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.
106 - Tables
35 - Figures
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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.
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