Rail Asset Management Market Size, Share and Forecast to 2025 | MarketsandMarkets

 

According to a research report "Rail Asset Management Market by Offering (Solutions (Condition Monitoring, Predictive Maintenance, Security, Asset Planning & Scheduling) and Services), Application (Rolling Stock and Infrastructure), Deployment Mode, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Rail Asset Management Market size to grow from USD 9.4 billion in 2020 to USD 12.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 5.9% forecast period. Rail asset management solutions have spurred tremendous growth opportunities for technology vendors and various associated service providers.

 

With the growing number of government initiatives toward the development of smart transportation, rail asset management vendors taking center stage, technology providers, and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of rail infrastructure.

 

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Factors contributing to the high growth rate in these regions are the increasing need for efficient rail operations, rising PPP model and government initiatives, growing population and hyper-urbanization, and increasing congestion due to aging railway infrastructure. These factors are also expected to shape the future of the global Rail Asset Management Market. However, the market also faces several challenges, including the high initial cost of deployment and integration complexities with the legacy infrastructure.

The solutions segment to hold a larger market size during the forecast period

Based on offering, the solutions segment of the Rail Asset Management Market is projected to hold a larger market size during the forecast period. The solutions segment in the Rail Asset Management Market is further segmented into asset performance management, analytics, asset planning and scheduling, security, workforce management, network management, and others (incident management, warranty management, and material management). The incorporation of various asset management solutions for the railway industry enables rail organizations to improve the complete asset lifecycle of both rolling stock and rail infrastructure.

 By application, the infrastructure segment to record a higher growth rate during the forecast period

Railway infrastructure includes various systems, such as earthworks, bridges, tunnels, steelwork, timber, and track systems that form the base upon which the railway runs. The asset management system can enhance the efficiency and safety of these systems. Asset management comprises all systems, procedures, and tools that maximize asset availability for a minimum whole-life cost and risk, some of the activities in infrastructure asset management include route plans that involve activities, resources, and timescales for interventions on the infrastructure, detailed plans to optimize the delivery of renewals maintenance, and enhancement. Many rail operators are investing significantly in the rail infrastructure.

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Asia Pacific to record the highest growth during the forecast period

The APAC Rail Asset Management Market is estimated to have strong growth in the future. The APAC region is witnessing high growth due to the increasing adoption of new technologies, the rising investments for digital transformation, and the growing GDP in APAC countries. A majority of potential economies in the region include Australia, Singapore, China, Korea, Hong Kong, and India, which are said to be rapidly investing in the rail technological transformation.

Market Players

Major vendors in the Rail Asset Management Market include Siemens (Germany), Hitachi (Japan), Alstom (France), IBM (US), Wabtec (US), SAP (Germany), Capgemini (France), Cisco (US), Huawei (China), Accenture (Ireland),  Trimble (US), Bentley Systems (US), Atkins (UK), DXC Technology (US), Trapeze Group (Canada), WSP (Canada), Tego (US), KONUX (Germany), L&T Technology Services (India), Cyient (India), Assetic (Australia), Machines With Vision (UK), Uptake (US), Delphisonic (US), ZEDAS (Germany), and OXplus (Netherlands).

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Rail Asset Management Market by Condition Monitoring, Predictive Maintenance, Rolling Stock & Infrastructure forecast to 2024

According to a research report "Rail Asset Management Market by Solution (Condition Monitoring, Predictive Maintenance, Asset Planning & Scheduling, Analytics, Workforce Management & Security), Services, Application (Rolling Stock & Infrastructure), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global rail asset management market size to grow from USD 9.0 billion in 2019 to USD 12.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period.

Major factors expected to drive the growth of the rail asset management industry include increasing adoption of Internet of Things (IoT) and other automation technologies to enhance optimization and address the issue of increasing congestion due to aging railway infrastructure.

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By offering, services segment to record a higher growth rate during the forecast period

Trains carry millions of tons of freight and tens of millions of passengers each year, and rail companies entirely rely on efficient and reliable asset operations and rail infrastructure to successfully meet the growing demand. Information and Communication Technology (ICT) has played a significant role in providing asset and operations management services for rail companies.

To build a smarter railway system infrastructure, railway experts demand smart railway management system services. Service providers help in implementing rail solutions. The benefits of employing railway management system services are improved rail operations performance, reduced complexities and reduced operating expenses, standardized and improved rail infrastructure, improved engagement cash flow and profitability, maximized strategic value of rail solutions, simplified project planning and execution, streamlined project lifecycle, real-time decisions, security, and improved resource productivity. The services have been bifurcated into 2 segments, namely, professional services and managed services.

By service, the managed services segment to grow at a higher rate during the forecast period

Under managed services, certain Information Technology (IT) operations are outsourced to a service provider who distantly maintains the customer’s IT infrastructure. Organizations need to optimize resource utilization, which is one of the major factors, to fuel the growth of the rail asset management market. Managed services provide constant upgrades and customized features to fulfill the customers’ ever-growing demands. As a result, companies are rapidly outsourcing their tasks to Managed Service Providers (MSPs). Global managed service providers comprise vendors from diverse backgrounds, ranging from specialized MSPs to system integrators and Value-Added Resellers (VARs).

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Europe to account for the largest market size during the forecast period

Countries from Western Europe, such as the UK, France, and Germany, have well-established railway infrastructure, and many railway operators in this region use some of the advanced rail asset management solutions. European countries have been investing majorly to modernize and upgrade their existing rail infrastructure. Social and trade agreements among the European Union (EU) countries have promoted large-scale, cross-border trade, and passenger traffic in Europe.

High growth is expected in this region, especially in the communication technology, as the European Telecommunications Standards Institute (ETSI) has formed a separate committee to focus on the Machine-to-Machine (M2M) communication privacy standardization and high trading standards. The dynamics of the rail industry in Europe are changing rapidly with new freight and passenger management systems. To boost the efficiency of the existing infrastructure, many European countries are expected to adapt to new rail asset management solutions.

Key and emerging market players include Siemens (Germany), IBM(US), Alstom (France), Hitachi (Japan), Wabtec (US), SAP (Germany), Trimble (US), Bentley Systems (US), Bombardier (Canada), Atkins (UK), Cisco (US), DXC Technology (US), Trapeze (Canada), Tego (US), Konux (Germany), L&T Technology Services Limited (India), Capgemini (France), Accenture (Ireland), Huawei Technologies (China),  and Cyient (India). These players have adopted various strategies to grow in the Rail asset management market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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