Rail Asset Management Market Reach USD 17.5 Billion by 2031, Key Factors that are leading the Market Globally

Allied Market Research published a new report, titled, " The Rail Asset Management Market Reach USD 17.5 Billion by 2031, Key Factors that are leading the Market Globally." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rapid urbanization, increase in the adoption of digitalization, surge in the demand for effective railroad operations, rise in the popularity of artificial intelligence, and growth in the prevalence of cloud-based railway management solutions are expected to drive the growth of the global rail asset management market.

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The global rail asset management market was valued at USD 10 billion in 2021, and is projected to reach USD 17.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.

Rail asset management solutions are electronics, software, and advising components within asset management. These rail systems use the most detection and monitoring technology, customized software, and wireless connections to promptly and precisely collect data required for managing rail transport assets or maintaining and building railway system. These solutions include asset performance management, analytics, asset planning & scheduling, security, and workforce management. Therefore, rail asset management solutions assist proper freight management for various railway lines help government and private railway organization to function seamlessly.

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COVID-19 Scenario:

● The COVID-19 pandemic had a negative impact on the growth of the global rail asset management market, owing to the occurrence of lockdowns in various countries across the globe.
● Lockdowns resulted in the closure of all sorts of passenger transportation, including railways, buses, and others, which adversely impacted the growth of the market.
● In addition, there was delay or cancellation of ongoing projects due to the prevalence of stringent social distancing restrictions as imposed by the governments of various countries across the globe.
● These restrictions were imposed to curb the spread of the virus during the pandemic.
● However, the market is expected to recoup in the post-pandemic era after eased restrictions.

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Based on application area, the rail infrastructure segment held the largest market share in 2021, holding nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The rolling stock segment, on the other hand, is expected to cite the fastest CAGR of 6.7% during the forecast period.

Based on offering, the solution segment held the largest market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.3% during the forecast period. The report also analyses other segments such as the services segment.

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Based on region, the market across Europe held the dominating market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.1% during the forecast period.

The key players analyzed in the global rail asset management market report include Alstom SA, Capgemini SE, Cisco Systems, Inc., Hitachi, Ltd., Huawei Technologies Co., Ltd., International Business Machines Corporation (IBM), L&T Technology Services Limited (LTTS), SAP SE and Siemens AG.

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