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Why You Should Invest In this Industry | The Rail Maintenance Management System Market Share Reach USD 31.1 Billion by 2031
Rise in IoT use and digitization witnessed in railway transport to drive the growth of rail maintenance system market across the globe. The decline in demand for passenger transport due to strict lockdown during the COVID-19 along with restrictions on transport through railways led to a decline in the growth of the global market. Based on region, Asia-Pacific is set to dominate the global market share in 2031.
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The global rail maintenance management system market was valued at $11.1 billion in 2021, and is projected to reach $31.1 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.
The rail maintenance management system market is segmented on the basis of component, deployment mode, type, and region. By component, it is categorized into solution and services (consulting, system integration, and support & maintenance). By deployment mode, it is segmented into on-premise and cloud. By type, it is bifurcated into facility maintenance, rolling stock maintenance, track maintenance, signaling system maintenance, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA region.
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Based on component, the solution segment held the largest market share in 2021, accounting for two-thirds of the global market share, and is expected to maintain its leadership status during the forecast period. However, the service segment, on the other hand, is expected to record the fastest CAGR of 13.1% during the forecast period.
Based on deployment mode, the on-premise segment held the largest market share in 2021, holding nearly three-fifths of the global market share. However, the cloud segment is set to maintain its dominant position during the forecast period. In addition, the cloud segment, on the other hand, is expected to cite the highest CAGR of 14.2% during the forecast timeline.
In terms of type, the European segment held the highest market share in 2021, holding more than one-third of the global market share, and is anticipated to maintain its number one position during the forecast timeline. However, the healthcare segment, on the other hand, is expected to cite the fastest CAGR of 7.8% during the forecast timespan.
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Based on region, the market across Europe held the largest market share in 2021, holding more than one-third of the global market share. However, Asia-Pacific is set to dominate the global market share in 2031. In addition, the Asia-Pacific rail maintenance management system market is expected to register the fastest CAGR of 14.2% during the forecast period.
The key players analyzed in the global rail maintenance management system market report include Cisco Systems, Inc., Railnova SA, IBM Corporation, Alstom S.A., ABB Group, Hitachi Rail Limited, Trimble Inc., Siemens Mobility GmbH, Toshiba Infrastructure Systems & Solutions Corporation, and Thales Group.
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COVID-19 Scenario:
● The outbreak of the COVID-19 had less negatively impacted the growth of the global rail maintenance management system market, owing to disruption of railway operations during the railway operations and restrictions on travel by railways due to lockdown.
● Decline in demand for passenger transport due to strict lockdown during the COVID-19 along with restrictions on transport through railways led to decline in the growth of the global market.
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