Rail Freight Digital Transformation Market Soars: Industry Set to Reach USD 142.68 Billion by 2032

The global rail freight digital transformation market stands at USD 63.39 Bn as of now and is expected to reach USD 142.68 Bn by the year 2032 at a CAGR of 8.4% between 2022 and 2032.

Trains or tracks used to move cargo and supplies across greater distances between nations and towns are referred to as rail freight transportation. Traditionally, they have been employed to move large quantities of products and commodities pulled by railway locomotives from one location to another.

cloud computing and other digital technologies The industry for rail freight transformation is about to get a digital makeover thanks to IoT, AI, big data, 5G, and analytics. Even though the epidemic temporarily stopped the market, by December 2021, everything was returning to normal.

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Rail freight transportation, on conventional grounds, is subject to aging. As such, year on year, it is getting difficult to manage things with the same pace. This is where digitization would be coming to the rescue. Such technological breakthroughs are bound to help the rail freight digital transformation market in the forecast period. Future Market Insights has walked through these facts with future perspectives in its latest market study entitled 'Rail Freight Digital Transformation Market'. The team of analysts and consultants is there with its primary, secondary, and tertiary modes of research to have the probable calls to action in place.

Takeaways from Rail Freight Digital Transformation Market

• The Asia-Pacific holds the largest market share due to the region being subject to extensive rail networks. This is evident from OBOR (One Belt, One Road) initiative gaining traction. China Railway also confirms that rail freight volume pertaining to goods was 4 Bn tons in the year 2018 and reached 4.8 tons by the year 2020. Also, integration of 5G, IoT, and AR/VR (Augmented/Virtual Reality) along with ascertaining cybersecurity are expected to streamline the processes further.
• North America and Europe are at the matured stage of rail freight digital transformation market and the scenario is expected to remain the same even in the forecast period.

Competitive Transformation

• Dutch Railways, in the year 2018, entered into collaboration with Railnova (one of the leading providers of IoT and predictive maintenance solutions for railways) for deploying real-time monitoring solutions for facilitating predictive maintenance.
• TCS, in the year 2018, entered into partnership with SAP Leonardo for developing an iRDM (intelligent Rail Digital Maintenance) solution to conduct predictive maintenance for reducing the unplanned breakdown and network outage, thereby boosting safety and enhancing efficiency.
• DXC Technology, in the year 2018, entered into collaboration with New York MTA (Metropolitan Transportation Authority) for implementing enterprise asset management solution to optimize rail transport maintenance activities, so that digital transformation could be well-supported.
• VTG AG, in the year 2019, did launch solutions for rail freight transformation as a part of 'VTG Connect' digitization initiative, so that rail freight logistics operations could be optimized and predictive maintenance could be provided as well.

"With growing awareness about the fact that digital transformation helps in improving operational efficiency is expected to catalyze the rail freight digital transformation market", says an analyst from Future Market Insights.

What does the Report encompass?

• The research study is based on solutions (rail freight operation information systems, rail predictive maintenance, rail freight tracking & monitoring, rail cargo & warehouse management, security & incident management, advanced signaling & communications, and likewise), and services (freight & logistics consulting, advanced technology implementation & deployment, incident response services, and managed services).
• The fact that rail freight digital transformation solutions and services are creating better opportunities that are more agile for transforming the rail freight transformation market share is expected to drive the rail freight digital transformation market going forward.

KEY SEGMENTS
By Solution:

• Rail Freight Operation Information Systems
• Rail Predictive Maintenance
• Rail Freight Tracking & Monitoring
• Rail Cargo & Warehouse Management
• Security & Incident Management
• Advanced Signaling & Communications
• Others

By Services:

• Freight & Logistics Consulting
• Advanced Technology Implementation & Deployment
• Incident Response Services
• Managed Services

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