Rail Asset Management Market was Valued USD 8,911 million in 2019 & Growing at a CAGR of 5.2% till 2027 | Size, Share & Growth Forecast
The Rail Asset Management Market was estimated around USD 8,911 million in 2019 and is expected to grow at a CAGR of 5.2% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/rail-asset-management-market-research/
The factors driving the growth of Rail Asset Management Market includes increasing dependence on railways to carry passengers and goods around the world, improvements in rail infrastructure, growing focus on enhancing the rail operations and reducing time. As per the data available at World Bank, the number of goods transported using railways in Indonesia has increased from 13,376 million tons in 2017 to 15,098 million tons in 2018, which is expected to accelerate the Rail Asset Management Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Cloud Computing, Artificial Intelligence (AI) and Internet of Things (IoT), rise in Government's spending on railway sector, increasing investments by leading players on research and development and rapid urbanization, are some of the additional factors supplementing the Rail Asset Management Market Growth. As per the report published by Business Standard, the Indian railways is planning to spend around INR 1 trillion on developing and procuring assets, which will push the demand for rail assets management systems in the coming years.
However, the growth of Rail Asset Management Market includes high capital cost of rail assets management systems.
The prominent players operating in the Rail Asset Management Market are Bentley Systems, DXC Technology, Trapeze Group, WSP, Atkins, Capgemini, SAP, Trimble, Siemens, IBM and Hitachi, among others.
Based on Services, the Managed Services segment is predicted to dominate the market during the forecast period
As per the Rail Asset Management Market Report, growing demand for contract-based solutions by Government authorities and increasing adoption of advanced technologies, are some of the factors responsible for the segment's growth.
Based on Application, the Infrastructure segment is projected to hold the highest market share over the forecast period
Growing emphasis on enhancing the railway infrastructure across the globe, is the major factor propelling the growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Rise in passenger traffic in railways, increase in Government's expenditure on enhancing the rail infrastructure, growing adoption of advanced technologies, improved living standards and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
In 2021, Siemens Mobility introduced data led services using IoT, offering a deep result for the rail network operators.
In 2019, TCS partnered with SAP for building the intelligent rail digital maintenance (iRDM) application, which will help rail customers to digitally transform their businesses.
Segmentation by Solutions
Reporting and Analytics
Asset Performance Management
MRO Materials Management
Segmentation by Services
Segmentation by Application
Service Contract Management
Segmentation by Region
Rest of APAC
United States of America
Rest of Europe
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