Global Rail Asset Management Market, By Offering (Solutions, Services), Deployment Mode (Cloud, On-Premises), Application (Rolling Stock, Infrastructure) – Industry Trends and Forecast to 2029.
Rail Asset Management Market Analysis and Size
The railway industry significantly impacts a country's economic and financial situation. It transports billions of passengers and freights every day and earns enormous profits. Due to the ease and comfort of transportation, people and goods increasingly rely on trains, which necessitates using a rail asset management system to maintain rail infrastructure, resulting in market growth.
Data Bridge Market Research analyses that the rail asset management market was valued at USD 10.1 billion in 2021 and is expected to reach the value of USD 17.22 billion by 2029, at a CAGR of 6.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Rail Asset Management Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD billion, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Solutions, Services), Deployment Mode (Cloud, On-Premises), Application (Rolling Stock, Infrastructure)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Siemens (Germany), IBM (U.S.), Hitachi (Japan), Wabtec (U.S.), SAP (Germany), Trimble (U.S.), Bentley Systems (U.S.), Bombardier (Canada), Atkins (U.K.), DXC Technology (U.S.), Trapeze (Canada), Tego (U.S.), Konux (Germany), L&T Technology Services Limited (India), Capgemini (France), Accenture (Ireland), Huawei Technologies (China), Cyient (India)
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Market Opportunities
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Market Definition
Rail asset management is the process by which the railway company allocates resources to maintain and improve rail assets. Rail asset management can be done on-site or through cloud computing to improve operational efficiency, reduce costs, increase operational efficiency, and improve safety at rail facilities at all levels of an organisation.
Global Rail Asset Management Market Dynamics
Drivers
- The growing need for asset management for smooth functioning of railway operations
Rail assets must be properly scheduled, monitored, and maintained for an efficient rail operation. Maintenance plans reduce asset productivity due to downtime. As manual diagnostics are so ineffective, this downtime is exacerbated. Rail authorities are investing heavily in condition-based and predictive maintenance technologies in order to increase efficiency and decrease time consumption. These technologies help with timely asset monitoring and efficient asset scheduling, which reduces downtime. Real-time analytics for condition-based and predictive maintenance eliminates the need for manual diagnostics.
- Rapid digitization and adoption of advanced technologies
Demand for cloud-based services, internet technologies, and analytics is increasing as a result of their efficient IT administration and secure security environment. Undoubtedly, the big data cloud approach is rail transportation's best opportunity to accommodate the changing data structure and maximise its use. It can cause a significant shift in all rail management organisations, allowing them to improve rail infrastructure and operations.
Opportunity
Increasing government investments in rail infrastructure and digitization initiatives around the world are expected to drive demand for rail asset management. The expansion of rail services necessitates the optimization of existing passenger and freight schedules in order to maximise output.
Restraints
Integration complexities and high deployment costs are acting as market restraints for rail asset management during the forecasted period.
This rail asset management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the rail asset management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Rail Asset Management Market
The automotive and transportation industries have been among the hardest hit by the ongoing COVID-19 pandemic, suffering massive losses due to global lockdowns, resulting in low growth until the industry recovers.
Recent Development
- In March 2022, Alstom announced the creation of a new green rail mobility innovation centre at its Americas headquarters in St-Bruno-de-Montarville, Quebec, Canada. The innovation center's primary goal will be to create future platforms for green hybrid, battery, or hydrogen propulsion technologies aimed specifically at the North American rail freight and passenger market, thereby meeting the sector's decarbonization requirements.
- In June 2022, Siemens Smart Infrastructure (S.I.), a major provider of digital buildings, has agreed to acquire Brightly Software, a prominent software-as-a-service (SaaS) provider of asset and maintenance management solutions based in the United States. The acquisition propels S.I. to the forefront of the building and built infrastructure software market. The purchase price is $1.57 billion USD.
Global Rail Asset Management Market Scope
The rail asset management market is segmented on the basis of offering, deployment mode, and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Offering
- Solution
- Asset performance management
- Analytics, asset planning and scheduling, security
- Workforce management
- Network management
- Others
- Services
- Professional services
- Managed services
Application
- Rolling Stock
- Infrastructure
Deployment Mode
- Cloud based
- On-premise
Rail Asset Management Market Regional Analysis/Insights
The rail asset management market is analysed and market size insights and trends are provided by country, offering, deployment mode, and application as referenced above.
The countries covered in the rail asset management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe will dominate the rail asset management market due to the prevalence of well-established railway infrastructure in the UK, France, and Germany, as well as the adoption of modern technology.
Asia-Pacific will grow during the forecast period of 2022-2029 due to increased investment in digital transformation and the adoption of new technology.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Rail Asset Management Market Share Analysis
The rail asset management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to rail asset management market.
Some of the major players operating in the rail asset management market are:
- Siemens (Germany)
- IBM (U.S.)
- Hitachi (Japan)
- Wabtec (U.S.)
- SAP (Germany)
- Trimble (U.S.)
- Bentley Systems (U.S.)
- Bombardier (Canada)
- Atkins (U.K.)
- DXC Technology (U.S.)
- Trapeze (Canada)
- Tego (U.S.)
- Konux (Germany)
- L&T Technology Services Limited (India)
- Capgemini (France)
- Accenture (Ireland)
- Huawei Technologies (China)
- Cyient (India)
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