia Pacific are investing in digital transformation initiatives regarding their railway networks. This is inclusive of substantial funding for implementing advanced technologies, modernizing infrastructure, and developingsmart cities. The instances include economies such as Australia, Singapore, South Korea, India, and China, who are leading from the front.

Europe contributes toward the expansion of the digital railway market in the form of standardization efforts, strategic efforts, and collaborative initiatives. The region is basically focusing on upgradingrail infrastructure, especially with sophisticated signaling systems, and adopting technologies such as digital automatic couplings (DAC). Also, establishing Europe’s Rail Joint Undertaking aims toward acceleration of digital transformation in the railway sector.

The European Telecommunications Standards Institute (ETSI) has formed a committee in order to standardize Machine-to-Machine (M2M) communications, which are important for digital railway systems. The Connecting Europe Facility (CEF) does provide funding for Pioneer DAC Trains (PDT), thereby supporting digital transformation.

LAMEA is witnessing a significant growth in the digital railway market owing to a rise in investments in intelligent transport systems (ITS) along with infrastructure modernization. This could be attributed to the need for addressing challenges pertaining to urbanization, improvement in road safety, and enhancement of logistics efficiency via digital technologies. The market is witnessing an increased adoption of solutions such as track geometry measurement systems, railway management systems, and other digital technologies for optimizing operations and improving service quality.

Request a Customized Copy of the Digital Railway Market Report @  https://www.custommarketinsights.com/report/digital-railway-market/

(We customized your report to meet your specific research requirements. Inquire with our sales team about customizing your report.)

Still, Looking for More Information? Do OR Want Data for Inclusion in magazines, case studies, research papers, or Media? 

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Browse the full Digital Railway Market Size, Trends and Insights By Solution (Remote Monitoring, Route Optimization & Scheduling, Analytics, Network Management, Predictive Maintenance, Security), By Service (Professional Services, Managed Services), By Application (Rail Automation Management, Rail Control, Smart Ticketing, Workforce Management, Passenger Information Systems, Asset Management), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025–2034 Report at https://www.custommarketinsights.com/report/digital-railway-market/

List of the prominent players in the Digital Railway Market:

  • Siemens
  • Hitachi
  • Alstom
  • IBM
  • ABB
  • Huawei
  • Thales
  • DXC
  • Fujitsu
  • Toshiba
  • Atkins
  • Zedas
  • Advantech
  • Wabtec
  • Cisco
  • Others

Click Here to Access a Free Sample Report of the Global Digital Railway Market @  https://www.custommarketinsights.com/report/digital-railway-market/

Spectacular Deals

  • Comprehensive coverage
  • Maximum number of market tables and figures
  • The subscription-based option is offered.
  • Best price guarantee
  • Free 35% or 60 hours of customization.
  • Free post-sale service assistance.
  • 25% discount on your next purchase.
  • Service guarantees are available.
  • Personalized market brief by author.

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The Digital Railway Market is segmented as follows:

By Solution

  • Remote Monitoring
  • Route Optimization & Scheduling
  • Analytics
  • Network Management
  • Predictive Maintenance
  • Security

By Service

  • Professional Services
  • Managed Services

By Application

  • Rail Automation Management
  • Rail Control
  • Smart Ticketing
  • Workforce Management
  • Passenger Information Systems
  • Asset Management

Click Here to Get a Free Sample Report of the Global Digital Railway Market @ https://www.custommarketinsights.com/report/digital-railway-market/

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

This Digital Railway Market Research/Analysis Report Contains Answers to the following Questions.

  • What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
  • Who Are the Global Key Players in This Digital Railway Market? What are Their Company Profile, Product Information, and Contact Information?
  • What Was the Global Market Status of the Digital Railway Market? What Was the Capacity, Production Value, Cost and PROFIT of the Digital Railway Market?
  • What Is the Current Market Status of the Digital Railway Industry? What’s Market Competition in This Industry, Both Company and Country Wise? What’s Market Analysis of Digital Railway Market by Considering Applications and Types?
  • What Are Projections of the Global Digital Railway Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
  • What Is Digital Railway Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
  • What Is the Economic Impact On Digital Railway Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
  • What Are Market Dynamics of Digital Railway Market? What Are Challenges and Opportunities?
  • What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Digital Railway Industry?

Click Here to Access a Free Sample Report of the Global Digital Railway Market @  https://www.custommarketinsights.com/report/digital-railway-market/

Reasons to Purchase Digital Railway Market Report

  • Digital Railway Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
  • Digital Railway Market report outlines market value (USD) data for each segment and sub-segment.
  • This report indicates the region and segment expected to witness the fastest growth and dominate the market.
  • Digital Railway Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
  • The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
  • Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
  • The Industry’s current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
  • Digital Railway Market Includes in-depth market analysis from various perspectives through Porter’s five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

  • The study provides a thorough overview of the global Digital Railway market. Compare your performance to that of the market as a whole.
  • Aim to maintain competitiveness while innovations from established key players fuel market growth.

Buy this Premium Digital Railway Research Report | Fast Delivery Available – [220+ Pages] @  https://www.custommarketinsights.com/report/digital-railway-market/

What does the report include?

  • Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Digital Railway market analysis.
  • The competitive environment of current and potential participants in the Digital Railway market is covered in the report, as well as those companies’ strategic product development ambitions.
  • This study conducts a qualitative and quantitative analysis of the market based on the component, application, and industry vertical. Additionally, the report offers comparable data for the important regions.
  • We have provided actual market sizes and forecasts for each of the aforementioned segments.

Who should buy this report?

  • Participants and stakeholders worldwide Digital Railway market should find this report useful. The research will be useful to all market participants in the Digital Railway industry.
  • Managers in the Digital Railway sector are interested in publishing up-to-date and projected data about the worldwide Digital Railway market.
  • Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Digital Railway products’ market trends.
  • Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans. 

Request a Customized Copy of the Digital Railway Market Report @  https://www.custommarketinsights.com/report/digital-railway-market/

About Custom Market Insights:

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London-Berlin trains on the drawing board for UK-German rail taskforce | Rail industry

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Plans for possible direct trains from London to Berlin will be drawn up by a joint UK-German taskforce, reigniting hopes for better rail connections across Europe.

The partnership, announced as part of the bilateral treaty to be signed by the British prime minister, Keir Starmer, and his German counterpart, Friedrich Merz, could eventually lead to direct rail services between the two countries after previous plans for London-Frankfurt trains hit the buffers.

The Department for Transport described the agreement as a “significant step forward”, with direct trains the most eye-catching part of a commitment to collaborate in enhancing sustainable transport links and mobility.

Germany has also agreed to allow some arriving UK airline passengers to use passport e-gates at its airports by the end of August, the Cabinet Office said.

Since Brexit, UK travellers have needed to queue to have their passports manually stamped, rather than use automated gates, at EU airports.

A joint taskforce will bring together transport experts from Germany and the UK to tackle the issues that have blocked such services in the past, including commercial, safety and technical requirements, and, not least, border arrangements.

The transport secretary, Heidi Alexander, raised the possibility of visiting Checkpoint Charlie “direct from the comfort of a train”, adding that the government was “determined to put Britain at the heart of a better-connected continent”.

She said: “The Brandenburg Gate, the Berlin Wall and Checkpoint Charlie – in just a matter of years, rail passengers in the UK could be able to visit these iconic sights direct from the comfort of a train, thanks to a direct connection linking London and Berlin.

“This landmark agreement – part of a new treaty the prime minister will sign with Chancellor Merz today – has the potential to fundamentally change how millions of people travel between our two countries, offering a faster, more convenient and significantly greener alternative to flying.

“The economic potential is enormous. A direct rail link would support the creation of jobs and strengthen the vital trade links that underpin our economic relationship with Germany. British businesses will have better access to European markets, whilst German companies will find it easier to invest and operate in the UK.”

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The deal follows a similar memorandum of understanding signed with Switzerland in May to explore direct services.

While direct trains to new European countries may be at least a decade away, the international train operator Eurostar has spoken of its ambition to open new routes to Frankfurt and Geneva. Other potential rival operators, including Virgin, are hoping to start cross-Channel services.

Opening new routes has been difficult due to commercial viability, different track and train systems, and border requirements and station capacity. Eurostar’s longest direct route to date, London to Amsterdam, has had to overcome numerous difficulties, largely linked to border security and passport control, since its delayed inception in 2018.

The demand for direct London-Berlin trains is unclear. Passengers can travel between the UK and German capitals in about 10 hours, changing in Brussels and Cologne.



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Regulator’s report on rail assistance ‘shows it is still failing to acknowledge right to turn up and go’ – Disability News Service

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The rail regulator has been asked why it has failed to do more in an annual report to stress disabled people’s right to “turn up and go” when accessing the railway network.

The Office of Rail and Road (ORR) released new figures this week which showed that satisfaction with booked passenger assistance on the rail network had plateaued, with one in 10 disabled passengers still not even being met at the station after booking help.

The proportion of passengers who received all the assistance they booked also remained stable in 2024-25 at just 78 per cent.

This was even lower for passengers with a “learning, concentrating or remembering disability” (73 per cent); with mental health conditions (72 per cent); those who are neurodivergent (72 per cent); and passengers with a communication impairment (73 per cent).

There were also figures showing what proportion of passengers were satisfied with the assistance they received, with the booking process, and with the helpfulness and attitude of staff.

But there were no similar figures to show the levels of satisfaction for disabled passengers who turn up at a rail station and request assistance with their journey without booking it in advance, which is their legal right.

The report on disabled people’s experiences of Passenger Assist was released alongside ORR’s Annual Rail Consumer Report.

Accessible transport campaigners have been highlighting for years the failure of the rail industry and successive governments to ensure disabled people’s right to spontaneous travel by denying their right to turn up and go (TUAG) across the rail network.

The ORR annual report appears to underline that failure by focusing on pre-booked passenger assistance.

It says only that it is “working with industry to strengthen the quality of data on turn up and go assistance requests”, and that it expects the “quality and completeness to improve over time”.

The only TUAG figures released by ORR this week show the number of TUAG requests made in 2023-24 and 2023-24 (about 312,000 in 2023-24 and about 491,000 in 2024-25), although notes published alongside these figures show they are likely to be unreliable*.

It is the first time such TUAG figures have been published.

Doug Paulley, one of the disabled activists who has highlighted the right to TUAG in his campaigning, said he had a “significant concern” about ORR’s “concentration on assistance booking rather than TUAG” in its “uninspiring” report.

He said ORR did not have reliable or useful statistics on how well rail companies were doing on TUAG.

He said: “Everything they measure or do is about booked assistance: satisfaction with booked assistance, recompense for failed booked assistance…

“It feels like they try to avoid mentioning or acknowledging our right to turn up and go.”

He said this was a “disturbing and counter-productive trend”.

Responding to these concerns, ORR said it was exploring with rail operators “how we might get a better picture of the experience of passengers who request assistance on demand”, including the potential for TUAG passengers to be asked to take part in its existing passenger survey of experiences of assistance.

ORR released figures in the Passenger Assist report that ranked each rail operator on their performance on booked passenger assistance.

It showed that Northern Trains was the worst performer, with only 70 per cent of disabled passengers who were met at the station then receiving all the assistance they had booked, with Transport for Wales (74 per cent) and West Midlands Trains (74 per cent) also performing poorly.

The best performer was London North Eastern Railway (85 per cent).

The annual report notes how ORR has raised concerns through the year about passenger assistance; the reliability of help points at stations; communications between staff at boarding and destination stations when arranging passenger assistance; the reliability of passenger lifts at stations; the provision of accessible rail replacement vehicles; and the complaints process for disabled passengers.

The report points to annual data that shows a 42 per cent increase in the number of faults across the rail network that put lifts out of service for over a week, in 2024-25 compared with the previous year.

Commenting on the report, Stephanie Tobyn, ORR’s director of strategy, policy and reform, said: “Ensuring that disabled passengers consistently receive the support they need to travel by train requires clear focus, collaboration and a commitment to continuous improvement.

“Our latest survey shows that overall passenger satisfaction has plateaued, and we know that, in some instances, assistance failures can leave passengers feeling powerless and frustrated.”

She said that a new rating system on passenger assistance would “help us target our efforts and use resources effectively, focusing on working with those operators where improvement is most needed to deliver better outcomes for passengers”.

*ORR says in its notes that the only TUAG requests recorded are those noted by staff via the Passenger Assist system, while not all rail operators are yet using this system to record TUAG requests, and any requests booked less than two hours before departure are treated as TUAG

Picture by ORR

 

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Please consider making a voluntary financial contribution to support the work of DNS and allow it to continue producing independent, carefully-researched news stories that focus on the lives and rights of disabled people and their user-led organisations.

Please do not contribute if you cannot afford to do so, and please note that DNS is not a charity. It is run and owned by disabled journalist John Pring and has been from its launch in April 2009.

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Over-dependence bulk freight hamstrings railway revenues: Study – Industry News

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The Indian Railways‘ over-dependence on bulk commodities like coal, iron ore and cement is hurting its growth potential and exposing it to the competitive pressure from other modes of freight transportation, a PwC-FICCI report said.

Strategic Opportunities

The unreliable services coupled with inflexible routes and poor timeliness are affecting the railways’ potential to grab a bigger market share in the “high-value” non-bulk commodities space, it said.

Even though the rail transport, particularly over long distances, offers inherent cost efficiencies compared with road transport, its infrastructure, terminal operations, and rolling stocks are not designed to handle the fast-growing segments like e-commerce, pharmaceuticals, FMCG, consumer durables and automobiles.

“These commodities demand more flexible, time-sensitive, door-to-door logistics, which road transport is better equipped to provide, rendering rail less competitive for such segments,” the report noted.

In the past five years, a large part of the railways’ freight volume growth – 5.6% CAGR – is contributing by a narrow set of traditional bulk commodities. Currently, coal dominates the railways’ freight basket accounting for arounf 50% of the freight volumes, followed by cement and iron ore, contributing around 10% each. But the growth in these bulk commodities are slowing down due to the structural limitations within rail logistics. On the other hand, the growth in emerging non-bulk commodities stood at 10% over the same period.

“A network that is optimised for bulk train operations may struggle to accommodate growing demand for parcel/lightweight goods or automobile transport, leading to capacity mismatches and service shortfalls,” it adds.

However, the report said that targeted interventions can boost the movement of lightweight commodities and enable greater diversification of the rail freight portfolio. “In India, more than 90% of the non-bulk freight market is transported by road. By contrast, in developed countries such as the US, 66% of non-bulk freight is moved by road, with rail or rail-intermodal systems accounting for a substantial 30%. This modal imbalance presents a strategic opportunity for IR to expand its footprint in the non-bulk segment,” the report noted.

Challenges

Though the railways has made efforts in the recent years to promote non-bulk segment. For instance, Joint Parcel Product–Railways Cargo Service (JPPRCS) scheme was introduced in 2023 to provide end-to-end logistics solutions for parcel. Similarly, Parcel Cargo Express Train (PCET) was launched this year to boost the transport of commodities like rubber and pineapples. But the modal share of rail for parcel-based cargo and lightweight commodities still remains low. The report further said that railways needs to adopt a commodity-specific approach to terminal planning, asset deployment and service design to diversify its commodity portfolio.

“Another opportunity lies in the automobile sector, specifically two-wheelers and passenger vehicles, which fall under the low rail share category but exhibit strong growth forecasts. The railways has focused on this segment by modifying the AFTO scheme, introducing modern rolling stock (NMG and BCACBM coaches) and assisting the development of new automobile loading terminals. These efforts have increased the modal share of rail in automobile transport from 1.2% in FY14 to approximately 20% in FY24,” the report said.



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