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Rail asset management industry growth has resulted from modern technology, the expansion of the tourism industry, and the adoption of high-tech innovations. Economic growth in Australia, Singapore, Korea, China, Hong Kong, and India also drives market expansion. Asia Pacific region dominates the rail asset management market with a 50% market revenue share in 2022.

Newark, April 24, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10.2 billionrail asset management market will reach USD 18.4 billion by 2032. Asset management has swiftly gained popularity in the rail industry. An often complex system's main defining characteristic is a set of coordinated operations that optimize asset performance and help an organisation accomplish its objectives. It encompasses all systems, methods, and tools for maximising asset availability while minimising total cost and risk. This often necessitates complex software to collect and analyse user data to do predictive and preventative maintenance as opposed to reactive fixes.The rail industry significantly impacts a country's economic and financial status.

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Report Coverage Details

Report Coverage

Details

Forecast Period

20232032

Base Year

2022

Market Size in 2022

USD 10.2 Billion

Market Size in 2032

USD 18.4 Billion

CAGR

6.1%

No. of Pages in Report

237

Segments Covered

Deployment, Application

Drivers

Rising Government Initiatives

Opportunities

Rising Government Funding

Restraints

High Cost of Deployment

Asia Pacific to account for the largest market size during the forecast period.

Asia Pacific is expected to have the most significant rail asset management market share due to the increase in the presence of private organisations in government-administered rail markets and the inclination for low-fares and multimodal travel in this region. Furthermore, The Indian government has proposed two necessary steps to encourage private investment: private operators operating passenger trains on the Indian Railways network and renovating railway stations around the country.

Story continues

The on-premises segment dominated the market with the most significant revenue of USD 5.61 billion.

The on-premises segment dominated the market with the most significant revenue of USD 5.61 billion. On-premise software is a cloud computing system that uses specialised hardware and software systems at a company's main office to deliver services such as file storage, email, and web hosting. On-premise refers to various solutions ranging from private clouds to hybrid clouds. On-premises solutions are deployed and managed by an organisation's IT personnel; they do not require the involvement or control of a third party.

The rolling stock segment dominated the market with the most significant revenue of USD 5.71 billion.

The rolling stock segment dominated the market with the most significant market revenue of USD 5.71 billion. Owing to increased government investments across regions to replace old rolling stock fleets with updated fleets capable of running on alternative fuels and advanced rail systems such as Positive Train Control (PTC). In addition, rising passenger traffic coupled with fast urbanisation has resulted in an increased number of trains plying daily which is also predicted to drive growth throughout the forecast period.

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Latest Development:

In June 2022, Brightly Software, a renowned software-as-a-service (SaaS) provider of maintenance and asset management solutions with headquarters in the United States, reached an agreement to be acquired by Siemens Smart Infrastructure (SI), a significant provider of digital buildings. The acquisition propels SI to top the built infrastructure and construction software market. The cost of the acquisition is USD 1.57 billion.

Market Dynamics:

Drivers: Technological Advancement

Rail operations and cutting-edge information and communication technology are projected to assist the railway management system market in overcoming the above-mentioned issues. Furthermore, the need to meet industry safety regulations to deliver safe and dependable service is projected to drive market demand.

Restraint: Growing Dependability

The growing dependability on trains further strained the existing rail system. This leads to a slew of unplanned and unexpected maintenance with infrastructure and rolling stock due to system wear and tear, failures, damages, and repair needs.

Opportunity: Development of Smart Cities

The global population is expected to reach 9.8 billion by 2050, with cities housing 75% of the population. As a result, public institutions must ensure that the transportation sector, notably the rail network, is ready to meet rising connectivity demands. Furthermore, the developing smart city trend is moving the rail asset management market forward. The railway industry tremendously impacts a country's financial and economic situation. It transports billions of people and freights every day and produces significant profits. Because of the comfort and ease of transporting goods and travelling, people increasingly rely on trains, necessitating a rail asset management system to maintain rail infrastructure, providing growth opportunities for the market.

Challenge: Maintenance Expenses

Increased passenger and freight traffic, inadequate management of operating and maintenance expenses, and inefficient utilisation of rail networks all challenge market expansion.

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Some of the major players operating in the rail asset management market are:

Accenture plc Alstom SA International Business Machines Corporation (IBM) Capgemini SE Hitachi, Ltd. Cisco Systems, Inc. L&T Technology Services Limited (LTTS) Huawei Technologies Co., Ltd. SAP SE Siemens AG

Key Segments cover in the market:

By Deployment:

On-Premises Cloud

By Application:

Rolling Stock Infrastructure

About the report:

The global rail asset management market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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Rail Asset Management Market Size to Reach USD 18.4 Billion by 2032 - Increasing Government Investments in Rail Infrastructure & Digitization to...